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QuickBooks for Farm Business Recordkeeping

QuickBooks for Farm Business Recordkeeping. Stan Schraufnagel Professor, Dept. of Ag Economics UW-River Falls Jenny Vanderlin Assistant Director Center for Dairy Profitability. QuickBooks for Farm Business Recordkeeping. Goal: Improve Basic Accounting and Record-Keeping

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QuickBooks for Farm Business Recordkeeping

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  1. QuickBooks for Farm Business Recordkeeping Stan Schraufnagel Professor, Dept. of Ag Economics UW-River Falls Jenny Vanderlin Assistant Director Center for Dairy Profitability

  2. QuickBooks for Farm Business Recordkeeping • Goal: Improve Basic Accounting and Record-Keeping • Statewide Workshops Since 2007 • Instructors • Stan Schraufnagel, Professor Ag Econ • Jenny Vanderlin, Assistant Director, Center for Dairy Profitability • UW-Extension, County Faculty • Funding Source USDA – North Central Regional Risk Management Education Center, Agricultural Risk Management Education Competitive Grants Program, USDA Risk Management Agency, Commodity Partnerships Small Sessions Program, Center for Dairy Profitability and UW-Extension.

  3. QuickBooks for Farm Business Recordkeeping - Audience • Producers • Improve: • Financial Skills • Problem Solving Skills • Identify: • Critical Issues • Plan for Farm Future

  4. QuickBooks for Farm Business Recordkeeping – Audience • Producers • Evaluate: • Financial Performance of Farm • Develop: • Accrual Financial Statements • Better Decisions Based on Accrual Accounting Practices

  5. QuickBooks - Structure • One day workshop • 6 hours (includes lunch) • Computer lab with QB installed • Small groups – 25 Maximum

  6. QuickBooks - Agenda • Lecture • Why record financial information • Types of transactions • Accounting Model: Assets = Liabilities + Owners Equity • Hands-on Demo • Lunch • Lecture • Double Entry accounting • Hands-on Demo

  7. QuickBooks – What we do… • Create Company file • Create & modify Chart of Accounts: create accounts, items, classes, customers, vendors • Record basic revenue & expense transactions • Lecture(s): importance, double-entry accounting, cash vs. accrual accounting

  8. QuickBooks – How we do it… • Work with UW-Extension County Faculty • Promotion, customer buy-in, computer lab • Hands-on: in computer lab • Two instructors: one “lecturing”, one moving around room • Teaching outline & take home manual • Jump drives

  9. QuickBooks - What We Learned… • “Liked Best” • Discussion & informal Q&A • Hands-on approach • Lots of information • Instructional booklet • Two instructors, no one fell behind • “Change” • More In-Depth Information • More on balance sheet & budgeting • “Add” • Another day, longer than 10-3 • More advanced topics

  10. QuickBooks - Questions/Discussion ? Stan Schraufnagel Professor, Department of Ag Economics UW-River Falls Stan.s.schraufnagel@uwrf.edu 715.425.3176 Jenny Vanderlin Assistant Director Center for Dairy Profitability jmvander@wisc.edu 608.263.7795

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