quicken® or quickbooks® for farm financial records
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Quicken® or QuickBooks® for Farm Financial Records. Damona Doye [email protected] 405-744-9813 Extension Economist and Regents Professor Sarkeys Distinguished Professor OSU Agricultural Economics Department. Possible motivations for keeping farm records. - PowerPoint PPT PresentationTRANSCRIPT
Quicken® or QuickBooks®
for Farm Financial Records
Damona [email protected]
405-744-9813
Extension Economist and Regents ProfessorSarkeys 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 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
QuickBooks
Use
http://quicken.intuit.com/compare-quicken-personal-finance-software-products.jsp
Desktop products for Small Business
Quicken All manual
Create categories, accounts
Calculate
Payroll subscription service
Employee records Manual can be
enabled
QuickBooks
Payroll
Quicken 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
QuickBooks
Reports
Quicken reports and graphs
Cash flow Tax schedule Transactions Account balances Comparison Filtered Memorized Balance sheet
Quicken Memorized
transactions Financial calculators
Lists Items Vendors Customers Employees
QuickBooks
Other
Quicken Videos Forums, blogs Quicken Inner Circle
Online assistance QuickBooks coach Videos Live Community
QuickBooks
Assistance
FacebookTwitter
YoutubeLinked in
Cool things in both Quicken and QuickBooksDate: Y, R, M, H, TFind/replaceAttachDownload transactions Import/exportGraphsBackup
Records for farm tax purposes
“It is easier to do a job right than to explain why you didn’t.” … Martin van Buren
Quicken QuickBooks
Farm income and expenses = =
1099 Advantage
Employee payroll & W-2s Advantage
Asset sales and purchases ? ?
Records for being prepared
Quicken QuickBooks
Knowing cash reserves, cash flow, margins = =
Employee records Advantage
List of accounts, credit card numbers = =
Assets and inventories Advantage
Records for planning aheadQuicken QuickBooks
Budget features ? ?
Financial calculators Advantage
Retirement planning Advantage
Investment analysis Advantage
Estate planning ? ?
Records for communications
Quicken QuickBooks
Business partners = =
Family Advantage
Lenders = =
Landlords = =
Heirs = =
Records for employees
Quicken QuickBooks
Manual Payroll Advantage
Payroll taxes Advantage
Employee payroll Advantage
Records for business analysisQuicken QuickBooks
Enterprise analysis Advantage
Tracking costs, returns for multiple years = =
Analysis by customer Advantage
Analysis by item Advantage
OSU Quicken resourcesPrint 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
www.agecon.okstate.edu/quicken
In PODS…AGEC-266, Quicken or QuickBooks: What’s
the Best Choice for Agricultural Producers?CR-324, Quicken for Farm and Ranch
Financial RecordsCR-2133, Crop and Forage Recordkeeping
SoftwareCR-3279, Cow-Calf Production Record
Software
Beconsistent
Start simple
Get assistance
Bedisciplined
Beenthused!
Recordkeeping suggestions…
