Show/Hide Toolbars

Navigation: » No topics above this level «

Farm Inventories Part I: Getting Farm Production into QuickBooks

Scroll Prev Top Next More
Subscribe by email

 

 

 

 

To QBAgCenter.com

Comment by email

Subscribe by email

 

 

 

 

To QBAgCenter.com

Expand all topic text

Collapse all topic text

Comment by email

Farm Inventories Part I:
Getting Production into QuickBooks

January 15, 2018 - by Mark Wilsdorf

This was originally released as a standalone article, but the topic needed a bit more information, so it has been re-released as Part I of a two-part series. Part II shows the effect of using farm inventory Items for entering sales in QuickBooks..
 

Most farming and ranching operations in the U.S. use cash accounting, and the majority prepare market-value balance sheets. One of the big hurdles these farm businesses face in using QuickBooks, is how to get inventories of things the farm or ranch produces into QuickBooks, and how to assign a value to them for preparing balance sheet reports.

Like those Web site ads that claim they will tell you "How to lose weight with this one weird trick...", this article introduces "one weird trick" (actually, just a simple workaround) for getting farm production into QuickBooks as an inventory, with a market value applied to it, plus a lot more.

This article applies to the QuickBooks desktop editions (Pro, Premier, and Enterprise) but not to QuickBooks Online:  its inventory system operates differently, preventing practical application of the article's techniques. Also, this article applies to raised farm production but not to resale items such as resale livestock. Federal income tax recordkeeping for resale items requires a different approach (described in detail in the forthcoming Volume III of The QuickBooks Farm Accounting Cookbook™ series).

This discussion is mostly excerpted from Chapters 2 and 5 of The QuickBooks Farm Accounting Cookbook™, Volume II: Raised Farm Production Inventories, Sales, and More..., which provides extensive descriptions, screenshots, and examples of working with farm inventories in QuickBooks.

 

To QBAgCenter.com

Comment by email

 

To QBAgCenter.com

Expand all topic text

Collapse all topic text

Comment by email

Disclaimer

Articles and discussions on this site are representations of the author(s)' personal opinions only and are provided "as is" without any guarantee that the information they contain is accurate or that it applies to your particular situation. You assume all risk in interpreting and using the information provided. When in doubt, seek the advice of a competent professional in matters such as accounting, law, and taxes.

Copyright © 1995-2021 Flagship Technologies, Inc. All rights reserved.  Contact: info@goflagship.com

Created with Help & Manual 7 and styled with Premium Pack Version 3 © by EC Software