1. QuickBooks for Farm Business Recordkeeping Jenny Vanderlin Assistant Director Center for Dairy Profitability Stan Schraufnagel Professor, Dept. of Ag Economics UW-River Falls

2. Statewide Workshops Since 2006 Goal: Improve Basic Accounting and Record-Keeping Instructors –Stan Schraufnagel, Professor Ag Econ –Jenny Vanderlin, Assistant Director, Center for Dairy Profitability –UW-Extension, County Faculty Funding Source USDA – North Central Regional Risk Management Education Center, Agricultural Risk Management Education Competitive Grants Program, USDA Risk Management Agency, Commodity Partnerships Small Sessions Program, Center for Dairy Profitability, and UW-Extension. QuickBooks for Farm Business Recordkeeping

3. QuickBooks for Farm Business Recordkeeping - Audience Producers –Improve: Financial Skills Problem Solving Skills –Identify: Critical Issues Plan for Farm Future

4. Producers –Develop: Accrual Financial Statements Better Decisions Based on Accrual Accounting Practices QuickBooks for Farm Business Recordkeeping – Audience –Evaluate: Financial Performance of Farm

5. One day workshop 6 hours (includes lunch) –2010-11: 1.5 days Computer lab with QB installed Small groups – 25 Maximum QuickBooks - Structure

6. Create Company file Create & modify Chart of Accounts: create accounts, items, classes, customers, vendors Record basic revenue & expense transactions Lecture(s): importance, double-entry accounting, cash vs. accrual accounting QuickBooks – What we do…

7. Lecture –Why record financial information –Types of transactions –Accounting Model: Assets = Liabilities + Owners Equity Hands-on Demo Lunch Lecture –Double Entry accounting Hands-on Demo QuickBooks – How we do it…

8. Work with UW-Extension County Faculty –Promotion, customer buy-in, computer lab Hands-on: in computer lab Two instructors: one “lecturing,” one moving around room Teaching outline & take home manual Jump drives

9. QuickBooks - What We Learned… “Liked Best” Discussion & informal Q&A Hands-on approach Lots of information Instructional booklet Two instructors, no one fell behind “Change” More In-Depth Information More on balance sheet & budgeting “Add” Another day, longer than 10-3 More advanced topics

10. QuickBooks - Questions/Discussion ? Stan Schraufnagel Professor, Department of Ag Economics UW-River Falls stan.a.schraufnagel@uwrf.edu 715.425.3176 Jenny Vanderlin Assistant Director Center for Dairy Profitability jmvander@wisc.edu 608.263.7795