(800) 234-1111

FINPACK News

2019 FINPACK Annual Update

by | Nov 1, 2019

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.

Legacy Projections         

The most visible update to this year’s release is the removal of Legacy Projections from the main file navigation dialog.  Don’t panic!  You can create a new Cash Flow Projection from an old Legacy Projection.  Also, you can still view Legacy Projections in the file.  To do so, go to Tools + Options, then File Settings + Legacy Projections.  If you need a reminder on what’s different between legacy projections and the new projection tool, watch these videos for details.

Cash Flow Projection (FINFLO – agriculture)

“Burn Rates” have been added to the Executive Summary in the lower right Other area.  The “Burn rate working capital (years)” and “Burn rate net worth (years)” will display when there is a negative change in working capital or a negative change in earned net worth, respectively for the cash flow projection. 

“Burn Rates” displayed in Cash Flow Projections

Also, in case you haven’t noticed, a financial scorecard was added to the output of cash flow projections in a summer update.  This additional page of output plots the farm financial ratios from the plan on the included scorecard.  Ratios plotted include liquidity, solvency, profitability, repayment capacity, and efficiency measures. 

Cash Flow Projection Scorecard

In addition, input worksheets for all cash flow projection (FINFLO) types are back by popular demand.  The input worksheets are found in the Print dialog box when entering a cash flow projection.  The Print dialog box is also where to find the balance sheet worksheets when entering detailed balance sheets. 

Tax Forms / Income Statement (agriculture and commercial)

“Period End Date” and “Months in Period” fields have been added to data entry to better describe partial years.  This addition better allows for quarterly spreads for mid-year monitoring.  Existing data in the file is assumed to be annual information.  Therefore the “Months in Period” is automatically set to 12 and the “Period End Date” is set to December 31 of that year.

“Period End Date” and “Months in Period” addition to Tax Forms / Income Statement

C & I Business Analysis (commercial)

The 2019 FINPACK update has built upon the recent enhancements to the C & I Business Analysis.  This year a Statement of Equity report section has been added to augment FINPACK’s tools in analyzing commercial credits.  The statement of equity report verifies the net worth reported on the balance sheet equals the calculated net worth and will identify any discrepancies.

Statement of Equity

The ability to do a partial-year analysis (i.e. monthly, quarterly) has been added to the C & I Business Analysis.  The partial analysis is based on “Months in Period” entered in the tax form / income statement.  Some measures are adjusted for consistent comparison between periods.

Detailed Balance Sheets (agriculture and commercial)

A more streamlined method of entering and editing detailed balance sheet information is now available.  FINPACK now has the capability of importing and exporting detailed data to CSV files.  The process works in the Intermediate, Long Term, and Personal Assets of an agricultural balance sheet and the Noncurrent and Personal Assets of a commercial balance sheet.  The import/export feature is also available for consolidated balance sheets.  Specific steps related to the process are found in this help guide.  The key to the import process is proper column headings in the prepared CSV file.  A detailed list of column headings needed for each asset type is included in the referenced help guide.  As you work in detailed capital asset data entry on the balance sheet, you’ll notice these new icons related to the import and export functionality. 

Financial Analysis (FINAN – agriculture)

The calculation of Energy Corrected Milk (ECM) has been added to the dairy enterprise analysis in FINAN.  Additional input information needed for this calculation includes total pounds of protein and total pounds of fat sold for the year.  This is entered on the Other Information tab of the dairy livestock table.  Additions to the dairy enterprise analysis output include Energy corrected milk per cow and Pounds of protein and fat per cow.

Another addition to the dairy enterprise analysis is the inclusion of cows per milking unit in Other Information.  Additional data entered in the Other Information tab related to this metric is the number of milking units.  This information, along with the average number of cows, is used to calculate the measure.

Data entry additions to the dairy enterprise analysis
Dairy enterprise analysis enhancements

Scheduled Webinars

To learn more about the 2019 FINPACK updates attend these scheduled webinars.

  • The FINPACK Team recently hosted a webinar related to agricultural credit analysis updates. The recording can be viewed at: z.umn.edu/finpackag.
  • The FINPACK Team will be hosting a webinar related to commercial credit analysis updates. Log in to z.umn.edu/finpackcommercial on Dec. 4th at 12 pm, central time.

Summary

FINPACK continually strives to improve and enhance our credit analysis and financial management software.  Many of these additions have come at the request of users.  As always contact the FINPACK Team with questions or concerns.  Also, if you are attending the FINPACK Lender’s Conference you will learn more about these updates and exciting future FINPACK developments.

Economist at FINPACK | 6126254219 | pvannurd@umn.edu | Website | + posts

Pauline Van Nurden joined the FINPACK Team as an Economist in 2017.

Prior to joining the FINPACK Team, she worked as a lender. This provides her valuable industry experience and knowledge in her work with FINAPCK. Pauline holds a Master’s Degree in Agricultural Education and Bachelor’s Degree in Applied Economics, both from the University of Minnesota.

Latest News
New and Improved: Financial Ratios in FINPACK

New and Improved: Financial Ratios in FINPACK

This post highlights the updated financial ratios in FINPACK. The ratio updates are based on the recent updates to the Farm Financial Standards Council's Financial Guidelines for Agriculture. The 2022 release of the Farm Financial Standards Council's (FFSC) Financial...

FINPACK News – November Digest

FINPACK News – November Digest

The FINPACK Lenders Conference is around the corner, the FINPACK 2022 update is live including new monthly Commercial Cash Flow capabilities, and the FINPACK team at the ABA Ag Bankers conference in Omaha! Register Now for the FINPACK Lenders Conference...

The New Monthly Commercial Cash Flow Capability of FINPACK

The New Monthly Commercial Cash Flow Capability of FINPACK

What's New in the Commercial Cash Flow Tool in FINPACK? The 2022 Fall Release of FINPACK adds the capability to complete annual OR monthly cash flow projections for commercial clients. These projections can be for a few months or multiple years. This replaces the...

What’s New in the 2022 FINPACK Update?

What’s New in the 2022 FINPACK Update?

The 2022 FINPACK update brings changes to Tax Forms, incorporates new Financial Standards Measures, introduces a new Cash Flow Projection into our commercial tools and more! Farm Financial Standards Update The FINAN Financial Analysis and FINFLO Cash Flow Projection...

FINPACK NEWS Digest – October 2022

FINPACK NEWS Digest – October 2022

FINPACK lenders conference registration is open, the updated Farm Financial Scorecard, lender training, and looking forward to the ABA Ag Bankers Conference Register for the FINPACK Lenders Conference The FINPACK Lenders Conference is back in-person! Join us...