Where did my cash flows go?

“Where did my cash flows go?”

This is the panic call FINPACK Tech Support has currently been receiving. As the credit renewal season begins, many users are quickly becoming aware Legacy Projections have been removed from the main file navigation dialog with the 2019 FINPACK annual update. Don’t fret, legacy projections are still available for viewing and use in customer FINPACK files.

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2019 FINPACK Annual Update

The 2019 FINPACK annual update is here.  Each year there are enhancements and updates to the FINPACK software.  In 2019, you’ll notice there are some important updates and new features to take note of.  Let’s take a look at What’s New.

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FINPACK 2019 Webinars

The FINPACK Team will host two webinars related to what’s new in the 2019 FINPACK annual update. Attend the webinars live or watch the recordings when convenient. You can also learn more about the annual update here.

Webinar #1 – FINPACK for Agriculture 2019 Updates

A recording of this webinar is available on the FINPACK: What’s New site. This can also be accessed directly at z.umn.edu/finpackag.

  • Topic:  Updates to Agricultural credit analysis tools in FINPACK.
  • Description:  We’ve already heard users say, “What, Legacy Projections are gone!?!?” This webinar will touch on all updates to FINPACK for Agriculture for 2019. We will focus on accessing Legacy Cash Flow Projections for viewing and copying into the new Projection tool.  We will also highlight other recent updates to cash flow projections including the financial scorecard and burn rates. In addition, we will look at importing / exporting balance sheet detail; period end dates in tax forms / income statements; and energy corrected milk in FINAN. There will be time to answer user questions as well.

Webinar #2 – FINPACK for Commercial 2019 Updates

  • Topic:  Updates to Commercial credit analysis tools in FINPACK.
  • Description:  This webinar will highlight the other enhancements to FINPACK with the 2019 annual release.  This includes importing and exporting detail in the balance sheet; period end dates in tax forms / income statements; and the Statement of Equity and Cash Drivers reports in C & I Business Analysis. There will be time to answer user questions as well.
  • When:  Wednesday, December 4th, 12 pm (central time).
  • To join go to z.umn.edu/finpackcommercial.

** Simply join the webinars at the designated times. There is no preregistration or password required.

Handling Fluctuating Values of Ag Co-op Stock

Our FINPACK support team recently received this question:

“What is the proper way to handle Ag Co-op stock in a balance sheet in which the stock, such as sugar beets, changes in value from year-to-year?”

With harvest underway and the 2019 analysis soon to follow, we feel it is a good time to clarify the proper way to handle this unique situation. The problem is that this change in market values can have an effect on the analysis in FINAN, especially the net farm income since the accrual adjustments take the value change into account. To avoid this problem, you can do one of the following two options:

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Did you know?

Like any software, FINPACK has capabilities that users may be unaware of or have forgotten, as they aren’t often used.  We’ll explore some of these options here.

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Converting Legacy Projections

The Legacy Projection tools in FINPACK will be retired at the end of 2019. This includes the Annual Cash Flow Plan and the Monthly Cash Flow Plan. As you work on renewals in 2019, the FINPACK Team suggests you test out the new Cash Flow Projection tool found in Projections. Yes, there are a few changes to cash flow projections in the new tool, but by and large, we think you will appreciate many of the updates.    

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FINPACK Balance Sheet Worksheet

FINPACK Balance Sheet WorksheetGathering customer data for year-end analysis and credit renewal can be difficult.  FINPACK tries to assist with the process by providing a Balance Sheet Input Worksheet with the customer’s most recent balance sheet data for updating.  This tool is provided to the customer as a means to get current, updated balance sheet information for the current year.  This worksheet is one FINPACK tool to assist with customer renewals.

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What’s the Frequency?

What's the Frequency?Recently, there was a FINPACK News article on the basic functions of the FINPACK Loan Calculator.  This article goes in-depth on what the ‘Payment Frequency’ of the calculator means (i.e. the frequency of Annual payments, Monthly payments, etc.). Currently, the loan calculator payment frequency choices are Annual, Bi-monthly, Bi-weekly, Monthly, Quarterly, Semi-annual, Semi-monthly, and Weekly.

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Take Note

At times it is necessary and desirable to add notes in a FINPACK file.  Notes are a log of important items related to the specific FINPACK tool they are attached to.  Notes are often used to provide additional information related to the customer and the specific FINPACK tool.  Notes can give additional detail and further outline methodology used for FINPACK users.  For example, a Note can be added on a balance sheet to further describe the details of contracted grain.  Or a Note can be added to a cash flow projection to outline the procedure used and thought process behind a loan restructure proposal. [Read more…]

Need a Reminder?

FINPACK allows users to set a reminder related to a specific file.  A Reminder in FINPACK consists of a note related to the FINPACK file, as well as a due date for the action.  Reminders assist FINPACK users with completing tasks in a FINPACK file and can help track the progress of a customer file.  Reminders are accessed through the Reminder icon on the toolbar or going to File + Reminders.

Reminders

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