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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.