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Quicken 2008 for Farm Financial Records and New Educational Resources

Why Quicken?. A popular personal financial records software packageInexpensiveUser-friendlyFlexible. Quicken's shortcomings. Not built to keep production recordsNo separate physical data field (can use memo lines)Cash accounting (not double entry, no depreciation records) No payroll or invoici

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Quicken 2008 for Farm Financial Records and New Educational Resources

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    1. Quicken® 2008 for Farm Financial Records and New Educational Resources Damona Doye Extension Economist and Regents Professor OSU Agricultural Economics Department damona.doye@okstate.edu

    2. Why Quicken? A popular personal financial records software package Inexpensive User-friendly Flexible

    3. Quicken’s shortcomings Not built to keep production records No separate physical data field (can use memo lines) Cash accounting (not double entry, no depreciation records) No payroll or invoicing features in basic version

    4. Quicken features Accounts Budgeting Loan tracking Tax planning Reports and graphs Online banking, bill payment, investment features Financial calculators

    5. Quicken terms

    6. Quicken transactions Date Number Payee Amount of payment or deposit Memo Category and tag Splits

    7. Categories What kind of income, expense, asset, liability transaction Category = Account in chart of accounts Easy to set up "on the fly” Names can be letters or numbers

    8. Tags (formerly classes) Who, where, what time period Independent of category Combine with category for complete identification of transaction Use for project analysis Family and farm Wheat, stockers, cow/calf, alfalfa… Partnership shares Remodeling, vacation, wedding

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

    11. OSU Quicken resources Print materials plus video on-line at www.agecon.okstate.edu/quicken “Hands on” workshops on request (minimum 6 people) at $25 per computer station $25 for printed notebook and CD with sample files Quarterly Quick Tips farm management newsletter

    19. Other Quicken resources Ohio State University, Computerized Farm Record Keeping with Quicken 2007 http://aede.osu.edu/Programs/FarmManagement/MgtPublications.htm Payroll (12 pages) Analyzing Quicken Farm Records with FINPACK (6 pages) University of Illinois: http://web.extension.uiuc.edu/macoupin/news/news8725.html On-line course using WebCT 200 page color manual Mentioned in MT workshops, Queensland, AR county Extension offices, Victorian Dairy farmers discussion (University of Melbourne), MD, Ohio, ND, MO, NE Brochure www.madison.unl.edu/programs Mentioned in MT workshops, Queensland, AR county Extension offices, Victorian Dairy farmers discussion (University of Melbourne), MD, Ohio, ND, MO, NE Brochure www.madison.unl.edu/programs

    20. QuickBooks Resources for Ag Texas A & M University: http://agrisk.tamu.edu/QUICKBOOKS.htm Introduction to Management Accounting Video and pdf Manual Advance Management Accounting Video and pdf Manual

    21. Recordkeeping suggestions…

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