Posted 6/12/2019 21:23 (#7555838 - in reply to #7554573) Subject: RE: Quickbooks or other book keeping software?
Floyd County, Iowa
I've been using QuickBooks Pro for over 25 years, and like it. I do mine as cash basis accounting.
Yes, have your accountant help you set up the general ledger accounts, and get you started.
Yes, you can use the check writing feature. If you do, you can still have a checkbook to hand write checks, which I suspect you'll want to do.
I haven't printed checks in 20 years, since I'm no longer in a retail setting. I only use a checkbook and record them in Quick Books. Works fine for me, and I usually enter the checks every month or 2.
I have no desire to have printer checks any more. Easier for me this way.
But if you're going to use Accounts Receivable (bills/invoices), you'll be doing the entries more often. The good thing is that if you do it often, it takes VERY little time to do it.
And the part about the factory paycheck being "rolled into the farm" would have to be discussed with the accountant, so that it gets entered correctly, to differentiate it from the farm income. You absolutely want those to be separate somehow. Otherwise you won't have a true picture of your farm's income.
Not at all hard to do, but your accountant will need to help you set it up right. I did the same thing for many years, instead of borrowing from a bank, and treated what I "rolled in" as a loan to the farm from ourselves, and was paid back to our non-farm account.
Once you get up and running, you'll wonder how you did it before. And you'll be able to pull up reports to show where you're making money and where you aren't.
I know there are other programs out there, and people like them, but I know nothing about them. This one has worked flawlessly for me.