 Welcome to this Farm Accounting 101 presentation on QuickBooks for Farmers. Today we will be covering Lessons 6, Monthly Routine and Year-In Closing. I'm Robert Page, CPA and Regional Extension Agent with the Farm and Agri-Business Management Team with the Alabama Cooperative Extension System at Auburn University. The ACES Farm Analysis Program worked with Alabama farmers for over 20 years, helping them to develop and maintain accurate financial and production records. In developing this series, we reviewed the different types of checks and deposits made in farm record keeping by these farmer clients and eventually selected 10 very typical farm accounting entries. We believe if you can learn these 10 sample entries, you will find the majority of accounting entries on your farm to be similar. In today's lesson, we will not be reviewing individual farm entries. Instead, we will be using useful financial records and year-in closing notes. As a reminder, these 10 accounting entries shown here on the screen are the same entries used in the ACES Excel for Farmers YouTube presentations. For those viewers who prefer using an Excel spreadsheet to keep farm records, please visit the ACES YouTube channel for Farm Accounting 101 Excel for Farmers. A word of caution. These lessons assume the viewer has some familiarity with QuickBooks. Our objective is to show how these sample transactions can be entered into QuickBooks quickly and accurately to produce useful farm financial and production records. In other words, this is not an introductory course to QuickBooks. Intuit and other vendors offer a wide array of training videos and manuals on this excellent software. As we have said in previous lessons, the Farm Accounting 101 series is intended to help Alabama producers to improve their farm financial literacy. In this QuickBooks for Farmers series, we are expecting three different types of viewers to be watching. There are farmers or other agricultural producers, farm family members untrained in accounting, and management accountants who are trained in both accounting and business record keeping who may or may not be part of the farm family. Any assumptions, conclusions, or observations made during this presentation are based on my years of experience working with farmers, their families, and their accountant tax repairs in the ACES Farm Analysis Program, as well as my time teaching ACES financial record keeping small classes, as well as my previous time prior to extension working in public accounting. If we're going to discuss farm accounting, we need a sample farm QuickBooks file. So we created the ACES poultry farm number one. The key features of this sample farm include over 500 sample checks, deposits, and other transactions posted for this farm for the 2020 crop year, expanded chart of accounts based on the standard farm analysis client files, use of the class option to classify income expenses to one of three farm enterprises, poultry, livestock, or row crop. This class feature really can help us see which farm enterprises make the most money for the farmer and which enterprises need to be reviewed for possible changes. We will see some sample reports using this class option shortly. Now let's begin on our monthly routine. After a few months of doing data entry, you will find that most accounting entries will be similar to the ten sample entries covered in these lessons. Over time, you will need to find the right monthly routine to find, scan, and enter into QuickBooks all the documents and transactions needed for a complete set of farm financial and production records. Monthly routine. Let's talk about what documents are needed. And here's a big hint. You need more than just the bank statements. Let's review this list, and this list is not necessarily complete. There may be more. This is just some. First off, you need to check register or check stubs if you are having to re-enter handwritten checks into QuickBooks. You need all monthly bank statements for farm checking and savings accounts. You need all bank debit card slips for purchases, even the thermal paper slips. All open account bills to be paid within 30 days. For many of you, that's just the accounts payable documents. All paid invoice copies from any vendor. All credit card statements and signed credit card slips for all purchases. In other words, what that means not only do I have the credit card statement, but I also have all the credit card slips that somebody signed during the month matched up to that credit card statement. All loan payment due statements. Any document that concerns a farm balance sheet, asset, liability, or owner equity account. All contracts such as land rent or revenue sharing agreements. All payroll records if you have employees. All machinery equipment building and fencing purchase documents. All new or modified loan documents. All poultry cost of production documents such as well as all poultry settlement statements. All livestock costs or expense documents as well as all livestock sale documents. All row crop input cost expense documents as well as all sale documents. And all cash receipt copies for any other farm income. In other words, we need any document of any type that describes or records money coming in or going out of the farm checking or savings account. Next you need to develop a monthly routine. We are all creatures of habit and farm bookkeeping is no different. Set up an inbox near the computer and throw all incoming mail or other documents daily into the box. Schedule times during the month to go through the inbox and scan relevant documents so they can be attached to quick books, checks, deposits, or other transactions. Your scanner will quickly become your record keeping friend the first time you lose an original document and