2012 Quicken Manual

Quicken
For Farm/Ranch Financial Records
Quicken Deluxe 2012
Table of Contents
Using Quicken for Farm/Ranch Financial Records ........................................................................1
Introduce Manual Text Conventions, Keyboard Shortcuts and desktop setup ......................2
Set up a Data File and Add a Checking Account...................................................................5
Add Savings and Cash Accounts ...........................................................................................9
Modify the Category List .......................................................................................................9
Import a Farm Category List ..........................................................................................11
Add Categories ...............................................................................................................12
Delete Categories ............................................................................................................14
Add Subcategories ..........................................................................................................14
Set Up Tags ............................................................................................................................15
Add Loan Accounts ...............................................................................................................17
Enter Transaction Data Using Categories, Subcategories, and Tags .....................................21
Record Loan Payments ..........................................................................................................26
Create Reports to Summarize Data Entered ..........................................................................28
View a Graph of Income and Expenses .................................................................................35
Back Up Data .........................................................................................................................38
Category Lists ....................................................................................................................................41
Standard Category ..........................................................................................................41
Business Categories ........................................................................................................44
Investment Categories ....................................................................................................45
Farm Categories ..............................................................................................................47
Transactions ....................................................................................................................49
Reports ...............................................................................................................................................51
Cash Flow .......................................................................................................................51
London Monthly Cash Flow 2011 ...............................................................................53
London Cash Flow by Enterprise 2011 .......................................................................55
Tax Schedule 2011 (sample report, pages 1-2) ...........................................................57
Tax Schedule Totals .......................................................................................................59
London Monthly Budget, Jan-Feb 2012 .........................................................................60
Reconciling the Bank Statement ........................................................................................................61
Using Quicken for Financial Planning...............................................................................................68
Retirement Calculator ............................................................................................................68
College Calculator .................................................................................................................71
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Refinance Calculator ..............................................................................................................73

Savings Calculator .................................................................................................................74
Loan Calculator ......................................................................................................................75
Various Topics ...................................................................................................................................78
Line of Credit/Credit Card Accounts and Alerts ...................................................................78
Saving and Locating Information for 1099s ..........................................................................81
Recording Futures Market Transactions ................................................................................85
Scheduled Transactions .........................................................................................................86
Writing Checks with Quicken ................................................................................................87
Year End Copy: Start New Year and Archive .......................................................................90
Category Clean Up .................................................................................................................93
Merge or Recategorize Categories .........................................................................................95
Backup Preferences ................................................................................................................97
Restoring a Quicken File .......................................................................................................98
Building a Farm/Ranch Balance Sheet ..............................................................................................103
Develop a Complete Inventory of Farm/Ranch Assets and Liabilities..................................103
Import Asset Accounts ...........................................................................................................104
Enter Beginning Balances in Asset Accounts ........................................................................106
Recording the Purchase of an Asset.......................................................................................109
Recording Additions to Capital Assets ..................................................................................114
Recording the Sale of an Asset ..............................................................................................114
Recording Changes in Inventory ...........................................................................................116
Recording Changes in Values of Assets ................................................................................117
Recording a Loan Payment ....................................................................................................117
Estimating and Recording Accrued Expenses .......................................................................118
Generating a Balance Sheet Report .......................................................................................119
Backing Up Your Data...........................................................................................................120
Accounts List .........................................................................................................................121
Glossary of Quicken and Financial Terms.........................................................................................122
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Using Quicken for Farm/Ranch Financial Records1

