News Office Field Order Support Contact Us

Re: Market adjustments

Search Discussion Boards
Chris,
If you know the entire sales amount up front, do the following:
1. On 1/1/97 record the sale of the sugar beets using the Harvested Crops Sales Option.
2. Sell 1,000 tons at $40,000 (the total amount to be received).
3. Use the Invoice button and enter $25,000 (the amount to be received in the future).
4. Use the Deposit Now button to deposit the $15,0000.
5. Record this sale.
6. For subsequent receipts use the Sales Option for Received on Account and then use the Deposit Now button.

If you are unsure of the amounts that you'll receive then do the following:
1. Each time that you receive a payment use the Sales Option for Other Sales and Expense Reductions.
2. Enter the amount of each deposit and select your "Sugar Beets Sales" account. Select None in the Enterprise area.
3. After you record the final payment record one final transaction by...
4. Selecting the Harvested Crops Sales Option and selling 1000 tons of sugar beets for $40,000.
5. Do not deposit this amount (since you deposited the individual amounts received).
6. Instead use the Sales Option for Other Sales and Expense Reductions and enter the amount as a negative (-40,000) and select Sugar Beets Sales for the account and None for the enterprise.
7. Record the transaction.

Either of these methods will give you the correct sales figures on your books and will update your enterprise statements properly.

I hope this helps!

R. Scott Nusbaum CPA
Farm Works Software
SubjectAuthorPosted

Market adjustments

Chris Dunsmore June 01, 1997 12:00AM

Re: Market adjustments

R. Scott Nusbaum - Farm Works Software June 02, 1997 12:00AM

Re: Market adjustments

Chris Dunsmore June 03, 1997 12:00AM

Re: Market adjustments

R. Scott Nusbaum - Farm Works Software June 04, 1997 12:00AM



Sorry, only registered users may post in this forum.

Click here to login

Privacy Statement | Terms of Use | Copyright 2009, Trimble Navigation Limited