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This account template records the individual purchases and sales that make up a livestock or other agricultural stock profit and loss account, capturing the quantity alongside the value of each transaction so the total quantity moved during the year is available elsewhere without re-keying it.

Table of contents 

When should I use this template?

Apply it to the profit and loss nominal codes used for livestock and other agricultural stock purchases and sales in the Farm Working Papers pack. If you apply it to any other account, the template shows a message asking you to choose a different account template and will not display the transaction table.

Before you start

  • Confirm the account you are mapping the template to is genuinely one of the livestock or stock purchase or sale profit and loss codes in the farm chart of accounts. The template only activates on these.
  • Check whether the client's farm also uses the Agricultural - Livestock Reconciliation With Average Pricing template. If it does, the quantity total from this template feeds straight into that reconciliation, so you should not also key the same purchases or sales manually there.

Background

Farms often need to track the number of animals or units bought and sold during the year, not just the money value, for example to support a livestock reconciliation, or simply to keep an audit trail of individual transactions. This template gives a simple transaction listing for that purpose. It does not apply any particular accounting treatment itself, it just captures quantity alongside value for a profit and loss stock account.

Steps

  1. Open the account template on the mapped purchase or sale account.
  2. For each transaction, enter a reference, the date, a description, and attach any supporting document.
  3. Enter the quantity, a positive figure for purchases and a negative figure for sales, and the value of the transaction.
  4. Add as many rows as needed. The template totals the quantity and value columns automatically.
  5. Check the total value against the trial balance figure for the account. If they do not match, an unreconciled indicator appears next to the total, showing the trial balance value, the template total, and the difference, so you can find the missing or incorrect line.

What flows through to the rest of the accounts/workflow?

The total quantity calculated here is picked up automatically by the Agricultural - Livestock Reconciliation With Average Pricing template, where it appears (with a note that it has been pulled from this template) instead of asking you to type the purchased or sold quantity again for that livestock category. It has no effect on the Biological Assets Register or Summary of Biological Assets templates.

What rolls forward next year?

Nothing carries forward. This template records a year's worth of profit and loss transactions, so each new period starts with an empty transaction table.

Where the data comes from

The reference, date, description, quantity and value for each row are entered manually from the farm's purchase invoices, sale invoices, or bookkeeping records for that stock account. The running totals and the reconciliation check are calculated by the template from what you enter.

Frequently asked questions

Why does the template say "This template can only be used for P&L stock accounts"?

You have applied it to an account outside the recognised list of livestock and stock purchase and sale codes. Map it to the correct profit and loss account, or use a different account template for this account.

Do I need to fill this in for every livestock purchase and sale?

Only if you want the quantity to flow automatically into the Livestock Reconciliation With Average Pricing template, or if you specifically need a quantity-tracked transaction listing for this account. If the client does not use that reconciliation, a simpler account template may be more appropriate.

What happens if I enter a value but leave quantity blank on a line?

The quantity total will be understated by that line, which will show up as a difference wherever the quantity is used elsewhere (for example, the Livestock Reconciliation With Average Pricing template's own reconciliation check). Always fill in quantity for lines you want tracked.