QuickBooks or Quicken& Farm Accounting Resources Joe Horner Extension Dairy/Beef Economist Commercial Agriculture Program
Learning Objectives • Understand which farmers to guide to Quicken and which to guide to QuickBooks. • Become aware of the new MU web page: Farm Accounting Resourceshttp://agebb.missouri.edu/mgt/mofar/index.htm • Share ideas for future farm accounting tool development and dissemination.
Quicken vs. QuickBooks Reality
Quicken vs. QuickBooks • Neither was built for farm accounting • Quicken was built for Personal Finance • QuickBooks was built for Small Business Accounting • QuickBooks is true double entry accounting with a General Ledger available. Remember Debits and Credits? • Some accountants are pushing QuickBooks as a standard for their small business clients.
Key Issues • QuickBooks inventories, invoicing and other forms are really nice for farmers with side businesses. • Two other good points: excellent payroll capabilities, excellent 2 stage accrual A/P and A/R process available but not mandatory. • Key warning: If farmers don’t keep records weekly forget the 2 stage process. Stay with Quicken??
Version? Get QuickBooks Pro Every Report can be popped into Excel by just hitting a button. This becomes a real need if you want balance sheets, (Keep Book Value on QuickBooks, pop to excel for Market Value quick editing. Also key to being able to create/edit enterprise reports.
Which farmers to guide to QuickBooks? • Do they like accounting? • Do they have several employees? • Do they keep their records up to date weekly? • Are they having problems managing Accounts payable or Accounts Receivable? • Do they have a side business with inventory?
Farm Accounting Resources New Web Page • Created to be a “one stop shop” to link to all of the farm accounting resources MU offers. • Created to take farmers, adult educations, extension agents, & ag bankers to best farm accounting resources on the web. • New – 9/17/2001. Work in progress. Suggestions welcome. • More to come……
Ideas for Farm Accounting Resources Web Page • FBMA Quicken chart of categories link will be added. • List of local contacts will be added: adult ag educators & extension. • More QuickBooks tools. • Comments and Suggestions?
Summary • Which farmers to guide to Quicken and which to QuickBooks. • New “Farm Accounting Resources” page http://agebb.missouri.edu/mgt/mofar/index.htm • More projects in development.