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Single Subject Training (Live Online)
CenterPoint Accounting for Agriculture - Crop Production Inputs
This session examines the process of purchasing crop inputs using the accrual method of accounting. The accrual method purchases crop inputs into current assets where the value of the inputs remains on your Balance Sheet for the duration of the production cycle. At harvest time the current assets are transferred to a cost of goods account or expense account. For tax purposes, the expense remains at the time of purchase. Two methods will be discussed:
- Purchasing crop inputs with the crop production detail that you know at the time of purchase using Raw Material accounts or Work in Process accounts. Raw Material accounts represent purchases where no detail is known and are transferred to a Work in Process account maintained by crop production enter detail when you know where it was applied. At harvest time, expensing is an easy process that transfers the Work in Process details to the cost of goods accounts.
- Purchasing crop inputs into a Work in Process inventory account with no crop production center detail. At harvest time, the crop production center details are assigned in an Expense Work in Process grid.
Presenter: Julie Strain
Red Wing Software Implementation Consultant
Event Details:
If this is your first time joining us for one of our Single Subject Trainings please take a few minutes to view our Introduction to Online Training Video by Clicking Here
This session is presented live, online by one of our CenterPoint experts and is recorded so it can be viewed at your own pace, at any time for 30 days after the session.
Red Wing Software reserves the right to cancel any class.If such a cancellation is necessary, registrants will be notified and attempt made to reschedule or make alternate arrangements(Professional Services, Webinar, etc.).Registrants will receive a full refund of the class fee, but Red Wing Software is not responsible for other costs incurred.
Substitutions may be made anytime before the start of class.
CenterPoint Accounting for Agriculture - Crop Production Inputs
9:30 am - 11:30 am CDT
Price: $59
After attending this session, you will be able to:
- Understand accrual crop production and why it is important to maintain accrual reporting.
- Modify account categories to maintain inventory balances.
- Add crop owners/operators and lease agreements.
- Use the Crop Production Center Detail wizard to setup details for a new year.
- Understand the difference between Work in Process and Raw Material accounts for crop inputs.
- Create WIP and Raw Material accounts.
- Set the Crop Settings preference for Acres or Hectors.
- Understand the flow of the initial purchase of ingredients to the finished result of raised inventory.
- Understand the changes on your Balance Sheet in the production cycle.
- Enter crop input purchases when the specified field location (crop production detail) is known.
- Enter crop production purchases when the field location is not known.
- Assign ingredients where they were applied using the Apply Crop Inputs by Product menu.
- Apply crop inputs by field by selecting crop production center detail.
- View and edit all inputs already assigned to a crop production center detail.