User Conference Details, Hedge Accounting Workshop, August Free Webinars, Q&A: Adding a Bank Account.
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 FarmSMART                                                       July 2014 

In this Issue:

 User Conference Details

Hedge Accounting Workshop 

August Free Webinars

Q&A:   Adding a Bank Account

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Greetings,
   
Thanks to Dick Wittman and Danny Klinefelter for an informative and challenging repeat of their Managerial Accounting Workshop in Chicago this month.  Among the nine FBS users attending were Illinois growers Mike and Joe Paulson, shown here logging into their accounting records during a break.
 
We're going to build on and apply the excellent work of Dick, Danny and the Farm Financial Standards Council in the upcoming FBS User Conference

In this July issue of FarmSmart:
  • Details and registration links for the User Conference.
  • Deadlines for the Conference.
  • Hedge Accounting Workshop details and registration links.
  • August free webinar schedule.
  • How to add a bank account.                                                                                                                                                                                                                   SDG  
Time to Know, Not Just Grow?
Farming's popular path to success during this decade has been to adopt the latest technology and "grow-grow-grow."
 
However, it's likely that we've reached another phase in agriculture in which to survive and thrive you'll need to"know-know-know."
  • Know how to integrate production and financial data to understand your unique costs and margins and make more informed, timely decisions.
  • Know how other successful producers are solving problems you face and driving down costs.
  • Know how to tap into knowledge from experts from the accounting and financial fields for better guidance and control.

That's what you'll accomplish at the annual FBS User Conference, August 27th and 28th in Moline, Illinois, as you learn from FBS staff, industry leaders and nationally-recognized consultants on how to achieve greater insight, effectiveness, and execution in your operation

Wednesday, August 27 

Morning General Sessions  


 

  • What's Up with Your Software?  Find out what's new and coming from FBS software and our partners.
     
  • On a Growth Path or Treadmill?  How to know where you're at, where you need to go and how you'll get there (and why your neighbors may be headed in the wrong direction). 
     
  • New User/Experienced User Forum.  This is where thenetworking begins as we learn about each other and our goals.

Afternoon General Sessions 

Sean Hughes
Julie DiNatale
Blake Hollis
Blake Hollis
Moe Russell
John McNutt
John McNutt
Brian Furrer
Steve McWilliams
Alan Richardson


Afternoon panel speakers

  • Integration's Next Logical Steps.  Sean Hughes, Conservis Corporation V.P. of Product Development, will preview the next generation of integrated production and financial management systems.  

The day closes with a prime rib dinner cruise on the Mississippi River. 

Celebration Crew  


Thur
sday, August 28

 Bernard Scanner

 Track 1 Morning Breakout Sessions
  • Controllers' Corner Panel.  Join your fellow controllers and CFOs in sharing challenges and best practices for generating quality, timely information for your internal and external "customers."
  • Management Accounting Fundamentals.  CPA Paul Neiffercovers the Farm Financial Standards Council's recommendations as you learn how FBS automates this process
  • Trouble-Shooting and Data-Mining Management Accounting.  Follow real-life case studies that stretch, but don't break FBS E.CLIPSE Management Accounting.

 Track 2 Morning Breakout Sessions

  • FBS Essentials.  FBS Technical Services Manager Sarah Dixon will cover Standard Operating Procedures that will save time and reduce errors.
  • The Ultra-Efficient Office.  Sarah will be joined by Cheryl Brown as they demonstrate scanners, electronic banking, cloud computing, to-do lists and Accounts Payable / Receivable practices.  
  • Customizing FBS.  Sarah reveals the "secrets" behind screens, colors, keystrokes, preferences, financial statements, cost analysis and user-defined reports.

"Pork Producer" Afternoon Breakout Sessions

  • Pork Production Costs Benchmarks.  John McNutt presents the Latta, Harris, Hanon and Penningroth 2013 actual costs by stage and projects what it's going to take to be competitive in the shadow of PEDv. 
  • Introducing "Hogistics."  Get a first look at a dynamic, data-driven predictive analytic model from Zoetis that predicts market hog weight, weight distribution and mortality by week on feed that links with FBS. 
  • View Your Data with New Clarity.

"Crop Grower" Afternoon Breakout Sessions

  • Crop Audit Start to Finish.  Sarah Dixon will cover the entire crop records and accounting process from pre-paying inputs to delivery. 
  • Importing/Exporting Data in FBS.  Sarah Dixon and Sean Hughes will demonstrate how to pull and push anything into FBS.   
  • Payroll Issues and Tips.  Integrating Centerpoint Payroll with FBS.

To download a brochure or to register for the FBS User Conference call 800.437.7638 / extension 2 or click on this link.

 User Conference Deadlines Near
The Stoney Creek Inn is nearly sold out.
You still have time to register for annual FBS User Conference, buthotel rooms will be tight.  Here are the deadlines for registrations and discounts:
  • August 1 for hotel rooms at the Stoney Creek Inn.  Call 
    800.659.2220 and request the FBS room block. 
  • August 1 for a 25% discount on conference registration.  To download a brochure or to register, call
    800.437.7638 / extension 2 or click on this link.
Come Early for the Hedge Accounting Workshop
Agricultural producers who use commodity futures and options will have a unique opportunity to learn the best accounting practices at an intensive workshop held on August 26, 2014, one day prior to the FBS User Conference at the Stoney Creek Inn in Moline, Illinois
Paul Neifer
Paul Neiffer, CPA.
 
Led by Farm Journal Top Producer's "FarmCPA," Paul Neiffer,CliftonLarsonAllen LLP, the session covers the fundamentals of accounting for hedges as documented in the 2014 edition of theFinancial Guidelines for Agriculture as published by the Farm Financial Standards Council (FFSC).
 
 
 For more information or to register for the Hedge Accounting Workshop call 800.437.7638 / extension 2 or click on this link.
August Free Webinars

Aug.  4:  No webinar

Aug. 11:   Accounts Payable invoices, payments, credits and returns

Aug. 18:  Accounts Receivable invoices, receiving and statements

Aug. 25:  No webinar (User Conference Week)
 
All webinars run between 1:00 pm and 2:00 pm CDT.   

To register, e-mail support@fbssystems.com by 12:00 pm CDT on the day of the webinar.

Q&A of the Month:  Adding a Bank Account
Sarah Dixon
Sarah Dixon, FBS Technical Services Manager.

Q. How do I add a new bank account? 

A. This question comes up quite a bit since you don't add bank accounts very frequently.  What you need to keep in mind when adding a new bank account is that it's just a ledger account so all you need to do is to go to Setup | Accounting | Ledger Accounts.  Scroll down to your existing bank accounts and look at your numbering sequence to determine where you want your new bank account to show up in the list of accounts.  Once you determine how you want to number the account, click on an existing bank account and select Add.  It will duplicate all of the properties of the existing bank account such as Class and Type

Typical Setup Screen for asset bank account.

For a normal bank account set the Class to Assets; if it's an operating loan that uses checks, set the Class to Liabilities.  In either case always select Type M for bank account.  Just fill in the number and description you want on the account and the next check or deposit number (if applicable) and click OK and then Save.  Note that you don't need to enter a Current Bank Balance because it's computed from daily bank activity.   

You have now successfully added a bank account which will be displayed when you record a check or deposit or run any accounting report.

I'll be teaching farm users like you the fundamentals of setting up, maintaining and fine-tuning your accounting software in the "FBS Essentials" breakout session on Day 2 of the FBS User Conference. 
 
Sincerely,

FBS Systems



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