FINPACK Knowledge Base – General
- Discrepancies Caused by CCC Loans in Sched F Cash to Accrual
“Tax preparers are not consistent in reporting repayment of CCC loans that have previously been reported as income for tax purposes. FINPACK tries to adjust for these inconsistencies but adjustments are not always possible.”
- How Schedule F Income Is Determined in FINPACK
“FINPACK uses IRS Schedule F data in two analysis tools: 1) it is used to generate an accrual adjusted income statement in the Schedule F Cash to Accrual tool; 2) it can be used to calculate the cash based debt coverage measure that appears at the bottom of the Schedule F data entry in Tax Forms.”
- Handling Fluctuating Values of Ag Co‐op Stock
“What is the proper way to handle Ag Co-op stock in a balance sheet in which the stock changes in value from year-to-year?”
- Updating Cash Flows for Prevented Plant Acres
Challenging production years lead to abnormally high levels of prevented plant acres. When this occurs, many revisit cash flow projections completed earlier in the year to consider the impact of prevented plant acres, including the addition of cover crop plantings. This document provides recommendations and considerations when working through cash flow projection updates for prevented plantings.
- Importing and Exporting Balance Sheet Detail
A helpful guide on the process of working with Intermediate, Long Term, and Personal Assets of an Agricultural balance sheet and Noncurrent and Personal Assets of a Commercial balance sheet.
- Sleuthing Cash Discrepancies
There are often tricky situations where a year end analysis will not balance when it comes to cash in and cash out. Whether you are using the Schedule F Cash to Accrual Analysis or the Financial Analysis (FINAN) there are some common culprits to track down cash discrepancies.
- FINPACK Projection Tool Choices
“Which projection tool should I use?”
- Farm Finance Scorecard
Guidelines for the Farm Financial Standards Council’s recommended financial ratios and measures.
- FINPACK Livestock Budget Estimates
These budgets are intended to provide guidelines for developing FINPACK livestock plans. They are based on the actual costs and returns of Minnesota farm producers included in the FINBIN Farm Financial Database.
- Minnesota Price & Cost Summary
These prices and costs are suggested as guides for planning based on historical cost and returns for Minnesota farms included in the FINBIN Farm Financial Database.
- FINPACK Labor Hour Estimates
FINFLO calculates Cost of Production Estimates for crop and livestock enterprises. These calculations rely on labor hours in the budgets. This document summarizes labor hours for several crop and livestock enterprises from FINBIN which can be used in the budgets.
- Tax Impact on Debt Coverage (agriculture files)
This paper discusses how to handle income taxes payable so the calculation for term debt coverage includes accrual income taxes rather than income taxes paid.
- FINPACK Shortcut Icons
Quick explanation of the toolbar icons
- Consolidating Balance Sheets
FINPACK allows users to consolidate the balance sheets or tax forms from several different data files into a consolidated file.
- Importing Data from Another FINPACK File
FINPACK allows users to import data from a different FINPACK data file into their current file. This feature allows the receiving file to add or import new data, without overwriting the remaining contents of the file.