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Quicken® or QuickBooks® for Farm Financial Records

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

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  1. 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

  2. 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

  3. Everyone should use Quicken.* • Some should also use QuickBooks*. * Or a similar product. No endorsement of a specific commercial product is intended or implied.

  4. 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

  5. http://quicken.intuit.com/compare-quicken-personal-finance-software-products.jsphttp://quicken.intuit.com/compare-quicken-personal-finance-software-products.jsp

  6. Desktop products for Small Business

  7. Quicken QuickBooks • All manual • Create categories, accounts • Calculate • Payroll subscription service • Employee records • Manual can be enabled Payroll

  8. 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

  9. Quicken reports and graphs • Cash flow • Tax schedule • Transactions • Account balances • Comparison • Filtered • Memorized • Balance sheet

  10. Quicken QuickBooks • Memorized transactions • Financial calculators • Lists • Items • Vendors • Customers • Employees Other

  11. Quicken QuickBooks • Videos • Forums, blogs • Quicken Inner Circle • Online assistance • QuickBooks coach • Videos • Live Community Facebook Twitter Youtube Linked in Assistance

  12. Cool things in both Quicken and QuickBooks • Date: Y, R, M, H, T • Find/replace • Attach • Download transactions • Import/export • Graphs • Backup

  13. Records for farm tax purposes “It is easier to do a job right than to explain why you didn’t.” … Martin van Buren

  14. Records for being prepared

  15. Records for planning ahead

  16. Records for communications

  17. Records for employees

  18. Records for business analysis

  19. 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

  20. www.agecon.okstate.edu/quicken

  21. 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

  22. Recordkeeping suggestions… Start simple Be Be consistent disciplined Be Get assistance enthused!

  23. Questions? Damona Doye damona.doye@okstate.edu 405-744-9813

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