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Published byAshlee Hunter Modified over 9 years ago
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Quicken® for Farm Financial Records agecon.okstate.edu/quicken Damona Doye damona.doye@okstate.edu Rainbolt Chair of Agricultural Finance Extension Economist and Regents Professor OSU Agricultural Economics Department
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Why Quicken? A popular personal financial records software package Inexpensive User-friendly Flexible
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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) Loan tracking feature may be difficult to use No payroll or invoicing features in basic version
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Quicken Cash accounting Personal finance Family living expenses Off-farm income Investment income and expenses Accrual accounting Small business finance Invoicing Accounts payable/receivable Payroll QuickBooks
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Quicken features Accounts Budgeting Loan tracking Tax planning Reports and graphs Online banking, bill payment, investment features Financial calculators Mobile Application for smart phones
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File: Group of accounts which support transfers Account: Collection of transactions Checking Savings Credit Card Cash Money Market Investment Asset Liability Quicken terms
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Quicken transactions Date Check Number Payee Amount of payment or deposit Category and tag Memo Splits
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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
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Tags 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
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“Add Tag” drop down box
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Quicken reports and graphs Cash flow Tax schedule Transactions Account balances Comparison Filtered Memorized Balance sheet
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Quicken app
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OSU Quicken resources Print materials plus video on-line at www.agecon.okstate.edu/quicken www.agecon.okstate.edu/quicken $25 for printed notebook and CD with sample files Quarterly Quick Tips farm management newsletter
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Be consistent Start simple Get assistance Be disciplined Be enthused! Recordkeeping suggestions…
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