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The Agricultural - Gross Margin Summary: Livestock template is a working paper in the Farm Working Papers package that calculates the gross margin for each type of livestock the farm keeps, straight from the trial balance. The whole template is read-only: there is nothing to enter, label or override on it directly, and every figure, including the two "spare" livestock columns, is driven entirely by what has been posted to the underlying trial balance accounts. There is no reconciliation to perform.
Table of contents
- When should I use this template?
- Before you start
- Background
- Steps
- What flows through to the rest of the accounts/workflow?
- What rolls forward next year?
- Where the data comes from
- Frequently asked questions
When should I use this template?
It is included automatically in the Farm Working Papers package for farming clients. Use it to review the gross margin, and gross margin %, generated by each type of livestock the client keeps: cattle, sheep, pigs, poultry, goats, horses, dogs, and up to two further "spare" categories merged into an Other livestock column, based on what has already been posted to the trial balance.
Before you start
Make sure the client's income and cost postings for each livestock type are mapped to the correct species-specific accounts (see Where the data comes from below). This template does not let you re-map or correct account postings. It only presents what is already there.
Background
This is a bookkeeping-driven summary, not an accounting-standard disclosure, so there is no accounting treatment to verify against. It exists to give you and the client a quick view of margin by livestock type, drawn entirely from posted trial balance figures.
Steps
For each livestock type with activity in the current year, or in the prior year where the comparative is shown, the template shows columns for:
- Cattle, Sheep, Pigs, Poultry, Goats, Horses and Dogs: the standard livestock types.
- Two spare columns: for any livestock type not on the standard list, fed from two spare livestock accounts in the chart of accounts. There is nothing to type on this template itself, and the two spare livestock types always share a single Other livestock column here, whatever those accounts are named.
- Overall: the total across every livestock column.
Within each column, the rows are:
| Section | Rows |
| Income | Sales, Subsidies, Transfer to herd, Produce |
| Costs | Opening stock, Closing stock, Purchases, Transfer from herd |
| Other livestock income | Milk and dairy, Dairy premium, LFAS subsidy, Bull hire, Livestock keep, Other carcasses, Other produce |
| Direct costs | Feed, Vet and medicine, Haulage, Milk and dairy expenses, Grazing, Lease of quota, Mart commission, Casual labour, Rent of land, Contracting, Keep livestock, Other livestock expenses |
Rows with a nil value in every column are hidden automatically. Other livestock income and Direct costs each list a fixed set of mapped trial balance accounts (see Where the data comes from below); these appear as an Overall figure only, not split by livestock type. There is no way to add an extra row from within this template itself, so anything that does not fit those accounts needs to be posted to the trial balance instead.
At the bottom, the template calculates:
- Gross margin per livestock type and overall: income (Sales, Subsidies, Transfer to herd, Produce, and Other livestock income) less costs (the stock movement, Purchases, Transfer from herd, and Direct costs).
- Gross margin %: gross margin as a percentage of income, per livestock type and overall.
What flows through to the rest of the accounts/workflow?
Where the client's accounts also include a Gross Margin note for livestock in the annual accounts, this working paper links directly to it, since both draw on the same trial balance figures. For unincorporated farms with Agriculture selected as the industry type in General Settings, the livestock gross margin and other income figures display on the face of the profit and loss account.
What rolls forward next year?
Nothing carries forward. Every row is recalculated fresh from the trial balance each period.
Where the data comes from
Every figure is mapped from specific trial balance income (4-xxxxx) and cost (5-xxxxx) accounts for each livestock type. For example, each type has its own Sales, Subsidies, Opening stock, Closing stock and Purchases account, and cattle, sheep, pigs, poultry and goats additionally have a Transfer to/from herd account for animals moving between trading stock and the breeding herd.
Nothing here is drawn from the Agricultural - Stock Valuation: Livestock account template directly. The Opening stock and Closing stock cost lines are separate profit and loss accounts that need to be posted to reflect the stock movement for the year, typically informed by the closing valuation on that account template, rather than a figure pulled through automatically.
Frequently asked questions
Why isn't there anything for me to fill in?
By design. This is a bookkeeping-driven summary, not a data-entry template. If a figure looks wrong, check the underlying trial balance postings for that livestock type's accounts.
Why has a livestock column disappeared even though it had a balance last year?
This working paper only shows a column where the current year has activity. A livestock type with only a prior-year balance and nothing this year will not display here, although it may still show in the accounts' Gross Margin note, which considers both years.
How do I add a livestock type that isn't on the standard list?
Post to one of the two spare livestock accounts in the chart of accounts. There is no way to give it its own column or name from within this template, and it will show up merged into the Other livestock column alongside the other spare account.
What's the "Transfer to/from herd" row for?
It captures animals moving between trading stock and the breeding herd, for example a heifer being retained for breeding, so that the margin on trading stock is not distorted by herd movements.
Why does this figure not match the Stock Valuation account template?
They are independent. The Opening stock and Closing stock lines here are separate profit and loss postings, not a live link to the stock valuation working paper. If they should match, check that the year-end journal for the stock movement has been posted.