(Quicken Deluxe 2012)
October 2011
This tutorial demonstrates a hands-on session to develop a simple set of financial records
and reports for a case farm with a cow/calf herd and wheat for grain and pasture. Although our
case farm is a simple one, you will be able to practice many of the steps that you might use in
adapting Quicken Deluxe2 to keep records on your farm or ranch. This tutorial is intended to be a
step-by-step reference that can be used when working on computerized personal records at home
or to supplement instructions in a workshop setting.
An overview of what we do in an introductory workshop follows:
1. Introduce text conventions in the manual, keyboard shortcuts and desktop setup.
2. Create a data file and add checking, savings and cash accounts.
3. Work with category lists.
a.
Import Farm Categories to match tax Schedule F.
b.
Add categories.
c.
Delete categories.
d.
Add subcategories.
5. Set up tags.
6. Add loan accounts to be used in the file.
7. Enter transaction data using the categories, subcategories and tags specified.
8. Record loan payments.
9. Create reports to summarize the data entered.
10. View a graph of income and expenses.
11. Back up data.
Specific instructions for accomplishing each of these steps are included in this tutorial.
Additional instructions for common or farm-related procedures follow the basic instructions. A
glossary of financial and Quicken terms are at the end of the tutorial. If you are using this
tutorial at home, the new user setup in Quicken will prompt you to set up a file and your
accounts as described in the first three sections of this tutorial.
Additional farm management information and Quicken tips for usage can be viewed online
at www.agecon.okstate.edu/quicken. The Quick Tips newsletter is a helpful companion to this
tutorial.
Damona Doye, Sarkeys Distinguished Professor, Regents Professor and Extension Economist, and Lori J. Shipman
and Jennifer Jensen, Extension Paraprofessionals. Please visit our website, http://www.agecon.okstate.edu/quicken/
to access additional topics and instructions, including the Quick Tips newsletter
2
Quicken Deluxe 2012 is a registered trademark and will be written as Quicken or Quicken 2012 throughout the rest
of the tutorial.
Introduce Manual Text Conventions, Keyboard Shortcuts and desktop setup

Text Conventions
Throughout this tutorial, you will notice some information is printed differently than the
surrounding text. This enhanced text requires special attention as it generally signifies an action
to be performed. If, for instance, we want you to type the words My programs, you will see
this:
Type My programs.
Buttons that you need to click, selections that you need to make, or text that is referenced in
a document on screen appear in bold text:
Click the Customize button.
Select Expense.
File and folder names are referenced in italics and use the case conventions for the operating
system in which you are working. For example, a computer file name might appear like this:
Document1
Keyboard and keyboard combinations that you may need to apply appear like this:
Press [ENTER].
Press [CTRL+A].
A keyboard/mouse combination such as [CTRL+A] means to press and hold down the first
key (Control) while pressing the second key (A), then release.
Text that appears within parentheses refers to steps that may be necessary depending on
your computers settings or steps in an alternate approach to the same task. Parenthetical steps
appear like this:
(Click the Close button.)
Titles of screens, programs, etc. will be underlined such as the name of the following
Quicken screen:
Create Quicken File
Notes and helpful hints are in italics and sometimes enclosed in parentheses, for example:
Note: The note may appear this way.
(The note may appear this way.)
Keyboard Shortcuts and Desktop Setup

You may select an item from Quicken in one of four ways:
a. Using the mouse, left-click (click using the left button of your mouse) on specialized
buttons in the toolbar.
b. Using the mouse, move the cursor to the appropriate line in a drop-down menu and
left-click.
c. Use a shortcut key by simultaneously pressing [Ctrl] or [Ctrl+Shift] and the
designated letter. For example, [Ctrl + S] takes you to the split transaction screen.
d. In the check register, simultaneously press [Alt] and the letter key underlined in the
word or phrase. For example, to open the menu line File, select [Alt+F].
In our instructions we typically use mouse clicks and the menu bar for selections. We
occasionally mention the shortcut keys.
Desktop navigation options are as follows:
1. Main Menu Bar. Using the mouse, move the cursor to the appropriate item in the Main
Menu Bar and left-click. To select an option from within that menu heading, move the cursor
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to select it. For example, to create a new file within Quicken, select File from the main menu
and move the cursor to New. We are using the Standard Menu click on View, Standard
Menu.
2. Toolbar. Toolbar buttons provide quick access to options such as returning to the previous
screen (Back button), accessing the Internet for stock quotes and news (One Step Update
button) or the Quicken website (Quicken.com button). If the toolbar isnt available, click on
View, Show Tool Bar.
3. Account Bar. The Account Bar allows easy access to accounts by center. The centers
display account summary information in one easy-to-read place. You can customize what
appears on each of the centers by deleting, rearranging, or adding new components. You can
also create different views of the center. When an account is selected, the account register
appears.
4. Shortcut Tabs. When you become more familiar with Quicken, you may want to try using
the shortcut features. They take you to the different centers within Quicken and have an
overview screen that appears for each tab. We will typically use the Main Menu Bar for
navigation.
To move around in the register or menu screens, press [Tab] to move forward to the next
field (area for input). Press [Shift+Tab] to move backwards one field. The step-by-step
instructions that follow will not note every [Tab] needed to move through screens. Assume that
if the cursor doesnt move to the next field, you should [Tab] to navigate to enter the next piece
of information.
Later in this tutorial, we will use the sample files provided on the Quicken Sample Files
compact disc (CD) to review some of Quickens features. For these files to run efficiently,
follow these instructions to copy them to the hard drive of your computer.
Place the CD labeled Quicken Sample Files into the appropriate computer drive (for our
example, we will use CD drive, D:).
Open the Windows Explorer program [ Windows Key + E] or right-click on Start, Explore
or click
Start
All Programs
(You may need to click Accessories.)
Windows Explorer
From the options on the left, double-click
My Computer
(D:) 2012 Quicken Sample Files
File names Asset Acct, Farm Categories, and LONDON12 should be displayed on the right.
From the taskbar at the top of Windows Explorer, click
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Edit
Select All (The shortcut for Edit, Select All is to press [Ctrl+A]).
Then, click
Edit
Copy
Now, click
Local Disk (C:)
(from the menu on the left)
From the Drop-Down Menu Bar, click

