QuickBooks or Quicken

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QuickBooks or Quicken Farm Accounting
Resources

• Joe Horner
• Extension Dairy/Beef Economist
• Commercial Agriculture Program

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Learning Objectives

• Understand which farmers to guide to Quicken and
  which to guide to QuickBooks.
• Become aware of the new MU web page
  Farm Accounting Resources http//agebb.missouri.e
  du/mgt/mofar/index.htm
• Share ideas for future farm accounting tool
  development and dissemination.

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Quicken vs. QuickBooks
Reality
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Quicken vs. QuickBooks

• Neither was built for farm accounting
• Quicken was built for Personal Finance
• QuickBooks was built for Small Business
  Accounting
• QuickBooks is true double entry accounting with a
  General Ledger available. Remember Debits and
  Credits?
• Some accountants are pushing QuickBooks as a
  standard for their small business clients.

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Key Issues

• QuickBooks inventories, invoicing and other forms
  are really nice for farmers with side businesses.
• Two other good points excellent payroll
  capabilities, excellent 2 stage accrual A/P and
  A/R process available but not mandatory.
• Key warning If farmers dont keep records
  weekly forget the 2 stage process. Stay with
  Quicken??

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Version? Get QuickBooks Pro
Every Report can be popped into Excel by just
hitting a button. This becomes a real need if you
want balance sheets, (Keep Book Value on
QuickBooks, pop to excel for Market Value quick
editing. Also key to being able to create/edit
enterprise reports.
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Which farmers to guide to QuickBooks?

• Do they like accounting?
• Do they have several employees?
• Do they keep their records up to date weekly?
• Are they having problems managing Accounts
  payable or Accounts Receivable?
• Do they have a side business with inventory?

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Farm Accounting Resources New Web Page

• Created to be a one stop shop to link to all of
  the farm accounting resources MU offers.
• Created to take farmers, adult educations,
  extension agents, ag bankers to best farm
  accounting resources on the web.
• New 9/17/2001. Work in progress. Suggestions
  welcome.
• More to come

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Start Here
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Go to 4th Link Down
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Ideas for Farm Accounting Resources Web Page

• FBMA Quicken chart of categories link will be
  added.
• List of local contacts will be added adult ag
  educators extension.
• More QuickBooks tools.
• Comments and Suggestions?

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Summary

• Which farmers to guide to Quicken and which to
  QuickBooks.
• New Farm Accounting Resources page
  http//agebb.missouri.edu/mgt/mofar/index.htm
• More projects in development.