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When does a Supply become an Expense

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October 28, 2014 08:42PM
Hi,
I want to Know how Supplies, seed mostly, is Treated. Does it only become an expense once the Farming Action Allocates it to a Field?

My Problem. I Usually Prepay seed in November and December. Just allocate the Check to Prepaid Seed in Current Assets. In Spring when I receive the Seed I enter it as a Supply and Pay for it Offsetting from that Prepaid Seed account. This Year Because of the late spring a lot of My seed was still in Supplies on the 31st of May, at my Year end. (My Estate Planner said that would be a Good Year end date for Tax Purposes for the New Company, Very bad for me). So Now I have a Bunch of supplies. Are they counted as Expenses?

Thanks and have a Great Day

JD
SubjectAuthorPosted

When does a Supply become an Expense

Jurg DeringerOctober 28, 2014 08:42PM

Re: When does a Supply become an Expense

KathyClineOctober 29, 2014 08:17AM

Re: When does a Supply become an Expense

Jurg DeringerOctober 29, 2014 09:00PM

Re: When does a Supply become an Expense

KathyClineOctober 30, 2014 08:08AM

Re: When does a Supply become an Expense

Jurg DeringerOctober 30, 2014 09:01PM



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