Livestock report is stored in the tax form. It can be used as a working paper to compute average cost and closing inventory value.
To learn more about the topic, please see the following guide:
Select "Profit & Loss", then "Calculation"
Scroll through "Other business income" item and add a worksheet using the plus (+) button.
Note: LodgeiT doesn't add livestock worksheet amounts to net income when a tax form is filled with data from financial statements.
Note that we should have a separate spreadsheet for all those schedules to understand that the value is correct. Below images shows that the closing value in the spreadsheet matches with the closing inventory values in the Financial Statements
Note to consider:
If you take goods from stock for your own use (Rations), or for the use of your family members, you need to account for the goods as if the stock had been disposed of at its cost. Debit Drawings & Credit Killed for rations. Use the actual cost or the cost prescribed by the ATO.
Illustration 2:
If you take goods from stock for your own use (Rations), or for the use of your family members, you need to account for the goods as if the stock had been disposed of at its cost. Debit Drawings & Credit Killed for rations. Use the actual cost or the cost prescribed by the ATO.
Currently LodgeiT doesn’t support mapping of financials to worksheets, so this worksheet has to be manually edited.