Easily Manage Splits, Contracts, and Prepayments

by | Updated December 18, 2019 | Agriculture

In the agriculture industry managing sales contracts and payments can be a complex process primarily due to multiple owners, prepayment options, discounts, and rebates. Many ag retailers find themselves utilizing their finance leaders’ time to manually manage and track the grower payment process across multiple spreadsheets, or by pen and paper, alongside their growers to ensure accurate payments are given. Levridge, a modern ag business solution built on Microsoft technology, has taken an automated approach to managing splits, prepayments, and your grower contracts.

When completed manually, the complexity of managing splits, contracts, and prepayments can easily become riddled with errors and inaccuracies, leading to more time spent analyzing data by hand. Within Levridge, this process is automated so you can populate data on your sales contracts and prepayments directly from applicable items and sales categories. From there, all generated invoices and sales orders automatically include data from the correct sales contract and prepayment that aligns. This process completely eliminates all manual entry and effectively removes the risk for potential human-error.

Split Groups

When setting up customers within the system, you can include as many split groups as needed and break down the splits by customized percentages.

Finance and Operations Preview

Within sales agreements or sales orders, you can pick any group that you want to include on each specific invoice. This simplifies billing and allows you to accurately collect payment from any number of parties on a specific bill.

Contracts

In the same way, a contract or agreement can be set up that allows a customer to purchase any number of items by sales category instead of a specific item. You’re also able to offer discounts within a certain time frame or indefinitely. This allows you to discount not only specific types or brands of an item but all items within that category, eliminating the need to enter in discount information for hundreds of options within the system.

Additionally, discounts can be offered based on the volume of sales. For example, the more a grower purchases, the higher the percentage of a discount they are entitled to. Discounts can also be easily adjusted based on geographical zone or area.

Prepayments

Prepayments can be accepted from customers that can be applied toward sales agreements or as ‘uncontracted’, which can then be applied toward their general account for future sales orders.

Additionally, prepayments can be split between a current sales agreement and uncontracted.

Sales Orders

Once agreements and prepayments are set up, the data resides in the system until it’s time to deliver upon the agreement. At that time, you are able to create a sales order, defining the details of the order including:

  • Split payment
  • Field
  • Line of business
  • Sales period
  • Growing season
  • Each purchased item
  • Quantities
  • And more

Once items are marked as shipped, the system automatically generates a picking list and packing slip for streamlined distribution.

During this process, the system automatically identifies the parties participating in the split group and allocates the sales line items according to their percentages.  The process also finds sales agreements aligning with the items sold on the sales order and consumes quantities against them, assigns prepayment(s) to the invoice per split member and assigns the appropriate discounts also per split member.

 

To learn more about the Levridge solution for your ag retail business, contact us!

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