need another copy. As they are scanned file all paper documents in a three ring binder with monthly tabs for the farmer and you to review before filing them away permanently. Write all questions down on any document that you need an answer for from the farmer. Let me repeat that. As the bookkeeper, you need to write all questions down on any document that you need an answer for from the farmer. And here's the reason why it may be months before the farmer has time to answer your data entry question. In most farmers that I have worked with during my time with extension, the farmer has time to talk to you as the bookkeeper before growing season and then after harvest two times a year. Otherwise, most of them don't have time to spend much time talking about accounting. Therefore, we recommend that you use the 999 ask my accountant account, which is an other income other expense account down at the bottom of the P&L for all questionable entries so that you, the farmer or the accountant can find them quickly and change the entry to the correct account. Keep a printout of your chart of accounts listing in the binder for easy reference during your discussions. Let's continue on. We strongly recommend that you print checks using QuickBooks rather than handwriting them. So print these checks as needed during the month. It's much, much better than handwriting checks and then having to repost them into QuickBooks manually as a data entry task. Schedule your time for record keeping tasks. Our sample poultry farms records with annual sales of $500,000 plus would require 8 to 12 hours a month for an experienced bookkeeper. And scanning documents would take much of that time of that 8 to 12 hours, but it's well worth it. After each month in, reconcile all bank statements as quickly as they come in. Verify that your credit card statements match the dollar amount in QuickBooks. Using this each month finds most data entry errors. We recommend that you print useful monthly and quarterly reports and put them in the binder as well. These reports include all bank reconciliation reports. Once you print them, attach them to the back of the monthly bank statements. The standard and loss profit and loss report is a very good overview report, which we'll look at in just a moment. And also the detailed profit and loss report, which is a great report the farmer can use to review your data entry. If they don't prefer to sit at the computer screen and scroll through the report and click on anything they want to look at themselves. Year-end closing. Some notes and some suggestions. Here are the basic steps to doing year-end closing. First off, 2020 tax planning. This is the standard profit and loss report by quarter end or October year-to-date. Use the year-to-date report to forecast expected profit and loss to make decisions for the 2020 income tax. Let's stop here for a moment and switch to the QuickBooks screen. This is the ACES Poultry Farm number one profit and loss report January through December 2020. You'll notice this is the first quarter, the second quarter, the third quarter, and the fourth quarter. Now, if you're going to do tax planning, you're probably going to do it at either the end of the third quarter or as of October month in October year-to-date. If you look here for the total year, our total sales for just farm operations is $489,733.34. That's broken down in total, but there's some additional income in there as well down at the bottom from some other farm enterprises. So, this is so far. Now, let's change this report from quarterly to monthly. See, this gives a ability to January, February, March, April, May, June, July, August, September. Well, we're going to change this report to as of the end of October, and we're going to show it in strictly as total. As of October the 31st, 2020, this is what we had for our farm enterprises. So far for the year, we've got $98,000 in livestock operations, $137,000 in poultry operations, and $106,000 in row crop operations, only $342,000. Now, what we could do is we could try to estimate what's in here and what's not. Let me give you just one example. Here are the poultry flocks that were sold by this farm through October the 31st, 2020. Here's one flock in January. Here's another flock in April. Here's another one in July, and here is another one in October the 17th. We have four flocks so far for the year. You have to ask yourself when you're doing tax planning, are we going to have a fifth flock in December? Maybe we will, maybe we will not. Now, because we actually have completed the year in, we can see the answer to that. And so let me change that to December the 31st, and yes, we did. We had one final flock for the year on December the 21st for another $32,000 in sales. This is just one example of when you print out the report as of October the 30th. You can then forecast what are going to be your income and expenses for the year. Now, let's continue on with that and change this back to quarter. Now, if you take a look at as of last fiscal year by quarter, January, April, July, October. Now, we're thinking out loud here and we're putting ourselves in the shoes of the farmers working with their local accountant to do some tax planning issues. Notice how much money came in in corn sales and soybean sales during the fourth quarter. Just notice that. By the same token, notice how much poultry sales came in during the fourth quarter. So we've gone, this is some pretty significant numbers. So if we're looking at forecasting $190,000 plus another $68,000 of income in December, perhaps we need to consider what we can buy for 2021 crop inputs that we can use and reduce the account for 2020 income. It's just part of income tax planning. So you can look down through these accounts and this is where farmers