How to record a livestock transaction in the transaction screen
When recording stock transactions, it's important to include as much information as you can so that the livestock rec. can provide you with accurate information about your livestock flow.
If you import transactions through bank feeds or by manually importing your bank file, have a look at How to record a livestock transaction in your bank feed or bank import.
Key pieces of information to think about are:
- The type of event
Is it a sale or purchase?
- The date payment was made or received
Should always reflect the date the transaction occurred in your bank account.
- The date the event took place
Should reflect the date stock came onto the farm or left.
- The correct stock class
Should the stock class be recorded as a ewe hogget or a two tooth?
The number of stock recorded on the invoice or credit note.
Live or carcass weight.
How to record the stock transaction
The transaction date should reflect the date the payment was processed in your bank account.
The amount should be the total GST incl. amount that appears in your bank account.
Enter the payee information on the invoice.
Code the transaction to the correct stock class in your database; not necessarily how you class them in the paddock.
For example, if you open with 'xxx' number of ewe hoggets in Cashmanager, continue to code any related stock events to that stock class, even if the invoice lists them as an older/younger animal.
If you need to split the transaction between multiple stock classes, adjust the amount for each item in the Code Amount field.
For accurate stock tallies, record all quantities of stock on the invoice.
If you record stock weights, they need to be entered consistently as either live or carcass weight. This then gives you accurate information in the Stock Trading report.
Record the Sale/Purchase date as it appears on the invoice so that the stock event is allocated to the correct month and financial year.
- The type of event