Farm Accounting

[RonNY]

Have recently attended a workshop for Farm Accounting, two more to go. I left the workshop more confused? and I was not the only one? think the instructor thought every body had some accounting background, "Not I". Question? How many small Farmers/Ranchers do their own accounting? How about with accounting software, What reasonably priced (under $200.00) software do you recommend. Is their accounting software specific to farming in that price range?

Ron

[RichZ]

A couple of years ago, our local cooperative extension held a similar workshop. My wife and I attended, and it convinced us that there was no way we could handle it. After the workshop, we approached the farm accountant who gave it, and asked if she was taking new clients. She Informed us that her purpose in giving the workshop was not to drum up more business for herself, but I called her a week later and told her that we really needed help. She has become our much needed farm business consultant.

Unless someone is well versed in accounting, and is very familiar with agricultural tax laws, I suggest that a real accountant, specializing in farms is probably one of the best investments a farmer can make.

[Pat]

Multiple sources of Quicken and QuickBooks classes/seminars for farming and ranching available in Oklahoma. Some via the VOTEC school system. Similar available through the Noble Foundation.

[img]/forums/images/icons/smile.gif[/img] Pat [img]/forums/images/icons/smile.gif[/img]

[AndyF]

I use MS Money for small business, but my bookkeeping is simple and the $ are small. Everything is done on a cash basis. I've set up accounts within Money to track all farm related income and expenses by category (from the IRS schedule F) and keep everything updated as money comes in or goes out. I also file all of my receipts and invoices so that I have documentation of what was earned and spent.

It isn't that hard to do the bookkeeping for a small farm business, but if you want to do true accounting where you can look at the numbers 16 different ways, develop forecasts, and do real financial analysis, unless you know how to do these things (which takes a lot more than a three session class), you should hire someone to help you.

[RonNY]

Pat
Since my last post, I have found on the net Ohio State co-op "Converting Quicken for Farming" It would be nice if the ag people in my area conducted workshops for farm computer accounting, but their direction seems they want to train us to be "accountants"
I have a friend he has an older version of QuickBooks I can "borrow" (he recently updated to the latest version), he uses Quickbooks for his small print shop, He does have a accountant who set up the software for his business and does his taxes for him ( its costs a nice sum of money for this )

AndyF
I will try to adapt Quicken (similiar to MS Money) with the help of the above link. Its getting harder to keep the books as my horse boarding business grows, billing by hand has become a real time consumer, just getting tougher to do things the old way ( I prefer the old way ). I started out with Horses as a hobby, figure I board some "Outside" horses as a way of paying for the upkeep of my personnel horses, but each year it has grown. I never was a fan of paperwork, but it is beginning to take major time away from my day.

Ron
P.S. Does this site have a spellcheck - would not need to "EDIT" so much if it did

[Pat]

I feel your pain as regards SPIL CHIQ, I could sure use it to advantage. See the "FEEDBACK" heading at the bottom of the list of forum topics as the RIGHT place to suggest.

Quicken and QuickBooks are what seems to be taught in the records-keeping-for-ranching-and-farming classes and seminars in these parts. Some of the classes are really cheap and are a terrific bargain considering the content.

[img]/forums/images/icons/smile.gif[/img] [img]/forums/images/icons/smile.gif[/img] Pat [img]/forums/images/icons/smile.gif[/img] [img]/forums/images/icons/smile.gif[/img]

[RonNY]

I have given up on doing accounting and taxes myself - at least for this year, have an appointment with a local accountant who handles 3 of the 5 horse operations in this area. will discuss setting up software for my operation. Maybe in the future I can handle it but not now. I should have started much earlier thinking about this (Like Sept) but with tax season already here don't have enough time to learn.
In my Sunday paper "Staples" is running a sale on Peachtree Accounting 2005 software:
$189.99 - $25 instant rebate - $165 mail in rebate = FREE
maybe I'll save money that way if the accountant will work with Peachtree. Have not found a sale on quickbooks.
Thanks to all for your replies
Ron

[pinkie]

Quickbooks is the way to go I would say. It's easy to learn and the directions are great. I'm an accountant so I have a lot of knowledge and could do my own taxes (even business taxes). I would say this would be the best for you.