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Quicken® for Farm Financial Records

Quicken® for Farm Financial Records. Damona Doye damona.doye@okstate.edu Extension Economist and Regents Professor OSU Agricultural Economics Department. Why Quicken?. A popular personal financial records software package Inexpensive User-friendly Flexible. Quicken’s shortcomings.

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Quicken® for Farm Financial Records

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  1. Quicken® for Farm Financial Records Damona Doye damona.doye@okstate.edu Extension Economist and Regents Professor OSU Agricultural Economics Department

  2. Why Quicken? • A popular personal financial records software package • Inexpensive • User-friendly • Flexible

  3. Quicken’s shortcomings • Not built to keep production records • No separate physical data field (can use memo lines) • Cash accounting (not double entry, no depreciation records) • No payroll or invoicing features in basic version

  4. Accounts Budgeting Loan tracking Tax planning Reports and graphs Online banking, bill payment, investment features Financial calculators Quicken features

  5. Quicken terms Checking Savings Credit Card Cash Money Market Investment Asset Liability File:Group of accounts which support transfers Account: Collection of transactions

  6. Quicken transactions • Date • Number • Payee • Amount of payment or deposit • Memo • Category and tag • Splits

  7. Categories • What kind of income, expense, asset, liability transaction • Category = Account in chart of accounts • Easy to set up "on the fly” • Names can be letters or numbers

  8. Tags (formerly classes) • Who, where, what time period • Independent of category • Combine with category for complete identification of transaction • Use for project analysis • Family and farm • Wheat, stockers, cow/calf, alfalfa… • Partnership shares • Remodeling, vacation, wedding

  9. Quicken reports and graphs • Cash flow • Tax schedule • Transactions • Account balances • Comparison • Filtered • Memorized • Balance sheet

  10. OSU Quicken resources • Print materials plus video on-line at www.agecon.okstate.edu/quicken • “Hands on” workshops on request (minimum 6 people) at $25 per computer station • $25 for printed notebook and CD with sample files • Quarterly Quick Tips farm management newsletter

  11. Recordkeeping suggestions… Start simple Be Be consistent disciplined Be Get assistance enthused!

  12. Shift to “hands on” session • Review menus and tool bars • Create reports and graphs in sample file • Cash flow for different time periods • Cash flow by enterprise • Review data entry

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