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Quicken® or QuickBooks® for Farm Financial Records. Damona Doye damona.doye@okstate.edu 405-744-9813 Extension Economist and Regents Professor Sarkeys Distinguished Professor OSU Agricultural Economics Department. Possible motivations for keeping farm records.
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Quicken® or QuickBooks® for Farm Financial Records Damona Doye damona.doye@okstate.edu 405-744-9813 Extension Economist and Regents Professor Sarkeys Distinguished Professor OSU Agricultural Economics Department
Possible motivations for keeping farm records • Keep what is needed for tax purposes • Be prepared for the unexpected • Planning ahead • Communications • Employee management • Business analysis • Be able to accurately identify shares of income and expenses • Determine cost of production per unit • Know where profit (and/or loss) centers are in the operation
Everyone should use Quicken.* • Some should also use QuickBooks*. * Or a similar product. No endorsement of a specific commercial product is intended or implied.
Quicken QuickBooks • Inexpensive • Flexible and easy to use • Cash accounting • Personal finance • Family living expenses • Off-farm income • Investment income and expenses • Not expensive • Less forgiving and less easy to use • Accrual accounting • Small business finance • Invoicing • Accounts payable/receivable • Payroll Use
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Quicken QuickBooks • All manual • Create categories, accounts • Calculate • Payroll subscription service • Employee records • Manual can be enabled Payroll
Quicken QuickBooks • Banking • Comparison • Spending • Tax • Easy Answers • Graphs • Also, customized folders for reports • Company & Financial • Customers & Receivables • Sales • Jobs, Time & Mileage • Vendors & Payables • Employees & Payroll • Banking • Accountant & Taxes • Budgets Reports
Quicken reports and graphs • Cash flow • Tax schedule • Transactions • Account balances • Comparison • Filtered • Memorized • Balance sheet
Quicken QuickBooks • Memorized transactions • Financial calculators • Lists • Items • Vendors • Customers • Employees Other
Quicken QuickBooks • Videos • Forums, blogs • Quicken Inner Circle • Online assistance • QuickBooks coach • Videos • Live Community Facebook Twitter Youtube Linked in Assistance
Cool things in both Quicken and QuickBooks • Date: Y, R, M, H, T • Find/replace • Attach • Download transactions • Import/export • Graphs • Backup
Records for farm tax purposes “It is easier to do a job right than to explain why you didn’t.” … Martin van Buren
OSU Quicken resources • Print materials plus video on-line at www.agecon.okstate.edu/quicken • $25 for printed notebook and CD with sample files • Quarterly Quick Tips farm management newsletter
In PODS… • AGEC-266, Quicken or QuickBooks: What’s the Best Choice for Agricultural Producers? • CR-324, Quicken for Farm and Ranch Financial Records • CR-2133, Crop and Forage Recordkeeping Software • CR-3279, Cow-Calf Production Record Software
Recordkeeping suggestions… Start simple Be Be consistent disciplined Be Get assistance enthused!
Questions? Damona Doye damona.doye@okstate.edu 405-744-9813