The operations of a vineyard or winery present unique issues for the accountant that require alterations to its chart of accounts, costing system, and many of its procedures. Accounting for Vineyards and Wineries pays particular attention to the unique aspects of the industry that are not encountered elsewhere, such as the capitalization of vineyard costs, depletion allowances, and the allocation of costs to cased goods. In short, this course is an essential desk reference for anyone engaged in the accounting for a vineyard or winery.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the circumstances under which a vineyard can use the cash basis of accounting.
Identify the asset, liability, equity, revenue, and expense accounts that would be used by a vineyard or winery.
Specify the steps followed in the winemaking process.
Recognize the useful lives that may be assigned to fixed assets.
Specify the rules related to the capitalization of interest costs.
Recognize the process used to allocate costs to wine.
Differentiate between direct costs, period costs, and allocable costs.
Identify the information sources used to derive the gallon/months calculation.
Major Topics
Regulatory Structure
The Chart of Accounts
Vineyard Equipment and Costs
Winery Equipment and Costs
Depreciation
The Depreciation of Land
LIFO Costing
Profitability Issues
Winery Financial Analysis