get into the discussion about do we need to fill up our propane tanks? Do we need to buy some fertilizer for the 2021 crop year in 2020? So we can write off the 2020 expenses, but actually use it in 2021. If you don't have the information right in front of you, like we do here on this screen, you really cannot make an informed decision. But during the farm analysis program, this tax planning report that we're looking at here on the screen was the most important and the most important meeting between the farmer and their economist during the year. So this is a very, very important process that can only be done during the fourth quarter. It should not be done after year end. It should be done in the fourth quarter. Now let's return to PowerPoint. The next thing we're going to look at is the 2020 detailed profit and loss report so that we can do a final review for any arrows. So we're going to look at that. We're going to look at the 2020 profit and loss report by enterprise. We're going to look at the 2020 profit and loss totals only for the tax return. And then we're going to look at some tax forms. So we're going to switch back to QuickBooks. The final review, farmers need to be comfortable that everything that's in last year's report is correct. Now this is everything in the ACES poultry farm profit and loss report for crop year 2020. Now I'm going to scroll through this report slowly so you can get an idea of how much data is here because there is, remember, over 500 entries in this file. We have two entries for corn sales. We have one, two, three, four, five entries for soybean sales. We have four entries for lagoon and grass hay sales. We have three entries for beef cattle mix sales and in return to something we just discussed, we have one, two, three, four, five, five flocks for poultry sales. This is a refund. Then we also have income where the farmer made some custom work income. Here's the patronage, Dizvedin. Here is, looks like the farmer rented some hunting land to one of his neighbors. Here's some agricultural program payments. Here's some miscellaneous farm income where they sold scrap metal to a local salvage farm. Here we have timber sales. Looks like probably stumpage sales. And then we get into expense accounts. Here's freight and trucking. Here are one, two, three, four checks to freight and trucking. Then we're looking at crop and feed purchases. One, two, three, four, five, six, seven, eight, nine, ten, eleven, twelve, about 15 different transactions there. Five entries to interest for poultry loan number one. And then we have a separate interest account for the house and land loan. We have another interest account for the operating loan. Two entries for fertilizer and lime, crop and seed purchases. We have three entries. We have five entries for livestock supplies. And then we have monthly entries for utilities, electricity, propane gas, water, garbage and sanitation, phone for the landline, and then cell phones. Here are internet service bills on a monthly basis. Here's farm insurance. Then we have one, two, three, four transactions of miscellaneous in expense for the U.S. Postal Service. We have property taxes. And then we've got some land rent. Looks like we rented land from a local farmer for about $7,800. And we'll get back to that $10.99 in a minute. Then we have a number of repairs, a number of checks and credit card charges for repairs and maintenance. Lots and lots of those. Then we have custom hire and contract labor for our farm worker. Looks like we've been paying our farm worker, looks like about every two weeks, about $400 every two weeks. And they're treating him as a contract labor 1099 worker rather than an employee. Then we're looking at gasoline, fuel and oil. Here's all those transactions for the year. Here's all the building and fence repair transactions for the year. Here's the soil and water conservation expenses for year. The chemicals purchase. And then here's small tools and supplies. Big box retailer, poultry supply, just a number of them there. And then we have our local tax repair for professional dues and fees. Looks like between our tax repair we ended up paying them a little over $2,000 for the tax return last year. And then we have vet near expenses. First one was for medicine and then the other one's vet near expenses, other. So ordinary farm income for the year is $193,550. So we had a profitable year in 2020. Now remember, ladies and gentlemen, this is a made up farm using made up expenses. So these numbers may or may not be out of sync for 2020, but they are basically in sync for the sample farm when we came up with the assumptions of building this farm. Also this particular farm has two rental properties as part of their farm operation. We have rental house number one and rental house number two. Here are the deposits for all the months that they received rental income. Coming on down, we've got machinery sales. This is where we sold some livestock to our neighbor. Then we moved into family living, how we talked about non-farm expenses that were running through the farmers farm operations checking account. Therefore they can't go under farm operations, farm income, farm expenses. They have to go into other income and other expense. So here's a breakdown of contributions that were made by the farmer. Looks like he's a pretty consistent giver to his local church. Here's all the medical expenses that were paid for out of the farm checkbook. Here's all the life insurance that was paid for out of the farm checkbook. Here's the cash withdrawals where the farmer just went to the bank and took out some walking around money. Here are food items that were paid for using the farmer's debit card because you notice most of these are debits as opposed to checks. Here's some high school