Procedures for Accounting for Livestock

Purchases

All stock purchases are charged to the Centre/Project funding the purchase and to the appropriate asset account. The livestock asset accounts are as follows:

• 0746: Beef Cattle - This year
• 0747: Deer - This year
• 0748: Sheep - This year
• 0749: Horses - This year
• 0752: Reptiles - This year

E.g. 20711-01041-0749-99-31-00 for horse purchases.

Sales

School

All livestock sales are to be recorded on a Sale of Livestock Form (XLS, 41 KB)(opens in a new window).

Proceeds from each sale are coded to the appropriate Centre/Project and to account 0263 - Proceeds on Sale of Livestock Clearing Account.

E.g. 20711-01041-0263-99-31-00 for horse sales.

The proceeds are then receipted by the Finance Office.

Finance Office

The Accounts Receivable Assistant will receipt the proceeds into OneStop to the appropriate account as per the Sale of Livestock Form.

The Accounts Receivable Assistant will note the OneStop receipt number on the form and forward completed form to the Financial Accountant.

Financial Accountant

On receipt of the Sale of Livestock Form, the Financial Accountant:

• Verifies the proceeds have been posted to the Proceeds of Livestock Clearing Account (0263).
• Verifies the market value against the prior year-end stock valuation.
• Processes a journal to recognise the sale, cost of goods sold and elimination of asset as follows:

Each month the Financial Accountant reconciles the Proceeds of Livestock Clearing Account (0263) to ensure all University Sale of Livestock Forms have been processed.

Births and Deaths

The School is to complete a Livestock Births and Deaths Form (XLS, 53.5 KB) (opens in a new window) in the event of any natural increase or death of livestock. The completed form is to be forwarded to the Financial Accountant to process a journal to recognise the natural increase or death.

In the event of a natural increase

The journal is as follows:

In the event of a death

If livestock was born or purchased in current year, the journal is as follows:

If livestock was held at 31 December in the prior year, the journal is as follows:

School

The school completes a Livestock Holding Certificate (XLSX, 208.69 KB) (opens in a new window) for each category of stock as at the 31st December each year. These are forwarded to the Financial Accountant, by the end of the first week in January.

Finance Office

The Financial Accountant processes a journal for each category of livestock to recognise the livestock valuation adjustments as follows:

OR

The Financial Accountant to ensure asset balances in the ledger agree to the Livestock Holding Certificate balances following posting of adjustments.