CenterPoint® Accounting for Agriculture - Recording New Raised Livestock Production

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While calving season is in process, new inventory accounts should periodically be recorded in CenterPoint. The New Livestock Production transaction will record the calves as an asset and accrual revenue for the farm.

Prerequisite 

Livestock Production Center Details (Setup > Profit Center/Production Center > Livestock Production Center Details) must be setup prior to entering calving transactions. If you are using account distributions with Type Per Head, the livestock inventory account category needs to maintain balance details for the livestock production center details. refer to the video Account Distributions by Head.

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

Step B - Recording New Livestock Production

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

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

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

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

Step B - Recording New Livestock 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.
  2. In the Inventory box, select the account that will be debited to put the inventory on your balance sheet.
Note: The list will display only accounts that have a raised livestock inventory account category assigned.
  1. Enter the birth Date.
  2. The Offset Account box will display automatically with the offset account assigned to the Inventory account selected. If this field is blank, select the Change in Raised Livestock Inventory account. This account will be credited with this transaction and is normally an accrual income account.
  3. In the Quantity (Head) box, enter the number of calves born.
Note: The labels that display for the Quantity/Acre (Size) are from the Inventory Account’s Unit of Measurement.
  1. 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.
  2. The Pounds/Head is an optional field, used to record the average pound per head for the new calves.
  3. The Total Value box will automatically be calculated by multiplying the Head by the Price.
  4. 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.
  5. Click Save.

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