Using FINPACK Lite to Collect Customer Balance Sheets

To complete a credit analysis on a current or prospective borrower, an accurate balance sheet is crucial.  Actually getting balance sheet information from a customer is even more crucial.  Having a streamlined way to get balance sheets saves both the bank and the borrower time.  FINPACK Lite, a free balance sheet only version of FINPACK available to bank customers, makes collecting balance sheets easier.  As a Lender with FINPACK, you have the rights to distribute FINPACK Lite to your customers.

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FINPACK Help

Press the F1 Key for Help in FINPACKWe know users sometimes have questions as they work in FINPACK.  Help is readily available and easily accessible wherever you are at in FINPACK.  Access Help by:

 

  • F1 – pressing F1 in FINPACK will take you directly to the related Help topic. This can be done in data entry or when using preview in financial tools. 

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The Value of a Cost Balance Sheet

Cost balance sheets value assets at purchase price less accumulated depreciation.  This accumulated depreciation can be done using tax or management depreciation methods. Management depreciation differs from tax depreciation by using the economic or useful life of the asset for depreciation calculations.

Using cost balance sheets allow lenders to better monitor the financial performance of the business over time.  With cost balance sheets, net worth growth comes from business retained earnings.  Cost value balance sheets do not have market valuation changes affecting the net worth of the business.  Hence true business performance is measured by the cost balance sheet.

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Handling Trades on the Balance Sheet

Trading machinery and equipment is common for all types of businesses.  The Fall 2017 FINPACK update allows more streamlined data entry of capital purchases, sales, and trades within FINPACK.  By entering extra detail on the FINPACK balance sheet, you can bring the details of these capital transactions into other FINPACK analysis tools, like Schedule F Cash to Accrual and Earned Net Worth Analysis.

On the balance sheet, data entry fields have been added to allow for the entry of purchase price, year sold, and sale price for machinery and equipment; titled vehicles; buildings and improvements; and land.  Purchases or sales of capital assets has very straightforward data entry.  Data entry for a trade should include:

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Cash Flow Projections – Which Projection Tool?

FINPACK - Which Projection Tool Should I Choose?FINPACK now offers 3 types of cash flow projections:  Annual Plan, Monthly Plan, and Monthly Plan with Budgets.  All three tools provide pro forma statements; debt coverage and other ratios; and the ability to complete multi-year plans.  Choosing the projection tool to use depends on the situation.  

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FINPACK Knowledge Base

FINPACK Knowledge BaseFINPACK Knowledge Base has resources, input forms, and other helpful topics to aid in using FINPACK.   Go to this website as you begin using FINPACK or if you are looking for helpful hints and tricks to enhance your use of the software.

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What are Deferred Liabilities?

Deferred LiabilitiesDeferred liabilities are the taxes and other expenses to be paid when assets are sold.  Deferred taxes are the difference between the balance sheet value of an asset and its tax basis.  In other words, if the business is liquidated, what taxes would be due on current inventories and capital assets? 

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‘File is newer than expected’ message

File-Version-Newer-FINPACKIf a FINPACK file is opened and a message appears stating ‘File is newer than expected’, it is because someone else has opened that file with a newer version of FINPACK.

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Importing Data from Another FINPACK File

Importing Data from Another FINPACK FileFINPACK allows users to import data from a different FINPACK data file into their current file. This feature allows the receiving file to add or import new data, without overwriting the remaining contents of the file.

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Consolidating Detailed Balance Sheets and Tax Forms

Consolidating Detailed Balance Sheets and Tax FormsFarm and other small business credit analysis becomes increasingly difficult when the business owner(s) has organized into multiple entities. Commonly, multiple entities are created for tax and/or liability reasons. To aid in credit analysis for operations of this type, FINPACK allows users to quickly consolidate the balance sheets or tax forms from several different data files into a single file. By consolidating these financial statements, the lender can quickly garner the most complete, global financial picture of their borrower.

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