The 2023 FINPACK update adds a new way to designate organic crops, a new commercial cash flow projection component, incorporates new Financial Standards Measures and RMA data, and more!
Organic Crops Update
For agricultural files, an “Organic” checkbox has been added when selecting a crop in various parts of data entry. Rather than having an organic version of each crop, now any crop in the list can be identified as organic. Existing organic crops have been identified in this new way with this update.
Commercial Updates
- Updated the RMA Annual Statement Studies data for 2023 to 2024.
- Adds the ability to import C & I Analysis and Cash Flow Projections from other FINPACK data files.
- The Executive Summary of Cash Flow Projections now displays the net cash flow, changes to the line of credit balance and working capital, and shocks to the Debt Service Coverage Ratio.
- The Projected Inventory Change report in commercial Cash Flow Projections now displays similar information to the Executive Summary and the addition of one section per plan year.
- Added the ability to use an income statement for historical comparisons in commercial Cash Flow Projections.
Balance Sheets
- In Detailed Balance Sheets, there is now an option for a signature line on an Input Worksheet Report.
- In addition, personal assets sold no longer appear on the Input Worksheet.
- Balance Sheet Trend Reports now include an option to have a personal balance sheet trend report generated.
Other Updates
- Added the option to remove notes when copying a FINPACK data file.
- In Presentations, an issue has been fixed with a farm analysis trend report displaying the correct years for an embedded report or as an optional attachment.
- In Financial Analysis (FINAN), the value-added enterprise analysis data entry is revised, and an issue copying a crop enterprise has been fixed.
- In the Schedule F Tax Form, we’ve added detail to the ‘Other Income’ line item.
- Updated FINAN / Sch. F Analysis scorecard graphs with 2022 data from FINBIN (Missouri, Nebraska, North Dakota, Pennsylvania, Utah-2021).
Get the Update
The 2023 FINPACK update will be applied automatically in FINPACK+ later this month. On installed versions of FINPACK, the update is available now. While in FINPACK, simply go to HELP + Software Updates and follow the steps. Any questions, please reach out to our Product Support team, and we’ll be happy to help!
Find Out More at the FINPACK Lenders Conference!
Learn more about the 2023 FINPACK update at the 2023 FINPACK Lenders Conference, Dec 13-14 at the Sheraton Bloomington Hotel in Bloomington, MN. Get the latest updates in Ag and Commercial lending, enjoy our stellar lineup of speakers, network with fellow FINPACK users, and interact with the FINPACK team. Learn more and register today!
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David Maguire helps Ag and Commercial lenders across the country understand the value of using FINPACK for credit analysis and loan management. David has worked in the marketing, training and education fields in Minnesota, Ireland and Germany.