QuickBooks for Farm Business Recordkeeping Stan Schraufnagel Professor, Dept. of Ag Economics UW-River Falls Jenny Vanderlin Assistant Director Center for Dairy Profitability

Goal: Improve Basic Accounting and Record-Keeping Statewide Workshops Since 2007 Instructors –Stan Schraufnagel, Professor Ag Econ –Jenny Vanderlin, Assistant Director, Center for Dairy Profitability –UW-Extension, County Faculty Funding Source USDA – North Central Regional Risk Management Education Center, Agricultural Risk Management Education Competitive Grants Program, USDA Risk Management Agency, Commodity Partnerships Small Sessions Program, Center for Dairy Profitability and UW-Extension. QuickBooks for Farm Business Recordkeeping

QuickBooks for Farm Business Recordkeeping - Audience Producers –Improve: Financial Skills Problem Solving Skills –Identify: Critical Issues Plan for Farm Future

Producers –Evaluate: Financial Performance of Farm QuickBooks for Farm Business Recordkeeping – Audience –Develop: Accrual Financial Statements Better Decisions Based on Accrual Accounting Practices

One day workshop 6 hours (includes lunch) Computer lab with QB installed Small groups – 25 Maximum QuickBooks - Structure

Lecture –Why record financial information –Types of transactions –Accounting Model: Assets = Liabilities + Owners Equity Hands-on Demo Lunch Lecture –Double Entry accounting Hands-on Demo QuickBooks - Agenda

Create Company file Create & modify Chart of Accounts: create accounts, items, classes, customers, vendors Record basic revenue & expense transactions Lecture(s): importance, double-entry accounting, cash vs. accrual accounting QuickBooks – What we do…

QuickBooks – How we do it… Work with UW-Extension County Faculty –Promotion, customer buy-in, computer lab Hands-on: in computer lab Two instructors: one “lecturing”, one moving around room Teaching outline & take home manual Jump drives

QuickBooks - What We Learned… “Liked Best” Discussion & informal Q&A Hands-on approach Lots of information Instructional booklet Two instructors, no one fell behind “Change” More In-Depth Information More on balance sheet & budgeting “Add” Another day, longer than 10-3 More advanced topics

QuickBooks - Questions/Discussion ? Stan Schraufnagel Professor, Department of Ag Economics UW-River Falls Jenny Vanderlin Assistant Director Center for Dairy Profitability