Western Sustainable Agriculture Research & Education
(SARE) Farm Internship Curriculum and Handbook

Financial Records

Learning Objectives
The learner will...

• ...examine various purposes of maintaining financial records.
• ...review typical income categories and expense categories essential to proper record keeping.

Purpose of Maintaining Financial Records

• Taxes
• Tracking the farm's financial progress
• A tool for future planning

Tools

• Receipts – for all purchased inputs, tools, seeds, etc
• Ledger – to track expenses and income, derive profit or loss

Income Categories

• Sale of produce, grain, seed crops, livestock, etc.
• Sale of plants or nursery stock
• Cooperative distributions
• Custom hire and consultation
• Misc. payments

Expense Categories

• Vehicle – acquisition, maintenance and repair
• Equipment – acquisition, maintenance, and repair
• Custom hire
• Depreciation on equipment, buildings, fencing, implements, vehicles
• Feed
• Inputs
• Fuel
• Insurance – vehicles, buildings, crops, liability
• Seeds
• Plants and nursery stock
• Supplies
• Labor
• Utilities
• Rental/lease
• Mortgage
• Interest on loans
• Marketing

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