CenterPoint® Accounting for Agriculture - Sell Raised Inventory

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Sell Raised Crop Inventory Video - Duration: 10 min 07 sec

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This topic will identify the process used to record the sale of raised crop inventory. Prior to making the sale transaction, it's a good idea to verify that the Sales accounts are setup properly.

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

Step B: Process a Raised Inventory Sales Transaction

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

  1. Select Setup > Accounts > Accounts.
  2. Double-click on the appropriate Revenue account (Corn Sales, for example).
  3. On the Template tab, select Receipts and New Receivables Created on the left. On the right, set the Change To field to DT - Sell Raised Inventory.

  1. Click on Save.
Note: The template can be overwritten at transaction entry if selling out of the field instead of inventory.

Step B: Process a Raised Inventory Sales Transaction

The sale of raised crop inventory can be recorded using either a Receipt or a Customer Invoice (A/R) transaction. In our example, we'll be recording the sale with a Receipt transaction.

EXAMPLE: CenterPoint Farms sold 3850 bushels of their 2010 corn harvest for a total price of $30,000. The corn was sold from the Burton Elevator inventory.
  1. Select Processes > Sales > Receipts.
  2. Enter the appropriate information in the Company, Bank Account, Received From, Date, Amount and Check/Ref# fields.

  1. In the Account field, select the revenue account from Step A.
  1. Click on the Detail button. Enter the sold quantity in the Bushels field.

  1. In the Inventory field, select the appropriate inventory account. Verify that the Inventory Offset is the Change in Raised Crop Inventory account.
Note: When recording the sale, CenterPoint will automatically deduct the quantity from the inventory account balance. The amount being deducted is displayed in the Inventory Adjustment $ and Inventory Price fields.
  1. Specify the Profit Center, Production Year, and Inventory Location. Neither the Production Center Detail nor Production Center fields will be used in this transaction.
  2. Click OK.
  3. Verify the information on the main receipt screen and click Save to complete the transaction.

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