lunch money right here. So there are a number of those. Then we also have other household operating expenses. So there's just a hodgepodge of different types of family living type expenses here and you can see there's a good number of them which is not uncommon at all for farmers that I've worked with. Then we have family living clothing expenses. We have family living entertainment and recreation expenses. Family living education expenses. Looks like we're paying for some textbooks and looks like we're also paying for some tuition. Then we have health insurance that was paid for by the farmer. Then here's the federal income tax bill for last year that was paid in February of 2020. He had a taxable income and paid taxes of $11,000 on federal income tax last year and he paid $1,700 from Alabama income tax last year. Then we get into other expenses and these are rental house expenses. And here's one, two, three, four, five checks that were written for repairs on the two rental houses. Then here is the taxes and fees for the, looks like we had to pay some kind of check to the local county revenue commissioner. And then lastly we've got two entries to ask my accountant. And this is a good example of where the farmer before he closes this file and says, hey, send it to the tax return. Let's just double click on these. Ask my accountant. Okay, here is a check 6576 written in April of 2020 for $24.50 and it's a magazine subscription to Ag Magazine. So the bookkeeper has left the farmer a note asking where should it be charged. So we simply go from ask my accountant and we're going to move it up to miscellaneous farm expense because it is a farm magazine. It's not a general interest magazine. So this is going to be a miscellaneous expense for farming. Account 040 miscellaneous expense. Very simple saving close. The other one under ask my accountant is a check made out to the local farm co-op and let's just double click on it. Well, this is an interesting one because this is something that happens very commonly. We have a debit card transaction made out to the local farm co-op in August the 15th on 2020 for $688.15. And the bookkeeper has made a note. What is this? Where is the invoice? So the farmer would call down to the local farm co-op and say, can you find me an invoice dated August the 15th for $688.15 and what is it? So the farmer would get that invoice and so we'll just simply we'll assume it's fixed and it's invoice for cattle feed. We just make it very simple. Now, ideally we would have the invoice scanned and attached to the file so that later on we can pull it up, click on this and see the invoice. So this is going to be cattle feed. So we scroll up to our farm expenses looking for crop and feed expense. And so we'll let's assume for the sake of discussion that this is minerals and it is a livestock operation here under the class account, save and close. Thus, if you look at the profit and loss detail, there is nothing left under the ask my accountant account. So that completes the final check. Now we take a look at the enterprise for the year. We've got livestock. We've got poultry. We've got row crop. So we come down livestock. Our gross sales for livestock was $103,000 for 2020. If we come down our total expenses in livestock was $64,670.59 and our gross profit for livestock operation was $38,559.93. And that is before depreciation of any fixed assets charged to livestock. The next one is poultry. We'll swing back up on it. Total poultry operations was $170,000. And I also would like to make a point here that this $170,000 should match the $1099 that we received from our poultry integrator at the end of the year. And when we were developing this ACES poultry farm, I think we had this as a fairly small farm. This is maybe one two-house segment or it may be a four-house farm. But I think it's just a two-house farm that we based all our assumptions on. So we had $170,000 in poultry income and we had $118,000 in poultry expense. And our total poultry income was $51,000. The third enterprise on the farm is row crop. And you can see that's made up corn and soybean sales for a grand total of $208,000. Come down here, looks like we had some other patronage dividends and some USDA payments to increase our income on row crop to $216,000. Total expenses of $113,000 so that net ordinary income is $102,000. So, and there's nothing here under classified, unclassified. So we have a clear picture which operation made money for us this year. All three of them made money, but the one that made the most money was the row crop operation. And the poultry operation came in second with the livestock operation came in third. So all three enterprises were profitable for 2020 using these sample numbers. Now these numbers down below here are for other income and other expense. But let me just make a point here for just a moment. Take a look at utilities, which in poultry houses is a huge operation. Notice there is nothing here under row crop. On the other hand, under electricity, there's $175 allocated to livestock operations. And let's just talk about that for just a minute. We have two transactions and let's just take a look at one of them. See in this example, we've got the local electric co-op. The total bill was $189.02. We allocated $39.02 to poultry on this particular bill. And we allocated $150 for livestock fencing that was charged to livestock. Now each individual farmer is going to have to review their electricity bill and their other utility bills if they're going to break it down by enterprise. There is no good formula to allocate electricity and other utilities to different enterprises. It's up to the farmer's discretion. All we suggest is once you find a formula, be consistent using that same formula. And if we needed to change