Year-end > Adjustments > Recording year-end adjustments to inventory accounts

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Recording year-end adjustments to inventory accounts

It’s important to record inventory adjustments to update your inventory accounts at year-end. The following reports are affected: AgriStability Supplementary report, Balance Sheet, Net Worth Statement and all inventory reports.

Review and adjust the following items, as required:

  • Crop inventory – Remember to include inventory adjustments for the quantity used for feed, seed and harvest production.
  • Livestock inventory – Remember to include inventory adjustments for the deaths of livestock and transfers in and out of various categories.
  • Purchased inputs – Go to Reports > Inventory Report to obtain a current list of your inventory accounts. Review your inventory accounts for purchased inputs. These inventory accounts could include: chemicals, diesel, fertilizer and lime, gasoline, minerals and salts, oil and lubricants, twine and fencing supplies and veterinary supplies. Because you may have set up these accounts to automatically update inventory when you make a purchase, you’ll need to make an inventory adjustment to the accounts for the amount of inventory consumed during the year.

Last updated on November 25, 2014 by FCC AgExpert