Current Year Records
Expenses and Purchases
A record of expenses is needed to show how and where money was spent. Expenses must be known in calculating net earnings and in preparing the income tax return. It is important to have the details, including the date of all such transactions, the purpose of the transaction, and what the traction was.
An analysis of the expenditures may reveal how wisely the money was spent. Only expenses incurred in the operation of the farm should be recorded as farm expenses. Personal expenses are not usually farm expenses. However, it is well to keep a record of certain personal expenses which affect tax liability. These include: medical expenses, donations, and non-business taxes.
Purchase and Sales
This spreadsheet was designed to aid you in keeping track of your purchase and sales.
This spreadsheet was designed to aid you easily transfer your numbers to the Schedule F form.
A record of receipts is needed to determine net earnings, and for tax purposes. It will show the source of income and provide the basis for improving the type and size of enterprises. It will help the farmer to make the best use of his resources. Again, it is important that the details of all transactions be given.
Production records supply information on the amounts and kinds of inputs. The response to different rates of fertilizer and other inputs provides useful planning data. The farm record can provide the best information of this type available to the farmer. For instance, production data will reveal volume and rates of production. Both factors are necessary for an analysis of a farm business. In general, only those farms with high rates of production are profitable.
Crop Production and Land Use
This spreadsheet was designed to aid you identify and keep track of the land you are using, as well as what it is you are using that land for. It also helps in times that land has to be leased or rented.