this for some reason, you know, you can change it. But it's a very simple entry. There you have the profit and loss report by enterprise. Lastly, let's take a look at the profit and loss report standard for last year total. I want to talk just a little bit about tracking numbers. When your accountant is working on your tax return, the accountant is going to receive some 1099s. And one of the 1099s they're going to receive is for poultry sales. So if we printed this report off and gave it to our tax preparer, we would have to make sure that we had a 1099 for $175.79 from our local poultry integrator so that they would match up for tax return. By the same token, if we come down here a little bit farther, see here under the interest for farm loans, you're going to be receiving a 1099 INT from the bank. And the bank will probably, you may have one loan with the bank, you may have five loans with the bank, but your tax preparer is going to need some type of document to be confident that the interest amount you're reporting on your tax return is correct. That's one of the reasons we recommend if you have a loan with the bank, you have a specific account number for it. And then you also have a corresponding interest account with it. So in this particular case, on this sample farm, there are three loans. A poultry house loan, a house and land loan, and the standard operating loan that we're being charged interest on that's being charged here in this particular sample documents. Obviously, if we had other documents and other loans, there might be other interest expense accounts, but that's what we're looking at here. The main thing is to match up a 1099 INT to an account number on your QuickBooks profit and loss report. Your accountant will thank you many times. Before we move into the balance sheet, I just want to cover a couple of other items, and this gets back to tax documents like 1099 we were talking about. Let's come take a look at land rent and our farm worker contract labor. Under land rent, during 2020, we paid $7,786 in land rent, and that was made up of three checks all made out to a fellow named local farmer. So, land rent. So since we have paid this farmer more than $600 in land rent, he needs a 1099 miscellaneous. That's one 1099 miscellaneous that we're charging using the land rent account. The other 1099 that we're going to be needing to generate is for contract labor. Contract labor is our farm worker that we talked about earlier that makes $400, looks like every couple of weeks. And so our contract labor is $15,000. And looks like the vast majority of these is the farm worker. So we go up here. We're going to just real quickly go through a print of the 1099. So you can see how easy it is to do. You select step one, select your vendors. And the two that we have selected for your 1099 vendors are our farm worker and our local farmer that we paid cash rent or contract labor to press continue. Here's the two, the two people that we're going to do the 1099 for press continue. It goes in box one for rent and box seven for non-employee compensation. And just click continue and click continue again. And we're not actually filing, but we'll go ahead and print. There it is for last fiscal year and we're going to preview the 1099s. And so here from the ACES poultry farm in Crosswell, Alabama is the name of our farm worker and his name is farm worker and there's his address. There's his social security number. There's the farm tax ID number. And there's a dollar amount in the correct box. Now this is printed on plain paper. We would just print this piece of paper and give it to our accountant to print it on form. Same thing for the second one who is the local farmer that we paid $7,786 in land rent. We just simply hand this form to our tax repair and say would you print on your forms the 1099 miscellaneous and file them for us electronically. And we would just do it that way. And that completes the little side road on 1099s. Now I want to talk a little bit about balance sheets. Most farmers don't look at balance sheets except at year end. And so in this example, this is the ACES poultry farm balance sheet as of December 31st, 2020. And all of these are pretty straightforward. This is a sample one and so it may not be perfect, but it should give us a good example. As of year end, we have $109,000 in farm checking. We have $50,000 in farm savings first. So total current assets, $159,000. Your accountant, if he was going to be doing an audited financial statement on the farm, he would be able to verify this by looking at the bank statements for these two accounts. Then under fixed assets, he's going to have tax records for farm land and improvements, including equipment, farm buildings, and accumulated depreciation. So this particular farmer has a net of $1.48 million in fixed assets. Then in other assets, we have investments. And we've got a farm reserve fund of $35,000. And this farmer has a farmer IRA account with $85,000 in it as of December 31st. So his total assets are $1.7 million. If we come down a little bit more, we get into his liabilities. And we're showing that he has $94,000 on his one farm credit card. We're assuming that this guy's got good credit and he's got $100,000 line of credit on that farm credit card. So that's his current liabilities. Here's his long-term liabilities. His one poultry house loan is a separate loan for house and land and a poultry equipment loan for $400,000. So his total long-term liabilities are $710,000. And then what remains is his equity. And he has total equity of $956,000. So this farmer is doing pretty well. And so this would be what you would have at the end of the year. You would print this balance sheet and this balance sheet would go to the farmer and to their banker and anybody else