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Re: Traded straw for manure need to account for income/expense

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January 31, 2010 09:29PM
Since there were no deposits or checks written, it would easiest to setup a holding account. Here are the steps to follow:

1. From Record Payment/Purchase, select the correct Vendor-date and description.
2. Click on the Inventory Supply button and purchase the manure for desired qty and total cost matching the Wheat straw sale value, click OK.
3. Click on the Other Asset button. Select New for the account. Type a description called Holding Account. Enter a neg. dollar amount matching the manure purchase. Leave the Offset to NONE and click OK.
4. Total Purchase will be zero. Record and Done.
5. Manure can be recorded as a farming operation to the correct 2010 Crop Enterprises.

Sell the straw and zero the holding account.

1. From the Record Income or Sales, select the same Purchaser, date and description.
2. Enter the wheat straw sale (crop sale button) for correct qty and total value (matching the manure purchase). This will allocate the sale back to the correct 2009 Crop Enterprise. If you did not record the harvest op for the straw, then use the Other Sales and expense reduction button and enter the correct dollar amount. From the Enterprise Type, select Field Crops-Mine and select the desired 2009 Crop Enterprises that would get this value. Click OK.
3. Click on the Other Sales button. Enter a neg. dollar amount for same figure. From left change to Other Accounts. Highlight the Holding account name created from the manure purchase and click OK.
4. Total Sales will be zero. Record and Done.

Hope this helps!


3.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Traded straw for manure need to account for income/expense

Daniel H. SmithJanuary 31, 2010 12:29PM

Re: Traded straw for manure need to account for income/expense

KathyClineJanuary 31, 2010 09:29PM

Re: Traded straw for manure need to account for income/expense

Daniel H. SmithFebruary 01, 2010 09:28AM



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