File
New
Folder
To name the folder, type Workshop Files and press [Enter].
Open the Workshop Files folder by double-clicking it.
Then click Edit
Paste
(The shortcut for Edit, Paste is to press [Ctrl+V]).
Click X in the top right corner to close Windows Explorer.
You have completed the task of copying the Quicken Sample Files to your computer. Later
in the tutorial, you will be using these files. Now we will create a new file for your practice.
Set up a Data File and Add a Checking Account

Just as a file cabinet can contain family and farm financial information, one Quicken
computer file can contain both farm and family financial information. Income and expenses are
recorded in one or more accounts (checking, credit card, etc.). Reports can be developed to
summarize information across all accounts, by individual account, or by tag if you specify tags
when you enter transactions. We will use tags to represent the different enterprises of our farm
(for example, Wheat, Stockers, Overhead, and Family Living). This tutorial touches on the basic
features of Quicken,
Previous Quicken Users: Quicken 2012 will automatically uninstall previous versions of
Quicken. Make a backup of all current data files before installing 2012! Follow the installation
instructions as prompted after inserting your program CD or downloading Quicken from the
Intuit website. You will be asked if you are a new or previous user. Then, you will be asked if
you want to open the data file most recently used, use a different data file or start over and create
a new file. If you choose start over, you can create a file name that you choose and select the
directory in which you want to save it.
Note: For tutorial purposes, if so prompted, select I am a new user, or Ive used
Quicken before but I want to start over. Or, if you are prompted to Convert your data
file, click Cancel.
If you see the screen that follows, select New Quicken File.
Click OK.
Through one of these paths, you should now see a Create Quicken File screen.
You will be prompted to create and store your new file. From the drop-down list of folders,
select Local Disk (C:)/Workshop Files. File name is: Your Name.
Now is a good time to sketch out a list of accounts you might want to set up for your farm and
home. Types of accounts include checking, savings, investment, credit card, brokerage, IRA or
Keogh, 401(k) or 403(b), 529, individual mutual fund, house, vehicle, other assets, and liability
accounts.
Note: We offer instructions on investment accounts in a separate publication.
For a new file, click the Get Started button.
Note: If there is no Internet connection, you will automatically be asked if you want to Add
Account Manually. Otherwise, follow the instructions given.
Add your Primary Checking Account:
Click on Advanced Setup in blue text at the bottom of the window.
Choose: I want to enter my transactions manually
Next
Account Setup now guides you to set up your primary checking account. For this tutorial,
we will enter all account information manually and assume that you do not want to have online
access. Some financial institutions offer online setup, but we do not demonstrate this option as
individual institutions have different sign up requirements.
Note: If you wish to use online banking for your checking account, click I want
to select the connection method used to download my transactions. You will
need to contact your bank to gain access to your account. Be sure to ask what
file transfer format is used for Quicken. The OFX data exchange format is
currently used in Quicken. Most financial institutions use this format. Once you
have determined that your bank is Quicken-compatible, you can use this feature
to set up your account and later download transactions.
Enter the Account Name/Nickname: Farm Checking
Click Next.
Ideally, you will have a bank statement at hand to use in establishing an account balance as
of a specific date.
Statement Ending Date: 1/1/2012
Statement Ending Balance: 12410.35
Next
Add another account

