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How do I record retention payments?
How do I record retention payments?
Alexandra Henley avatar
Written by Alexandra Henley
Updated over a week ago

If you receive retention payments as part of your livestock sales - whether you get those at the time of each livestock sale, or throughout the year in batch payments - you'll want those recorded in your livestock tracker to give you the most accurate average price per head for each stock class.

To record a retention payment, you need to know:

  • The accrual & cash dates of the transaction

  • The $ value per stock class

Once you've received your retention payment, or you've received the invoice for your retention payment from your supplier, head over to your livestock tracker in Figured and click Add Actual -> Sale.

Fill in the details of your retention payment as per the income you received or the invoice you are provided with.

Ensure the Quantity is set to 0.

Your retention payment should look something like this:

Once happy with how it looks, Save Transaction.

Your retention payment will then flow through to any reports and update the per-head prices accordingly, and you'll see it in your livestock tracker as a 0 quantity sale.

NOTE: You can post these zero-quantity sales to your preferred accounting software. It will create a corresponding invoice for you, which you can then apply a payment to once received.

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