When commodity prices go down, it’s important for farmers and ranchers to keep financial books on the ranch for more than just tax time. This March Nebraska Extension is continuing its workshops on how to use Quicken software for farm finances.
Nebraska Extension Educators will teach how to use Quicken, a popular commercial record-keeping package that is user friendly, inexpensive, and easy to find. Quicken is flexible for ag and non-ag business enterprises and separates out family living expenses.
Quicken’s checkbook register makes for a familiar environment to begin computerized record-keeping. Quicken comes with home and general business income and expense categories, and educators will demonstrate how to easily import farm categories to match the tax Schedule F.
Quicken allows finances to be organized by category and subclasses, and includes a tag feature useful for splitting enterprises, by partnership share, or by ranch. Quicken allows users to split transactions, so one check written at a local gas station can be divided among several expenses: fast food, oil for the tractor, and farm fuel for the feed pickup.
Reports such as transactions, cash flow, account balances, balance sheet, comparison, and tax summary can be easily generated, information filtered, and layout modified. Quicken files can also be exported to QuickBooks®, used by many tax accountants.
The hands-on training will include computer time with Quicken. Educators will also demonstrate how to run reports helpful for financial decisions.
Each workshop is limited to 10 participants. The cost to attend the workshop is $20/participant.
