Archived
05-03-2008, 08:09 PM
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(7/10/2002 5:07:38 AM) Antoine N. wrote:
Can Any body Explains to me what will be the accounting entry of a new born Calve.
Without some sort of "manufacturing" inventory system available, QuickBooks doesn't handle livestock inventories well. There are a few ideas in The QuickBooks Farm Accounting Cookbook, described on this Web site, but they don't work well for all situations.
> And how can I know the real cost of this new born Calve to enter it in my QuickBooks ????
Again, accumulating cost to assign to inventory of this type (which was not purchased, but rather "manufactured" on your farm) requires a different inventory system than QuickBooks provides.
For more ideas, see my reply to Rachel Farris, below, in this forum.
So what do most people do? Most don't try to handle livestock inventories in QuickBooks at all, except for purchased feeder livestock. They simply do beginning and ending periodic inventory counts for the purpose of building an annual balance sheet report.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
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Found your question on how to register baby calf interesting as I have tangled with this myself. Essentially, that is an unknown until calf goes to market unless calf was purchased. If calf cost $500, that becomes your basis; if sold for $600, then farm has a $100 profit; if calf dies, then farm has a $500 loss. For a calf born on the farm, once sold, this is profit.
Consequently, only those purchased calves are entered into QB for price paid. Those born on the farm have no record until sold with this info being posted in QB.
See my post dated 04/13/05 on Resale of Livestock & let us know if this might work for you. Obviously this would never work for a farm having hundreds or more head, but they surely must have the software to handle such.
p.s. I am definitely not an accountant; just found a way to provide the details @ tax time for our accountant & to ensure we recoup any basis we might have in either a cow or calf purchased, resold or deceased.
Let us hear from you!
Suzie
(7/10/2002 5:07:38 AM) Antoine N. wrote:
Can Any body Explains to me what will be the accounting entry of a new born Calve.
Without some sort of "manufacturing" inventory system available, QuickBooks doesn't handle livestock inventories well. There are a few ideas in The QuickBooks Farm Accounting Cookbook, described on this Web site, but they don't work well for all situations.
> And how can I know the real cost of this new born Calve to enter it in my QuickBooks ????
Again, accumulating cost to assign to inventory of this type (which was not purchased, but rather "manufactured" on your farm) requires a different inventory system than QuickBooks provides.
For more ideas, see my reply to Rachel Farris, below, in this forum.
So what do most people do? Most don't try to handle livestock inventories in QuickBooks at all, except for purchased feeder livestock. They simply do beginning and ending periodic inventory counts for the purpose of building an annual balance sheet report.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
==========
Found your question on how to register baby calf interesting as I have tangled with this myself. Essentially, that is an unknown until calf goes to market unless calf was purchased. If calf cost $500, that becomes your basis; if sold for $600, then farm has a $100 profit; if calf dies, then farm has a $500 loss. For a calf born on the farm, once sold, this is profit.
Consequently, only those purchased calves are entered into QB for price paid. Those born on the farm have no record until sold with this info being posted in QB.
See my post dated 04/13/05 on Resale of Livestock & let us know if this might work for you. Obviously this would never work for a farm having hundreds or more head, but they surely must have the software to handle such.
p.s. I am definitely not an accountant; just found a way to provide the details @ tax time for our accountant & to ensure we recoup any basis we might have in either a cow or calf purchased, resold or deceased.
Let us hear from you!
Suzie