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April 2021
Dylan planter
 (Courtesy of Dylan Stormont.)

Dear Friend,

Well, it's time to "hit the ground running," and we trust you and your team are running rapidly, precisely, and safely.

It's also the renewal season for FBS TiMEsavr service, which covers both technical support and two major upgrades arriving later this year.  We appreciate your business!

Also in this month's FarmSmart newsletter:

  • 2021 Summer Event Show Calendar.
  • FBS User Wins Top Producer Award.
  • Management and Market Value Trial Balances Off.
  • How FBS Multi-Level Financial Reporting Works.   

 2021 Summer Event Calendar 

FBS and MASA will participating in and supporting these "live" events in 2021.

Event Date Location

World Pork Expo

June 9-11

Des Moines, IA

FFBoot Camp 2021 Farm Futures Ag Finance Boot Camp June 15 Coralville, IA
FFSummit 2021

Farm Futures Business Summit
June 16-17

Coralville, IA
Hyatt Place 3

FBS Software Success Summit

September 8-9

East Moline, IL

FBS/MASA Users in the News

Henry Family
Steve, Laurie, Scott, and Eric Henry

Longview Farms Wins Top Producer of the Year Award

The Steve and Laurie Henry family, including sons Scott and Eric, are the 2021 winners of Farm Journal’s annual Top Producer of the Year award. Their operation, LongView Farms, is based in Nevada, Iowa, and includes 10,000 acres of corn and soybeans as well as hog and cattle enterprises. The award was presented during Farm Journal’s Top Producer Summit, held from Feb. 15-17 in Nashville, Tennessee. Winners of the Tomorrow’s Top Producer Horizon award and Executive Women in Agriculture Trailblazer award were also recognized at the event.

“Every decision on LongView Farms is made with one eye on the future and respect for the past,” said Sara Schafer, editor of Top Producer magazine. “They are finding ways to diversify while keeping their competitive advantages for their core business. Their approach to growth is creative, thoughtful and disciplined.”

The LongView team includes six full-time employees and a large seasonal workforce. As the operation looks to the future, previous models built on land acquisition are transitioning in search of added value. They stay true to their business focus of honoring the past, stewarding the present and looking to the future. Watch this video to learn more about the Henry Family and LongView Farms.

Q&A: Management and Market Trial Balances Off


Q.  My Cash/Tax and Accrual level Trial Balances tie out but not my Management or Market Trial Balances*.

Sarah 2019

Sarah Dixon, FBS Support Coordinator

A.   The reason your Management and Market Value Trial Balances are off in the current year is because Management-level transactions were posted in a prior year to these two accounts:

Management Accounts

Notice that they were set to Inc/Bal = “N.” As a result, your prior year's Management and Market Balance Sheets (which you probably rarely run) are out of balance due to the Net Income line which didn’t include these two account. When you calculated retained earnings from last year and and rolled that into this year it was also out of balance. To avoid this, we recommend always setting Inc/Bal = “Y,” and controlling whether those accounts are included on financial statements by their Report Type (Cash/Accrual/Management/Market).

To correct:

  1. Change those two accounts to “Y.”
  2. Log into the current year.
  3. Go to Utilities>Recreate Beginning Balances.
  4. Go to Input>General>Accounting>Recalculate Retained Earnings.

How FBS's Multi-Level Financial Reporting Works*

 FBS TransAction Plus offers multi-dimensional financial reporting.  Transactions can coded, filtered, and consolidated by these dimensions:

  • Ledger Account
  • Center
  • Division
  • Entity
  • Invoice date
  • Date cash is exchanged

    In addition, there are four input and reporting levels of transactions:

  • Cash / Tax
  • Accrual (Financial)
  • Management
  • Market

Checks, deposits, accounts payable and receivable can only be recorded at the Cash level.  However, journal entries can be "flagged" at all four levels.  This allows accruals to be recorded without distorting cash accounting, internal management entries to be isolated from external financial reports and both cost and market valuation to coexist in the same accounting system. 

These reporting levels are also "layered" in this way:

  • Cash/Tax includes only Cash/Tax
  • Accrual includes Cash/Tax + Accrual
  • Management includes Cash/Tax + Accrual + Management
  • Market includes Cash/Tax + Accrual + Management + Market

Here's a graphic representation of the "layering" logic:

Report Layers

As as result, TransAction Plus Balance Sheets and Income Statements can simultaneous report all four values.

CAMM Balance Sheet 2
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