Quicken® 2008 for Farm Financial Records and New Educational Resources Damona Doye Extension Economist and Regents Professor OSU Agricultural Economics.

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Quicken® for Farm Financial Records Damona Doye Extension Economist and Regents Professor OSU Agricultural Economics Department.

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Presentation transcript:

Quicken® 2008 for Farm Financial Records and New Educational Resources Damona Doye 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 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

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

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

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

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

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

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

OSU Quicken resources Print materials plus video on-line at “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

Other Quicken resources Ohio State University, Computerized Farm Record Keeping with Quicken 2007  ations.htm ations.htm  Payroll (12 pages)  Analyzing Quicken Farm Records with FINPACK (6 pages) University of Illinois: 25.html 25.html  On-line course using WebCT  200 page color manual

QuickBooks Resources for Ag Texas A & M University:  Introduction to Management Accounting Video and pdf Manual  Advance Management Accounting Video and pdf Manual

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