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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 Payments to the appropriate account as per the Sale of Livestock Form.
The Accounts Receivable Assistant will note the Payments 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:
Debit/Credit | Account | Description | Amount |
---|---|---|---|
Debit | 0263 | Proceeds from Livestock Clearing Account | Total proceeds of sale |
Credit | 3024 | Beef Cattle Sales | Total proceeds of sale |
3025 | Calf Sales | ||
3026 | Cull Cow Sales | ||
3028 | Horse Sales | ||
3030 | Sheep Sales | ||
3032 | Deer Sales | ||
Credit | 0741 | Beef Cattle - Previous year | Average asset value of livestock as at previous year-end stocktake |
0742 | Deer - Previous year | ||
0743 | Sheep - Previous year | ||
0744 | Horses - Previous year | ||
Debit | 1418 | Revaluation Reserve - Beef Cattle | Average reserve value of livestock as at previous year-end stocktake |
1419 | Revaluation Reserve - Deer | ||
1420 | Revaluation Reserve - Sheep | ||
1421 | Revaluation Reserve - Horses | ||
Debit/Credit | 7604 | Cost of goods sold - Livestock | Difference between average asset value and average reserve value |
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:
Debit/Credit | Account | Description | Amount |
---|---|---|---|
Debit | 0746 | Beef Cattle - This year | Market valuation as advised by School |
0747 | Deer - This year | ||
0748 | Sheep - This year | ||
0749 | Horses - This year | ||
0752 | Reptiles - This year | ||
Credit | 2768 | Contribution of assets |
In the event of a death
If livestock was born or purchased in current year, the journal is as follows:
Debit/Credit | Account | Description | Amount |
---|---|---|---|
Debit | 7604 | Cost of good sold - Livestock | Market valuation as advised by School or cost |
Credit | 0746 | Beef Cattle - This year | |
0747 | Deer - This year | ||
0748 | Sheep - This year | ||
0749 | Horses - This year | ||
0752 | Reptiles - This year |
If livestock was held at 31 December in the prior year, the journal is as follows:
Debit/Credit | Account | Description | Amount |
---|---|---|---|
Debit | 1418 | Revaluation Reserve - Beef Cattle | Average reserve value of livestock as at previous year-end stocktake |
1419 | Revaluation Reserve - Deer | ||
1420 | Revaluation Reserve - Sheep | ||
1421 | Revaluation Reserve - Horses | ||
1422 | Revaluation Reserve - Reptiles | ||
Credit | 0741 | Beef Cattle - Previous year | Average asset value of livestock as at previous year-end stocktake |
0742 | Deer - Previous year | ||
0743 | Sheep - Previous year | ||
0744 | Horses - Previous year | ||
0751 | Reptiles - Previous year | ||
7604 | Cost of goods sold - Livestock | Difference between average asset value and average reserve value |
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:
Livestock | Debit/Credit | Account | Description | Amount |
---|---|---|---|---|
Market value greater than assets holdings | Debit | 0741 | Beef Cattle - Previous year | Market valuation as advised by School less sum of "This Year" and "Previous Year" asset accounts |
0742 | Deer - Previous year | |||
0743 | Sheep - Previous year | |||
0744 | Horses - Previous year | |||
0751 | Reptiles - Previous year | |||
Credit | 1418 | Revaluation Reserve - Beef Cattle | Market valuation as advised by School less sum of "This Year" and "Previous Year" asset accounts | |
1419 | Revaluation Reserve - Deer | |||
1420 | Revaluation Reserve - Sheep | |||
1421 | Revaluation Reserve - Horses | |||
1422 | Revaluation Reserve - Reptiles |
OR
Livestock | Debit/Credit | Account | Description | Amount |
---|---|---|---|---|
Market value less than assets holdings | Debit | 1418 | Revaluation Reserve - Beef Cattle | Sum of "This Year" and "Previous Year" asset accounts less market valuation |
1419 | Revaluation Reserve - Deer | |||
1420 | Revaluation Reserve - Sheep | |||
1421 | Revaluation Reserve - Horses | |||
1422 | Revaluation Reserve - Reptiles | |||
Credit | 0741 | Beef Cattle - Previous year | Sum of "this Year" and "Previous Year" asset accounts less market valuation | |
0742 | Deer - Previous year | |||
0743 | Sheep - Previous year | |||
0744 | Horses - Previous year | |||
0751 | Reptiles - Previous year |
The Financial Accountant to ensure asset balances in the ledger agree to the Livestock Holding Certificate balances following posting of adjustments.
Related Documents
- Sale of Livestock Form (XLS, 41 KB) (opens in a new window)
- Livestock Holding Certificate (XLSX, 208.69 KB) (opens in a new window)
- Livestock Births and Deaths Form (XLS, 53.5 KB) (opens in a new window)
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