Accounting and Bookkeeping in Farmbrite
Tracking income and expenses is critical to running a profitable business. Farmbrite makes it easy to keep track of the return on your investment.
Adding a transaction
Simply 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
- 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
Add an Expense or record Income simply by entering a few pieces of information and hitting save. Enter the Amount, Date, Reporting year, Category, Payee and more.
You can search transactions by entering more information like Keywords.
If you are migrating to Farmbrite from another farm management system or from Excel or Google docs and want an easy way to add your existing transactions to Farmbrite, you should consider our import feature. By simply mapping your data from another system to a format we’ve specified you can easily create your basic records. To access the import feature, select the arrow on the right side of the “Record Transaction” button and choose the Import Transactions option.
Farmbrite uses standard list of income and expense categories. This 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.
- 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
- Car and truck expenses
- Conservation expenses
- Custom hire (machine work)
- Employee benefit programs
- 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
- Veterinary, breeding, and medicine
- Other expenses
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.