If your books don't show what's in the silo, they don't show how the year went.
Harvest is the part of the year everyone can see. Headers running, trucks moving, silos filling. What nobody sees is what it does to your numbers.
Between harvest and tax time is where a lot of farm books go quiet. The records catch up later in a rush, and the decisions that depended on them have already been made. A few checks while harvest is fresh can keep that from happening.
Grain on Hand Is Part of Your Result
If grain is sitting unsold, books that only count cash received will show a leaner year than you actually had. Recording grain on hand by crop and quantity gives you a truer picture of where you stand.
Figured has an inventory tool for homegrown stock, built to sit alongside your Xero file. How stock on hand is treated for tax is a question for your accountant.
Know What Each Crop Cost
Wheat, chickpeas, barley and sorghum don't cost the same to grow, and they don't pay the same. Tracking costs by enterprise shows the cost of production for each crop, instead of one blended result for the whole cropping side.
If you run cattle as well, the same thinking applies. We covered that in Why You Can't Just Lump Cattle and Cropping Together.
Money In and Money Out
Harvest brings a rush of deliveries, settlements and supplier accounts. Three things are worth having in front of you:
Stock on hand
Grain and livestock you still hold, by crop or class.
Money owed to you
Deliveries made but not yet paid.
Money you owe
Fertiliser, chemical, fuel and contractor accounts still open.
Together these tell you what the year left you with, not only what's in the bank today.
What to Check While It's Fresh
- Delivery dockets and settlements matched to the right crop and buyer
- Grain still in storage recorded by crop and quantity
- Fuel records up to date, with litres matched to purchase dates so fuel tax credits use the right rate (see Fuel Tax Credits on the Farm: Get the Rate Right)
- Harvest wages and super recorded for each pay run
- Repairs and machinery costs coded to the right enterprise
- Open accounts listed, both what you owe and what you're owed
Why It Matters Before Summer
Harvest finishes, but your result isn't known until the books catch up.
Doing these checks now, while dockets and fuel records are still within reach, gives you a clearer view of the year. It also gives you a better starting point for summer cropping, finance conversations and tax time.
Not Sure What Your Harvest Actually Made?
Book a Discovery Call and we'll look at how your records are set up, from grain on hand to cost of production by enterprise.
Book Your Discovery CallAll or any advice contained in this article is of a general nature only and may not apply to your individual business circumstances. Speak to your accountant about how stock on hand is treated for tax. Figured features are as described by Figured, so check what is included in your plan. For specific advice relating to your situation, please contact your accountant or the AgBooks team.