who wanted to see the farm balance sheet. Now let me do make a comment. This is a historical cost balance sheet. So that, for example, if you look at the line item for farm, land and improvements, it's $435,000. If we were going to be doing a fair market value balance sheet, which is a little bit different, that farm land and improvements line item would be whatever the current fair market value is of the farmer's land as of today. So for those of you that use a fair market value balance sheet with your banker, make sure that you have a conversation with your accountant and your banker to clearly understand the difference between a historical cost balance sheet and a fair market value balance sheet. There are some distinct differences between the two balance sheets. The last thing we're going to be talking about is once we've prepared the year-end reports, got everything ready to hand off to the accountant to do the tax return. And if they do the tax return, the last thing we do for the year is we lock the accountant's file in QuickBooks for 2020. And we do that by going up here. We can go under the accountant version right here and set closing date. This is a preferences screen and notice where it says closing date, date through which the books are closed. We're going to set the date and we're going to say the date is as of December the 31st, 2020. Now if we wanted to have a password, so and we highly recommend that you have a password that the bookkeeper knows that the farmer knows, but having the password will make sure that you cannot accidentally make an entry into 2020 once the 2020 tax return has been finished. So in this example, we're going to type in a password and that way if you do try to make an entry to 2020, once we press OK, you'll be warned that 2020 is closed. So we've now locked the 2020 books and we are done. We can still print all the 2020 information we want. We just can't change it without putting in a password. Now let's go back for some closing remarks. QuickBooks is outstanding software for Alabama farmers and producers. However, viewers need to understand what they do know and don't know how to do. Here's a series of questions for all of us to think about. Can you find and fix problems in data entry? Yes, no, maybe. Do you have an accountant or tax preparer that can help you make entries or fix problems that you don't know how to solve? Yes, no, maybe. Do you have a basic understanding and bookkeeping and double entry accounting? Yes, no, maybe. If you have watched some of the earlier entries that we've made in lessons one through five, you've seen there are some compound complex accounting entries in farm accounting. They don't happen real often, but they do happen. Do you or your accountant tax preparer know how to use sales reports for crop or livestock unit sales and the sales receipt function for better production reports for one or multiple years? If you remember back to the earlier lesson, we had two different methods to make a corn sale deposit. One method was simply to record it as a deposit and make a memo entry that we had some 800 bushels of corn. The other method was to use the sales receipt so that we could actually put in how many bushels of corn that we sold on that per day. And it calculated what the cost per bushel was, and that was saved as a sales report that we can now pull up for just 2020, 2021, One or three or four years from now, we can do a five year trend report of sales reports of corn sales and soybean sales and see exactly what the cost per bushel was over that five year period. Now from where I'm sitting, having those production reports can be really useful for managing the farm. The next question is, do you or your accountant or tax preparer know how to turn on and use the class option and build class designations for each of your farm enterprises? Now in the sample farm we've talked about, we have the classification system turned on with poultry, row crop, and livestock. Whatever your farm is, perhaps you're a row crop only farm, and all you do is three or four crops. You could have one designation for cotton. You could have one designation for soybeans, and you could have one designation for, you know, whatever maybe peanuts, whatever your third major row crop operation was. And then you could post your crop inputs to which one of those three crops that you were growing so you could see exactly what your input cost were for each enterprise, each crop. Lastly, do you or your accountant tax preparer know how to add additional accounts or sub accounts to your chart of accounts file for better reports for your farm? As we've seen, one of the things that we recommend in farm analysis is that we want to basically to have a sale account for each type of crop that we're having. We have corn, soybeans, and, you know, another dozen or two different line items for crop sales. The default QuickBooks system when you set it up only has five accounts for income. In farm analysis, we may have two or three dozen, depending on what the needs were of the farm. So having the right accounts can really help you have better reports for your farm. Finally, we recommend that you study QuickBooks software videos and manuals. This excellent software is updated each year and new features are continually being added that might help your farm if you take the time to learn them. We close by saying thank you for watching this final lesson in our QuickBooks for Farmers series. This segment of the Farm Accounting 101 series has been produced by the Alabama Cooperative Extension System Farm and Agribusiness Management Team at Auburn University in Auburn, Alabama. For additional information on the Farm and Agribusiness Management Team and other ACES programs, please visit our website at www.aces.edu.