Archived
05-03-2008, 08:25 PM
Being strictly a commercial cow/calf operation (approximately 60 to 90 Cows plus calf & numbers changing frequently, I am providing the following as has proven to be quite useful especially at tax time and also whenever there is a "need to know" on any particular cow. (Though my hubby has a way of well remembering who produced & who did not!)
With all livestock numbered via ear-tag, one is able to track the purchase date, amount paid for each cow or calf plus identify the monies each has earned as result of sale of cow or calf. While the process may seem to be tedious at first, once done a few times, it becomes automatic.
First of all one must have accounts set up for Purchased Livestock, Sold Livestock, and the Expense of Commissions, Insurance, Yardage, Hauling, Vet, etc. (Word your accounts however it fits for you).
Suggest you use as a Quick Reference: Chapter 8 - Entering a Purchase of Resale Livestock to view : "Write Checks - Checking Account".
1. Write check for amount of transaction
2. One Line 1 of Check Detail
a. Enter Account (Sold Livestock for this example.
b. Amount - leave this blank.
c. Memo - Enter # of head 7 COW- 9 calf
NOTE: This info will print on your transaction reports as if in a heading.
3. One Line 2 of Check Detail
a. Enter Account (Sold Livestock)
b. Amount - Enter amount received for one cow.
c. Memo - Enter # 159
NOTE: Use a space between # and 159. This will enhance your use of QB FIND and avoid pulling in unneeded data. Also I avoid using "calves" as plural; instead I use only "calf" & always in lower case. My QB vocabulary does not allow the word calves!
4. On Line 3 of the Check Detail
a. Enter Account (Sold Livestock)
b. Amount - Enter amount received for # 159 calf. Ensure you type the word calf to differentiate between COW # 159 & # 159 calf
5. Repeat entering info on Line 2 & change your Cow # & price until you have entered each & every numbered head.
6. One Line 4 of the Check Detail
a. Enter Account (Sold Livestock)
b. Amount - enter as a minus (-) ex: -160.00 as this will become an Expense.
c. Memo - Commission ($10/head with 16 sold)
7. One Line 5 of the Check Detail
a. Enter Account (Sold Livestock)
b. Amount - enter as a minus (-) ex: -18.00
c. Memo - CheckOff ($2/headfor Beef Check-off)
NOTE: Repeat Line #6 procedure for vet, insurance, as your check stub details.
End result @ tax time is one can determine both the purchase & sold value of any single numbered head. Suggest you become familiary with QB FIND. In FIND, go to FILTER, then MEMO, enter # 159 to identify when purchased @ what cost, when sold @ what price & also how productive (# of calf sold).
NOTE: THough we rarely retain calf to actually become heifers for sale, when this occurs, I enter the Sell as a #159 Heifer on Check Detail Line #3 instead of # 159 calf.
As result of entering the # 159 and a succeeding # 159 calf or # 159 heifer, I can access QB FIND, FILTER on MEMO, enter # 159 and be able to view how many calf/heifer have been sold from this Cow.
Going one step forward, to verify SALES matches my DEPOSITS, I access FIND, FILTER on ACCOUNT, select SOLD LIVESTOCK, hit FIND. A list of all SALES appears. Press REPORT and one can see all SALES. If you have multiple years on file, go to DATES, select PRIOR FISCAL YEAR & hopefully this matches your bank deposits.
The above examples can work the same for PURCHASES which can be especially helpful if one has purchased a Pair (Cow & Calf). Essentially if the purchase price for both was $1000, then the Cow is valued @ $500 and the Calf is valued @ $500. Should the calf be sold @ $450, then farm has incurred a $50 loss. For those calf born on the farm, then all monies received when sold become a profit. If that $500 calf dies, then you may wish to set up an account to track this in order that the farm can take a LOSS! At least this is how our accountant explained to us.
Any questions, do post to this board, so all can see. There are no dumb questions if we do not know. Should you find any flaws in the above, I welcome your sharing with all of us. All is not perfect on this farm & I am continuing to learn better how to track our inventory. No doubt, the moderator of this forum may find a better way & hopefully so!
Suzie
==========
Being submitter to initial thread, I do want you to know I am not an accountant nor am I saying the info provided at bottom of initial thread is actually true in all cases. This is merely how our accountant chose for our farm to function.
I found it mind-boggling how to capture all such & yet ensure our farm reached a profit level, I am very dependent upon notes in a spiral bound book retained by my husband. Yes, I do assist in a physical headcount (inventory) at least twice a year if not more & monitor all checks received & issued. PERFECTION CAN NEVER BE ACHIEVED IF ONE DOES NOT ATTEMPT!
