Livestock Accounting

Tracking income and expenses is critical to running a profitable business. Farmbrite makes it easy to keep track of the return on your investment. Simple click “Record a Transaction”, you’ll be prompted to provide the following information:

  • Type of transaction (Income or Expense)
  • The Amount of the transaction
  • The date of the transaction (defaults to today)
  • Reporting year 
  • Payee/Customer information (if applicable)
  • The category of the transaction (see below)
  • Any Keywords (comma separated) that you might want to search for your transaction with later
  • Description / details for this transaction / notes on the transaction 

Accounting Categories

Farmbrite uses standard list of income and expense categories. That makes it simple to generate a standard profit and loss report that can be used to complete a IRS Schedule F Form 1040. While Farmbrite has a standard list of categories, you can always add your own. Simply select “Other” from the “Category” drop down and enter your custom category in the “Other” field.

Income Categories

  • Sales of livestock and other resale items
  • Sales of livestock, produce, grains, and other products you raised
  • Cooperative distributions
  • Agricultural program payments
  • Commodity Credit Corporation (CCC) loans reported under election
  • CCC loans forfeited
  • Crop insurance proceeds and federal crop disaster payments
  • Custom hire (machine work) income
  • Other Income

Expenses Categories

  • Car and truck expenses
  • Chemicals
  • Conservation expenses
  • Custom hire (machine work)
  • Depreciation
  • Employee benefit programs
  • Feed
  • Fertilizers and lime
  • Freight and trucking
  • Gasoline, fuel, and oil
  • Insurance (other than health)
  • Interest Mortgage (paid to banks, etc.)
  • Interest Other
  • Labor hired (less employment credits)
  • Pension and profit-sharing plans
  • Rent or lease
  • Rent or Lease of Vehicles, machinery, equipment
  • Rent or Lease of Other (land, animals, etc.)
  • Repairs and maintenance
  • Seeds and plants
  • Storage and warehousing
  • Supplies
  • Taxes
  • Utilities
  • Veterinary, breeding, and medicine
  • Other expenses

You can also generate a Profit and Loss statement for each individual animal (or group). Simple click on the “Generate P&L Statement” button. You’ll be able to access a P&L statement for just that animal, excluding all other transactions you may have recorded.

Track income you made from a previous year

You are also able to record income or expenses from a previous year in the current year. For instance, you may wait to sell a crop until the next year or you buy seeds in December for the following year and want to include those transactions in the year so that you can see your overall profit. Including those records is easy. When you are entering the transaction there is a "Reporting Year" category. Simply enter the year that you wish to record that transaction. You will see the transaction in both years but it will be recorded in the previous year P & L.