In the FINPACK What’s New videos, we’ll look at the major updates for the Fall 2016 release of FINPACK. The biggest change involves how to handle CCC loans in FINPACK. Use this course to quickly understand and utilize the newest release of FINPACK.
Here is a breakdown of what is new in FINPACK for Fall of 2016…
Balance sheet
- Crops Under Gov’t Loan data entry screen has been deleted
- Grain under CCC loan has been moved to Crop Inventory
- Government crop loans have been moved to Current Loans with a Lender of CCC Loan
- Government crop loans are always treated as “Loan” rather than income
Schedule F Cash to Accrual Analysis (lender version)
- Added data entry line for “CCC loan principal repayment included in farm expenses”
- CCC loans are always treated as Loans
- Sched F line 5c, CCC loans reported under election, is excluded from income
- CCC loan principal repayment included in farm expenses is subtracted from total farm expenses
- When grain that was treated as income for tax purposes is finally sold, it will be included from Sched F line 1a
Financial Analysis (FINAN)
- Government Crop Loans data entry screen has been deleted
- CCC loans are always treated as Loans
- New crop loans are always entered as Money Borrowed
- Loans repaid are always entered as Principal Paid
- Sale proceeds from liquidation of crops under CCC loan are included in Crop Sales
- Forfeited CCC loans are also listed as Crop Sales at the Loan Rate
- All existing data from the Government Crop Loans data entry screen will be converted to the relevant page of data entry
Monthly Cash Flow Plan (FINFLO) and Annual Cash Flow Plan
- Government Crop Loans data entry screen has been deleted
- CCC loans are always treated as Loans
- Crops under government loan will be included in beginning crop inventory of the relevant crop
- New crop loans are entered as new loans on the Borrowings pag
- Loan principal and interest payments are entered in the Loan Payments pag
- Sale of crops under CCC loan is entered in normal Crop Sales
- Included personal interest payments in Term Debt Coverage calculation. Personal interest is not included in family living and must be included separately in this calculation.
