CenterPoint® Accounting for Agriculture - Transfer Work In Process Inventory/Crop Inputs

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This menu option allows you to transfer all of the work in process posted to fields (production center details) to one finished goods inventory which will keep the inventory on the balance sheet instead of expensing it when the sale has not yet occurred or to see one COGS row on the income statement. To use this functionality, you must maintain balances by Production Center Detail for the WIP inventory accounts being transferred to a single finish goods inventory (raised inventory).

Transfer Work in Process Inventory/Crop Inputs

  1. Select Processes > Production > Transfer Work in Process to Inventory.
  2. Click Create New.
  3. Select the Company.
  4. In the Production Center Detail box, select the crop production center detail for this transaction.
  5. In the Inventory box, select the Raised Inventory account that you'd like to transfer to.
  6. Enter quantity for the Raised Inventory account, for example , Number of Bushels.

  1. Click Post.
  2. The transfer can be verified by selecting Setup > Accounts > Accounts > Balances tab, and selecting the Raised Inventory account.

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