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)
  • 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

Accounting Categories

Farmbrite uses standard list of income and expense categories. The makes it simple to generate a standard profit and loss report that can be used to complete a IRS Schedule F Form 1040. While we 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

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)a
  • 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

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.