Suzie
==========
Suzie,
Thanks for all the excellent description, especially about how you use QuickBooks to find detail records in your posted transactions. I'm sure this will help someone who hadn't considered these types of records as a possibility in QuickBooks.
Good job!
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
With all livestock numbered via ear-tag, one is able to track the purchase date, amount paid for each cow or calf plus identify the monies each has earned as result of sale of cow or calf. While the process may seem to be tedious at first, once done a few times, it becomes automatic.
First of all one must have accounts set up for Purchased Livestock, Sold Livestock, and the Expense of Commissions, Insurance, Yardage, Hauling, Vet, etc. (Word your accounts however it fits for you).
Suggest you use as a Quick Reference: Chapter 8 - Entering a Purchase of Resale Livestock to view : "Write Checks - Checking Account".
1. Write check for amount of transaction
2. One Line 1 of Check Detail
a. Enter Account (Sold Livestock for this example.
b. Amount - leave this blank.
c. Memo - Enter # of head 7 COW- 9 calf
NOTE: This info will print on your transaction reports as if in a heading.
3. One Line 2 of Check Detail
a. Enter Account (Sold Livestock)
b. Amount - Enter amount received for one cow.
c. Memo - Enter # 159
NOTE: Use a space between # and 159. This will enhance your use of QB FIND and avoid pulling in unneeded data. Also I avoid using "calves" as plural; instead I use only "calf" & always in lower case. My QB vocabulary does not allow the word calves!
4. On Line 3 of the Check Detail
a. Enter Account (Sold Livestock)
b. Amount - Enter amount received for # 159 calf. Ensure you type the word calf to differentiate between COW # 159 & # 159 calf
5. Repeat entering info on Line 2 & change your Cow # & price until you have entered each & every numbered head.
6. One Line 4 of the Check Detail
a. Enter Account (Sold Livestock)
b. Amount - enter as a minus (-) ex: -160.00 as this will become an Expense.
c. Memo - Commission ($10/head with 16 sold)
7. One Line 5 of the Check Detail
a. Enter Account (Sold Livestock)
b. Amount - enter as a minus (-) ex: -18.00
c. Memo - CheckOff ($2/headfor Beef Check-off)
NOTE: Repeat Line #6 procedure for vet, insurance, as your check stub details.
End result @ tax time is one can determine both the purchase & sold value of any single numbered head. Suggest you become familiary with QB FIND. In FIND, go to FILTER, then MEMO, enter # 159 to identify when purchased @ what cost, when sold @ what price & also how productive (# of calf sold).
NOTE: THough we rarely retain calf to actually become heifers for sale, when this occurs, I enter the Sell as a #159 Heifer on Check Detail Line #3 instead of # 159 calf.
As result of entering the # 159 and a succeeding # 159 calf or # 159 heifer, I can access QB FIND, FILTER on MEMO, enter # 159 and be able to view how many calf/heifer have been sold from this Cow.
Going one step forward, to verify SALES matches my DEPOSITS, I access FIND, FILTER on ACCOUNT, select SOLD LIVESTOCK, hit FIND. A list of all SALES appears. Press REPORT and one can see all SALES. If you have multiple years on file, go to DATES, select PRIOR FISCAL YEAR & hopefully this matches your bank deposits.
The above examples can work the same for PURCHASES which can be especially helpful if one has purchased a Pair (Cow & Calf). Essentially if the purchase price for both was $1000, then the Cow is valued @ $500 and the Calf is valued @ $500. Should the calf be sold @ $450, then farm has incurred a $50 loss. For those calf born on the farm, then all monies received when sold become a profit. If that $500 calf dies, then you may wish to set up an account to track this in order that the farm can take a LOSS! At least this is how our accountant explained to us.
Any questions, do post to this board, so all can see. There are no dumb questions if we do not know. Should you find any flaws in the above, I welcome your sharing with all of us. All is not perfect on this farm & I am continuing to learn better how to track our inventory. No doubt, the moderator of this forum may find a better way & hopefully so!
Suzie
==========
Being submitter to initial thread, I do want you to know I am not an accountant nor am I saying the info provided at bottom of initial thread is actually true in all cases. This is merely how our accountant chose for our farm to function.
I found it mind-boggling how to capture all such & yet ensure our farm reached a profit level, I am very dependent upon notes in a spiral bound book retained by my husband. Yes, I do assist in a physical headcount (inventory) at least twice a year if not more & monitor all checks received & issued. PERFECTION CAN NEVER BE ACHIEVED IF ONE DOES NOT ATTEMPT!
Suzie
==========
Suzie,
Thanks for all the excellent description, especially about how you use QuickBooks to find detail records in your posted transactions. I'm sure this will help someone who hadn't considered these types of records as a possibility in QuickBooks.
Good job!
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com