Equity in the agriculture industry or in a cooperative refers to the value of the assets owned by the organization or its members after all the liabilities or debts are subtracted. Patronage refers to the practice of returning profits or benefits to the members of a cooperative or mutual organization, such as a farmers’ cooperative, in proportion to their use of the organization’s services or products.
News & Notes
Levridge Lingo #1 – What is a Co-op?
A cooperative, or “co-op,” is a type of organization that is owned and controlled by its members, who are typically farmers, ranchers, or other agricultural producers. In the agriculture industry, co-ops are often formed to provide collective marketing, purchasing, or other services to their members.
New Features in Levridge 2023 R1 Release
Levridge is excited to make available the first release of 2023! Check out the full release notes here. The key additions in this release are the following.
How to Troubleshoot If Your Outbound Ticket Is Not Displayed in the Levridge Outbound Ticket Application
If you cannot find your outbound ticket in the outbound ticket application in Levridge (Navigation: Commodity accounting > Outbound > Delivery > Outbound ticket application), here are the steps you should follow to troubleshoot.
How to Resolve Error Message “Grower xxx is Currently Being Settled by User yyy” When Creating a Settlement Request in Levridge
When creating a settlement request in Levridge, if you receive the error message “Grower xxx is currently being settled by user yyy”, and that user is not currently creating a settlement for that grower, you will have to go into the settlement wizard and cancel it out so it will clear the record lock. You’ll be unable to create a settlement for that grower until this error message is resolved, but luckily this is simple to fix by following the steps below.
How the Long/Short Audit Report in Levridge Helps Commodity Processors Determine Why the Long/Short Risk Position Changed
The Long/Short Audit Report is built into Levridge with Microsoft Dynamics 365 Finance and Operations to help commodity processors answer the questions: Why did the Long/Short risk position change? What did the change consist of? The Long/Short Audit Report details position changes from a user-provided start and end date.
What are Commodity Meter Tickets?
Commodity meter tickets are documents that record the quantity and quality of a commodity that is transferred from one party to another. They are commonly used in the oil and gas industry, where they serve as evidence of ownership and delivery of crude oil, natural gas, or refined products.
Quick Tip: How to Resolve “Illegal Specification of Retail Channel Relation. Specify a Valid Retail Channel Relation, and Try Again.” Warning Message in Levridge
The warning message “Illegal specification of retail channel relation. Specify a valid retail channel relation, and try again.” may appear when setting up automatic hedge charges in Microsoft Dynamics 365 Finance and Operations with Levridge. This is caused by having advanced charge retail features enabled in D365 that you are likely not using.
How to Create Cross Branch Trades in Levridge
Microsoft Dynamics 365 for Finance and Operations uses dimensions to track financials to sites/branches. When posting ledger journal entries like those generated by trade gains or losses, there needs to be a site selected so the financial dimension can be set.
A Quick Guide to Dates on the Delivered Not Settled Form in Levridge
The Delivered not settled form in Levridge lists inbound tickets applied to contracts that are not part of a confirmed settlement as of certain dates. There are 3 dates on the Delivered not settled form in Commodity accounting under Inquiries and reports > Inbound > Delivered not settled. Understanding what those dates are used for will help when using this form.
New Feature in Levridge 2023 R1 Release: Delivery Statement Report
In release 2023 R1, Levridge is adding a delivery statement report. The delivery statement is a listing of tickets from a grower for the season for a specific commodity. This report can be used when growers come in requesting a listing of their tickets to submit to the FSA agency.
How “Fill at Market Price” Works for Sales and Purchase Contracts in Levridge
Here’s how the “fill at market” process works for sales and purchase contracts in different scenarios: If the net price is more than the sales contract, it will result in a purchase order. If the net price is more than the purchase contract, it will result in a sales order using the fill item on the released item. If the net price is more than the purchase contract, it will result in a sales order using the fill item on the released item.