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  1. 1. QuickBooks or Quicken & Farm Accounting Resources Joe Horner Extension Dairy/Beef Economist Commercial Agriculture Program
  2. 2. Learning Objectives <ul><li>Understand which farmers to guide to Quicken and which to guide to QuickBooks. </li></ul><ul><li>Become aware of the new MU web page: Farm Accounting Resources http://agebb.missouri.edu/mgt/mofar/index.htm </li></ul><ul><li>Share ideas for future farm accounting tool development and dissemination. </li></ul>
  3. 3. Quicken vs. QuickBooks Reality
  4. 5. Quicken vs. QuickBooks <ul><li>Neither was built for farm accounting </li></ul><ul><li>Quicken was built for Personal Finance </li></ul><ul><li>QuickBooks was built for Small Business Accounting </li></ul><ul><li>QuickBooks is true double entry accounting with a General Ledger available. Remember Debits and Credits? </li></ul><ul><li>Some accountants are pushing QuickBooks as a standard for their small business clients. </li></ul>
  5. 6. Key Issues <ul><li>QuickBooks inventories, invoicing and other forms are really nice for farmers with side businesses. </li></ul><ul><li>Two other good points: excellent payroll capabilities, excellent 2 stage accrual A/P and A/R process available but not mandatory. </li></ul><ul><li>Key warning: If farmers don’t keep records weekly forget the 2 stage process. Stay with Quicken?? </li></ul>
  6. 11. 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.
  7. 12. Which farmers to guide to QuickBooks? <ul><li>Do they like accounting? </li></ul><ul><li>Do they have several employees? </li></ul><ul><li>Do they keep their records up to date weekly? </li></ul><ul><li>Are they having problems managing Accounts payable or Accounts Receivable? </li></ul><ul><li>Do they have a side business with inventory? </li></ul>
  8. 13. Farm Accounting Resources New Web Page <ul><li>Created to be a “one stop shop” to link to all of the farm accounting resources MU offers. </li></ul><ul><li>Created to take farmers, adult educations, extension agents, & ag bankers to best farm accounting resources on the web. </li></ul><ul><li>New – 9/17/2001. Work in progress. Suggestions welcome. </li></ul><ul><li>More to come…… </li></ul>
  9. 14. Start Here
  10. 15. Go to 4 th Link Down
  11. 20. Ideas for Farm Accounting Resources Web Page <ul><li>FBMA Quicken chart of categories link will be added. </li></ul><ul><li>List of local contacts will be added: adult ag educators & extension. </li></ul><ul><li>More QuickBooks tools. </li></ul><ul><li>Comments and Suggestions? </li></ul>
  12. 21. Summary <ul><li>Which farmers to guide to Quicken and which to QuickBooks. </li></ul><ul><li>New “ Farm Accounting Resources” page http://agebb.missouri.edu/mgt/mofar/index.htm </li></ul><ul><li>More projects in development. </li></ul>

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