By: Kevin Hamilton and Taylor Engquist
FINPACK version 5.10.6 was recently released. New features included in the update are the ability to import or export balance sheet details and a financial scorecard addition to cash flow projections (FINFLO). These features have been added at the request of our users and we hope will be useful to all. Let’s take a closer look at these new features.
Import/export balance sheet detail
A more streamlined method of entering and editing detailed balance sheet information in FINPACK is now available. FINPACK now includes the ability to import and export data from CSV files. The process works with Intermediate, Long Term, and Personal Assets of an Agricultural balance sheet and 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. Key to the import process is proper column headings in the CSV file. A detailed list of column headings needed for each asset type is included in the help guide referenced above.
New FINPACK icons
New icons are now found in the detailed entry dialog box with this update for capital asset categories in detailed balance sheets. These relate to the import/export addition. A brief overview of each includes:
Note – all FINPACK icons are explained here, including a reference guide.
Financial Scorecard
A Financial Scorecard has been added to the output of cash flow projections (FINFLO). An additional page of output is generated with cash flow projections, plotting the farm financial ratios from the plan on the included scorecard. Ratios related to the farm’s liquidity, solvency, profitability, repayment capacity, and efficiency position are included. The value of each ratio is scored per the Farm Finance Scorecard. This feature helps to quickly evaluate the farm’s financial position from strong to vulnerable. The user has the option to include or exclude this section in the cash flow output and when printing.
Input worksheets for cash flow projections
Back by popular demand with this FINPACK update are input worksheets for all cash flow projection (FINFLO) types. The input worksheet is found in the Print dialog box. This feature allows a user to organize the details of a new cash flow projection, using the information from the historical projection selected. This is especially useful when creating a projection for the new year, with many of the same assumptions as the previous plan. For example, this aids customer preparation for lender renewal visits.
Summary
Give these new balance sheet and cash flow projection (FINFLO) features a try. We, the FINPACK Team, think these are great enhancements to the program. As always, if you have questions related to the update process, the new FINPACK features, or other questions don’t hesitate to contact FINPACK Tech Support.
