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Single Subject Training (Recorded)
CenterPoint Crop Harvest Entries


This session examines the process of expensing the purchased crop inputs using the accrual method of accounting and entering the harvested crop. The accrual method purchases crop inputs into current assets where the value of the inputs remain on your Balance Sheet for the duration of the production cycle. At harvest time, the current assets are transferred to a cost of goods or expense account. For tax purposes, the expense remains at the time of purchase.

Presenter: Angie Healy

Software Support Specialist

Duration:

Access for 30 days

Event Details:

Purchasing this pre‑recorded session given by one of our CenterPoint experts will grant you viewing access for 30 days.

CenterPoint Crop Harvest Entries

Two methods will be discussed to expense the purchased crop inputs:

  1. If the purchased crop inputs are being maintained by production center detail, the expensing is an easy process that transfers the Work in Process details to the cost of goods accounts.
  2. If no crop production center detail is maintained, the crop production center details are assigned in an Expense Work in Process grid.

Two methods will be discussed to expense the purchased crop inputs:

  1. If the harvested crop is stored, the new production is entered through New Crop Production that increases a raised crop inventory and offsets with a revenue account. The revenue account is assigned the crop production center detail.
  2. If the harvested crop is sold from the field, a cash receipt or customer invoice is entered increasing the crop sale revenue with the crop production center detail.

After attending this session, you will be able to:

  1. Understand accrual crop production cycle and why it is important to maintain accrual reporting.
  2. Understand the flow of the initial purchase of ingredients to the finished result of raised inventory.
  3. Understand the changes on your Balance Sheet in the production cycle.
  4. Modify account categories to maintain raised crop inventory balances with details allowing you to see at a glance the inventory remaining for a production year at each inventory location.
  5. Expense Applied Work in Process asset values when the specified field location (crop production center detail) is maintained in the balance details.
  6. Expense Work in Process asset values when the crop production center detail is not maintained.
  7. Enter New Crop Production for stored harvested crops.
  8. Enter a receipt or customer invoice for harvested crops sold from the field.
  9. Run an Income Statement by crop production center detail.
  10. Run a Production Analysis by crop production center detail. Production Analysis is a spreadsheet comparison report of multiple production details including cost per acre, cost per bushel or other unit of measure, and net profit.
  11. View a list of all ingredients that were applied to the production center detail at any time even after the expensing for the year is complete.
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