Here's another great post from UVM Extension's New Farmer Project blog...lot's of you have shown interest in farm record keeping (which reminds me - if you haven't already, please complete this survey to help us plan for RAFFL's summer workshop series). And here's the post... A farmer from our Building a Sustainable Business course was wondering about using QuickBooks for keeping financial records. I responded, and thought it would be a good topic for this blog, so- here goes.
Yes, QuickBooks could be a good tool to use for farm financial records. It is one of standards out there today. QuickBooks appears to be the market leader for small business accounting, and it can work for farms. There are other programs out there, too.
With any record keeping system, we need to be able to track income and expenses, capital purchases and sales, and loans- both payments and newly borrowed money. We may also have to track payroll, and we may want to track family living expenses. The list of incomes and expenses is called the ‘Chart of Accounts.’ Getting that lined up properly is The Most Important Thing. Read the full post here.