CenterPoint® Accounting for Agriculture - New Crop Production Transaction

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New Crop Production Transaction Video - Duration: 9 min 41 sec

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After harvest, the new production should be recorded in CenterPoint as a new crop production transaction. The transaction will increase the asset and the income for the business. It will also increase the quantity on hand (balance) for the inventory account.

Prerequisite 

Crop Production Center Details (Setup > Profit Center/Production Center > Crop Production Center Details) must be setup prior to entering harvest transactions.

Step A: Verify the Inventory Account is Setup Properly (One-Time Setup)

Step B: Create a New Crop Production Transaction

Note: To print a report that shows the transaction activity for your production, select Reports > Reports > Production Reports > Crop Production Detail Reports > Crop Production by Production Year

Step A: Verify the Inventory Account is Setup Properly (One-Time Setup)

  1. Select Setup > Accounts > Accounts.
  2. Double-click on the appropriate raised crop inventory account (Corn Inventory, for example).
  3. On the General tab, verify that the Category field is set to Raised Crop Inventory.

  1. On the Detail tab, verify that the Offset Account field is complete. The Change in Raised Crop Inventory (income) account should be used.

  1. Click Save to complete the edit of this account.

Step B: Create a New Crop Production Transaction:

EXAMPLE: CenterPoint Farms has 97 acres of corn planted at Anderson Farms. They've setup crop production details that include that profit center, year, etc. They harvested a total of 20,370 bushels of corn on that field and the corn is being held at the Burton Elevator.

  1. Select Processes > Production > New Crop Production.

Note: To set a default for any of the fields on the screen, right-click and select Set As Default. To clear the default, right-click and select Clear Default. If you want to skip any fields when you enter new production, you can remove fields from the tab order by clicking the Options button, selecting Set Tab Stops, and then removing the check mark next to the fields you want to skip.
  1. In the Production Detail box, select the production center detail associated with this transaction. The acres assigned to the crop production center detail will be displayed in the Acres field.
  1. In the Inventory box, select the account that will be debited to put the inventory on your balance sheet. The list will display only accounts that have a raised crop inventory account category assigned.
  2. Enter the harvest Date.
  3. If applicable, select the Inventory Location that will receive the new inventory.
  1. The Offset Account box will automatically display the offset account assigned to the Inventory account selected. If this field is blank, select the Change in Raised Crop Inventory account. This account will be credited and is usually an accrual income account that appears on your Income Statement.
  2. In the quantity Bushels/Acre box, enter the yield per acre for the field.

Note: The labels that display for the Quantity/Acre (Size) are from the Inventory Account’s Unit of Measurement.

  1. The extended quantity (for example, Bushels) box will automatically be calculated by multiplying the Yield by the Size. If you prefer, you can skip the yield per acre and enter the total quantity in the quantity (Bushels) box.
  2. In the Price box, enter the commodity price for the crop. The number of decimal places used for this box is set in File > Preferences > General > Quantity Decimal Settings.
  3. Under Production Share Information, the production quantity and value will be split by the owner/operators on the lease for the production center detail specified in the transaction. If the Maintain Inventory box is selected, the owner/operator was associated with a company.
  4. Click Save.
Note: To print a report that shows the transaction activity for your production, select Reports > Reports > Production Reports > Crop Production Detail Reports > Crop Production by Production Year and select the crop production details you want to view.

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