Now add a family checking account by clicking Checking.
Next
Again, click on Advanced Setup at the bottom of the window.
Then click on I want to enter my transactions manually.
Next
Enter information for the family checking account, again using a current bank statement if
possible. For our example, we have:
Account Name/Nickname:
Family Checking
Next
Statement Ending Date:
Statement Ending Balance:
Next
1/1/2012
845.44
Add another account
Add Savings and Cash Accounts

Now we will add the savings and cash accounts.
Click on Savings
Next
Click on Advanced Setup
Next
Then click on I want to enter my transactions manually
Next
Enter information for the savings account, again using a current statement if possible. For
our example, we have:
Statement Ending Date:
Statement Ending Balance:
Savings
1/5/2012
5218.43
Next
Click on Add another account button.
Click on Cash
Next
Using this account will help you keep track of where you spend cash and can point out some
budget breakers or costly habits. Dont kid yourselfusing cash for transactions and failing to
tally them periodically can hide some problems.
Date to start tracking:
Amount of cash you have:
Cash
1/1/2012
200.00
Click Next, then Finish.

We are going to postpone adding other accounts to establish the category list.
Modify the Category List
Spend some time thinking about the kinds of income and expenses that you need to track. In
the beginning, you may want to start with categories for tax reports or match an existing chart of
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accounts or record system. Start simple and add new levels of detail as needed for management
purposes. The category list is shared (accessible) across all accounts within your Quicken file.
Access the current category list to view it by clicking
Tools
Category List
Note: To show a description of each category click on the Options button and click on
Show Description.
Scroll through the list to see the default categories. Tables showing the built-in Category
lists that come with Quicken are included in this manual.
Click on the X in the upper right corner to close the Category List window.
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Import a Farm Category List

A printed list of farm categories built to match farm income tax Schedule F is included in
this manual (Farm Categories). This list can be imported into Quicken from a file named Farm
Categories on the CD with purchased copies of the tutorial or can be downloaded from
www.agecon.okstate.edu/quicken where you choose Download sample files. The farm income
and expense category list provided is by no means sacred. It is intended to serve as a beginning
point for your own personalized list. You may add, delete, or modify items in the list to make it
useful for your operation.
We will now import the farm income and expense categories to our current file to facilitate
farm financial record keeping and tax reporting. If you copied sample files to your computer
using the earlier instructions, the Farm Categories file is located in the C:\Workshop Files
folder. From the main menu, click
File
File Import
QIF File
Click Browse to locate the Farm Categories file in the C:\Workshop Files folder.
Click OK.
Use the mouse or space bar to select <All Accounts> and Category List (and deselect the other
items if necessary).
Click Import
Click Done
Click Tools in the main menu line at the top of the Quicken window and select Category
List to verify that your category list now contains Capital Sales, Farm, plus CCC Loans
Forfeited, CCC Received, Co-op Distributions, and other farm categories in addition to the
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original default list (you may need to click on All Categories on the left to see these). Scroll
through the list to become familiar with the names and descriptions of the categories. Income
items are listed first in alphabetical order, followed by Expense items, again in alphabetic order.
Note: Quicken includes the Farm Categories as Personal Income and Personal
Expenses to preserve Business Expenses for its internal Schedule C items. Dont
let this stress you as the categories are appropriately linked with Schedule F and
will show up in Tax Schedule reports correctly. The view of the category list may
be altered by clicking on the Options button in the lower left side. We do not use
the Type and Group part of the category list.
Add Categories
If you need to add additional categories that are already in one of the Quicken preset life
event lists, you can do so by clicking on the Options button in the lower left corner of the
category list window and choose Manage Categories.
From here, select from the Available Categories (Standard, Business, Investment, Rentals &
Royalties) in the drop-down list. The associated categories in that grouping are listed in the box
below it. You can Mark All or individually check the categories needed within a category group.
Note: You will only be able to add from Category groups not already included in your
category list. If Add cannot be selected because it is in gray scale, those categories are
already included.
Once the categories are selected, click

