Recording a livestock sale with marketing deductions

To record a livestock sale with marketing deductions:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Deposit from the Transaction type drop-down menu.
3. Enter the transaction Date.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description, such as the name of the market, or click the arrow to select a previously entered description.
7. Enter the Total net amount of the sale.
8. Select Income (IN) from the Type drop-down menu.
9. Select the applicable Account. The Inventory Details dialogue box opens. Enter the following:
10. Click OK to record the inventory detail.
11. Enter the remaining transaction details:
    1. Description - enter a description, for example, Sold 2 Replacement heifers
    2. Type - select Expense (EX)
    3. Account – select the applicable account
    4. Memo – enter a description, for example, Marketing levy - Replacement heifer sale
    5. Quantity – enter 0
    6. Amount – enter the amount deducted for marketing
    7. Tx - select GST in amount (PST Exempt)
    8. GST - enter the GST
    9. PST - enter 0

The transaction should be balanced. To view the balanced debit and credit entries, click Recap. Click Record to record the document.

The bank account is increased by the  transaction total, the breeding stock sales account is increased by the sales amount, the marketing expense account is increased by the expense amount, and the breeding stock inventory is reduced by the number of head sold.

Note: Always enter the net amount for the transaction Total (the amount deposited into the bank). Record the gross value of the sale and then enter the expenses, such as marketing, separately, to fully disclose all of the transaction information. 

Last updated on April 5, 2013 by FCC AgExpert