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Accounting for livestock in MYOB Ledger

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.

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

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

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.

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.

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

Adding the Livestock - Closing Balance workpaper

  1. Open the Workpaper period for your client and select the first livestock Closing Stock account. (For example, 106 Closing Stock - Cattle)
  2. From the TASKS bar, click Add Workpaper.
  3. Choose Livestock - Closing Balance from the Template drop-down list. You can edit the Workpaper name if you wish.
  4. 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:


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


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.


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.
3. Post quantities and adjustments
  1. 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)
    • 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.
  2. Enter a description for the journal in the Description field.

  3. 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.
  4. When you've finished adding journals, click OK to close the Add journal window.
  5. Once you're ready to post journals to the ledger, click Post Journals. The ledger balances are updated.
4. Print reports
  1. From within the client's Client Accounting tab, click the Reports tab.
  2. Ensure Livestock trading statement - <type> is selected and if required, Farm income profit and loss statement.
  3. Click Preview. To print the report click the printer icon on the toolbar.
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