Add (middle of the window)
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OK
To add categories that are not on any of the built-in lists, click on the
New button
When creating new categories designate tax-related items as such and select the correct tax
form and line. Check with your accountant or tax preparer if you need guidanceyou can make
corrections later if necessary. Even if you select the tax line item for a category, it will not be
recognized in the preset tax reports unless the tax-related box is checked.
Lets assume that we want to create a new category that is a legitimate farm expense, that is,
something we will want to link to a Schedule F tax line item. For schedule F categories, it is best
to complete this screen in the following order:
1. Enter the Name, Crop advisory service.
2. Select Expense.
Click on the Tax Reporting tab.

1. Select the Tax-related category box. This box must be marked to allow transactions
associated with this category to appear in tax schedule and tax summary reports.
2. Select Extended line item list. Schedule F line items will now be made available in the
Tax Line Item box. You have to scroll down through a long list to select the appropriate
line.
3. In this case, select Schedule F: Other farm expenses from the Tax line item: drop-down
menu. Note that it is far down the list!
OK
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The category has now been added as you can see if you scroll down to the expense section
in the category list on your screen.
Delete Categories
You can easily remove categories that arent needed. Lets delete the Auto and Transport:
Public Transportation category by selecting that category:subcategory and then clicking the
Delete button to the right of the category name.
Click OK
Note: If you delete a category, the linked subcategories will be deleted simultaneously.
Add Subcategories
Setting up subcategories adds a second level of detail for reports and summaries. Fertilizer
purchase records, for example, can be identified as lime or 18-46-0 and tracked separately rather
than as one item under the Fertilizer & Lime category. At the same time, they will be subtotaled
together in the Fertilizer & Lime main category.
Note: Start with a simple category list and dont get carried away adding
subcategories. Subcategories should only be used for detailed information that is
needed for financial reporting or management decisions. Add second levels as you
find that you need them. Otherwise, record notes or additional information in the
memo field as a reminder.
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In the category list window, click New (lower left).
Note: If a subcategory has different tax attributes from the category, select
the correct tax line item. For example, if Office is the category,
subcategories for farm office and business office would be attached to
different tax schedules, Schedule F and Schedule C, respectively.
Click OK
Repeat the procedure above to add another subcategory for 18-46-0.
Close the category list by clicking on Done (bottom right) or the X in the upper right corner
of the Category List window.
Don't stress about making mistakes in setting up categoriesyou may rename or edit
categories as needed. To make corrections, go to the Category List and highlight the category
name and click Edit (on the right side). Changes made to an existing category are immediately
reflected in previously recorded transactions.
Set Up Tags
By using tags, you can add important report possibilities. We highly recommend using tags
as a means to associate income and expenses for different farm enterprises (or perhaps crop years
or partnership shares). This will allow you to print reports summarizing income and expenses for
specific components of the farm operation, for example, the cow/calf, wheat, or alfalfa
enterprise. When you imported the farm income and expense categories, several tags CowCalf,
Family Living, Hay, Milo, Oats, Overhead, Stocker, and Wheat were also imported. Lets add
an Alfalfa tag. From the main menu, click
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Tools
Tag List (or press Ctrl+L)
New (located in the lower left of the Tag List window)
Note: A Description may be added. Copy number: is used only if you are filing
multiple copies of a particular tax form because you have more than one
business entity and need to identify with which business this tag is associated.
Click OK
Add any other tags needed. Recording a tag along with a category for a transaction documents
more specifically how the income was earned or how the expense item was used.
To edit a tag, highlight the appropriate tag name by clicking on it, and then click
on the Edit button at the right.
Note: If the selected tag name has been used in transactions and you change it,
all previously recorded transactions will automatically change.
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To delete a tag, highlight the tag line and click on the Delete button to the right.
Note: We recommend that you run a report sorted by Tag before deleting one to
make sure there are no transactions which use it. For tags that will not be used in
the future, we suggest clicking on the Hide field next to the tag. This will not
remove it from previously recorded transactions, but will remove it from the tag list
in normal view. Deleting a tag that has been used will cause those transactions to
have a blank tag field.
We have decided we dont need the Oats tag since we do not raise oats.
Click on the Oats tag.
Delete
Close the Tag List by clicking on the X in the upper right corner or clicking Done in the lower
right corner.
Add Loan Accounts
Even if you do not use Quicken for maintaining a balance sheet, you may still want to
amortize and/or record loans using the liability account features.
Note: Line of credit notes are best handled as credit card accounts in Quicken. See
the line of credit account instructions under Various Topics for more details.
Note: Users may want to evaluate Quicken features for tracking net worth.
However, the balance sheet features in Quicken are not designed to maintain both
cost and market value information, nor can you calculate and record depreciation
from within Quicken. If you use Quicken to maintain a balance sheet, use the
appropriate asset/debt accounts and be sure to update asset values periodically. If
tracking assets at cost basis, use purchase price minus adjustments for depreciation
as the beginning balance. See Balance Sheet instructions for more information.
We have a land loan with a remaining balance of $73,126.04. The land note at origination
was for $94,936 to be repaid over 15 years at 8.5% interest with annual payments (9 years of
payments remain).
Add liability accounts
Tools
Add Account
Loan
Next
Add information as in the following screens.
17
Next
Next
18
In the Payment section, click Calculate if you do not have your Payment Amount. Quicken
will calculate an estimated payment amount (principal and interest).
Done
OK
Note that a payment amount, $11,556.50, has been calculated and now appears Payment Amount
(P+I) field in the Loan Setup window. Click Done again to accept the estimate.
A Set Up Loan Payment screen appears to prompt you to specify details about the payment.
Enter the additional information. We will use one of the farm categories that we imported earlier.
Category and subcategory should be entered exactly as Farm Interest Expense:Farm
Mortgage.
19
The loan payment requires a split transaction as the principal paid is applied to the loan
balance in the appropriate loan liability account (Land Note) while interest paid is recorded in
the checking register as an interest expense (Farm Interest Expense:Farm Mortgage). We will
add the tag, Overhead, when we make the first payment (see the Loan Payment instructions).
Click on the Payment Method button. Because we have two checking accounts, we need to
make sure the payment is coming from the correct account.
OK
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Click Done to close the Loan Payment window

