Page Comparison - Accounting for livestock in MYOB Ledger (v.19 vs v.20) - PS Help: Client Accounting Help

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You can use Client Accounting to record livestock movements and quantities, calculate average cost per animal and present these amounts neatly in a Livestock Trading Statement.

To help you reconcile livestock movements with your client's stocktake report, we've provided a Livestock Calculation workpaper.

The Livestock - Closing Balance workpaper available in MYOB Client Accounting allows you to reconcile values and quantities to your client's stocktake and make adjustments to bring these balances in line. These quantities and balances will be reflected in the Livestock Trading reports available in MYOB Statutory Reporter.

We've made this workpaper available to all Client Accounting users. So even if you don't have workpapers, you can still access the Livestock Calculation workpaper in the Trial Balance period under Farming in the Tasks Panel.

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The Livestock Trading Statement is available in Statutory Reporter for MYOB Ledgers, AccountRight and Essentials ledgers.

If you've configured a MAS, AE Accounts or AO general ledger, use the livestock calculation functions within your MAS, AE Accounts or AO General ledger software.

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title	1. Set up livestock accounts

The first step in setting up a ledger for livestock reporting is to set up livestock accounts. These account codes are used by Client Accounting to retrieve values and to generate journals.

We recommend setting up your chart of accounts as per the table below.

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If you have more than 5 animals, you can set up additional accounts using the same number format. The second digit in the account code acts as the animal identifier and the third digit identifies the type of account.

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title	MAS

Account Description	Cattle	Sheep	Horses	Pigs	Other
Sales	100	110	120	130	140
Deaths	101	111	121	131	141
Killed for Rations	102	112	122	132	142
Opening Stock	103	113	123	133	143
Purchases	104	114	124	134	144
Natural Increase	105	115	125	135	145
Closing Stock	106	116	126	136	146
Stock on Hand	710	711	712	713	714

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title	AE Accounts

AE Accounts only has a single group of accounts dedicated to recording livestock values. To differentiate between animals, you'll need to add a prefix (or "department identifier") to each livestock, profit and loss account.

This means when recording livestock values using an AE Accounts style of chart, you'll need to also need to configure department settings.

Account Description	Account Code	Sheep	Cattle	Horses	Other
Header account (Livestock name)	0	1.0	2.0	3.0	4.0
Opening Stock	1	1.1	2.1	3.1	4.1
Purchases	2	1.2	2.2	3.2	4.2
Natural Increase	3	1.3	2.3	3.3	4.3
Sales	6	1.6	2.6	3.6	4.6
Deaths	7	1.7	2.7	3.7	4.7
Killed for Rations	8	1.8	2.8	3.8	4.8
Stock on Hand	10	883	883	885	886

As there is only one set of accounts to record livestock values, you need to establish departments in the configuration. Each category of livestock is a different department.

For example, using the accounts:

1.6 - Cattle Sales
2.6 - Sheep Sales
1.2 - Cattle Purchases
2.2 - Sheep Purchases

In this scenario, Cattle is department 1 and Sheep is department 2, and 6 is the account code to represent Sales and 2 represents Purchases.

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If you're using an AE Accounts chart of charts you'll also need to set up department settings. See below for information.

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title	To configure department settings

From within your client's Client Accounting tab, click Edit Configuration Details.
Select This ledger uses departments then click on Edit department settings. The Department Settings window appears.
Select Prefix from Departments are defined by drop-down menu. Additional fields display.
Select Prefix separator and enter a full stop ( . ) in the field. For example, the prefix separator in account 2.6 is a full stop ( . ) where 2 is the division number for Cattle, and 6 is the account code for Sales. In this example, the prefix separator is . which is commonly used in AE Accounts.
Select Use the name of the first account in the department. In the above example, the name of the first account will be account code 2 “Name of Department 1” or 3 “Name of Department 2”.
Click OK. You are returned to the Client Configuration window.
Click OK. The Client Configuration window closes

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title	AO GL

Account Description	Cattle	Sheep	Horses	Pigs	Other
Sales	100	110	120	130	140
Deaths	101	111	121	131	141
Killed for Rations	102	112	122	132	142
Opening Stock	103	113	123	133	143
Purchases	104	114	124	134	144
Natural Increase	105	115	125	135	145
Closing Stock	106	116	126	136	146
Stock on Hand	710	711	712	713	714

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title	2. Prepare the Livestock Calculation - Closing Balance workpaper (optional)

Adding the Livestock - Closing Balance workpaper

Open the Workpaper period for your client and select the first livestock Closing Stock account. (For example, 106 Closing Stock - Cattle)
From the TASKS bar, click Add Workpaper.
Choose Livestock - Closing Balance from the Template drop-down list. You can edit the Workpaper name if you wish.
Click Add. The Livestock Calculation - Closing Balance workpaper appears underneath the Closing Stock account.

Completing the Livestock Calculation - Closing Stock workpaper

There are three main sections in the workpaper:

A

In section A:

In the Account column, click on the grey drop-down arrow () and choose the account that matches the description (See above example). The Balance
In the Quantity column, enter the number of animals according to your client's stock take records. For example, if your client has bought two cows, enter 2.00 in the Quantity column.

The Average cost column is calculated automatically by dividing the account balance by the number of

B

In section B:

Enter the Standard cost. The Standard cost is used to calculate the balance of Natural increase. The quantity is multiplied by the Standard cost to arrive at the Balance.

The Average cost per head is calculated using the Opening stock, Purchases and Natural increase balances over the quantity.

C

The values in section C are calculated automatically.

The table compares quantities and balances entered into the workpaper against the quantities and balances in the ledger.

If the quantity in the workpaper differs from the quantity in ledger for the relative account, the difference appears in the Quantity variance column.
If an account balance in the workpaper differs from it's account balance in the ledger, the difference appears in the Balance variance column.

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title	3. Post quantities and adjustments

Click Add Journal. This is located:
- on the top toolbar of the Livestock - Closing Balance workpaper (if you're using the workpaper to reconcile balances)
  or
- on the TASKS bar in the the Workpapers period (if you're not using the Livestock Calculation - Closing Balance workpaper).
The Add Journal window appears.
Enter a description for the journal in the Description field.
Enter your adjustment journals. If you've completed the Livestock Calculation - Closing Balance workpaper adjustment journals appear automatically in the Add Journal window. All you need to do is choose an account to balance the journal.
When you've finished adding journals, click OK to close the Add journal window.
Once you're ready to post journals to the ledger, click Post Journals. The ledger balances are updated.

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title	4. Print reports

From within the client's Client Accounting tab, click the Reports tab.
Ensure Livestock trading statement - <type> is selected and if required, Farm income profit and loss statement.
Click Preview. To print the report click the printer icon on the toolbar.

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Producing Milk/Wool Production Trading Account reports in Statutory Reporter (NZ only)

Preparing the Livestock - Closing Balance workpaper in Client Accounting

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Versions Compared

Old Version 19

New Version 20

Key

Adding the Livestock - Closing Balance workpaper

Completing the Livestock Calculation - Closing Stock workpaper

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