Transcription of Establishing and Using a Farm Financial Record …
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Establishing and Using a Farm Financial Record …
1 Why keep records?Records are important for many reasons:Proof: The IRS can ask forproof ofincome, expense andinventory items re-ported on tax : Farmmanagers use records toconstruct balance sheets, cash flow andincome statements, and other Financial aidsfor making more informed decisions in suchareas as machinery purchases, adding ordeleting enterprises, size expansion, UNIVERSITY OF TENNESSEEAGRICULTURAL EXTENSION SERVICEPB 1540or years farmers have been reporting Financial information on a variety of forms for variousreasons. Effective management of a farming operation today requires that records be kept somanagers can make informed decisions affecting the profitability of their lending institutions require detailed business and personal information on everything afarmer owns, as well as the status of unpaid loans.
3 the monthly statement should be reconciled with the checkbook and record-keeping system. A double-entry accounting system provides the most detailed accounting of farm
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