A window will open asking if you would like to create an asset account associated
with the loan account you just set up.
Click No.
Note: If you want to create a balance sheet in Quicken and have an asset
account for each piece of property, you would respond Yes. If you choose No,
you can always add asset information later. See the balance sheet instructions
for more information.
Click Finish.
Enter Transaction Data Using Categories, Subcategories, and Tags
Payments, transfers, and deposits are generally referred to as transactions in Quicken. We
will begin by entering payments and deposits in the checking account.
Each field in the register is described following the screen capture in which fields are
numbered:
21
10
11
12
13
1. The name of the account register that is currently open is displayed here. In this case,
we are viewing the Checking account register.
2. The Flag button allows you to add flags, notes, or Alerts to follow-up on a
transaction.
3. Click on the Attach button to insert attachments such as check images, bills, or other
graphics.
4. The Date appears in the first column of the register. The Quicken default is the
current date. Simply type the date (01/01/2012), or click on the calendar icon and
highlight the correct date, or press the [+] or [-] keys to select the correct date.
5. The Check Number (if applicable) may be typed in the second column. If the checks
are in consecutive order, you may simply press the [+] or [-] key on your keyboard to
increase or decrease the check number by one, respectively. Entering DEP for a
deposit automatically moves the cursor to the Deposit column when entering the
amount. Other choices include EFT (Electronic Funds Transfer), ATM (Automatic
Teller Machine) transaction, or TXFR (Transfer) to another account.
6. The name of the Payee (for payments) and the Paid by (for receipts/deposits).
7. To add further details about the transaction, for example, pounds used or application
rate, enter information in the Memo field. Memos are useful for recording quantities,
signaling the potential need for a 1099, and for noting more detail about the
transaction that might be beneficial for filtering reports.
8. The name of the category and subcategory goes in the next column. To be able to
create reports summarizing income and expenses by category, you must specify a
22
category for each transaction. The format for labeling a transaction is

Category:Subcategory. The : after the category name signals that a subcategory will
follow. Thus, at the Category prompt for a transaction involving the purchase of lime
for the wheat enterprise, you could type Fertilizer & Lime:Lime where Fertilizer &
Lime is the category and Lime is a subcategory.
9. Here the Tag is used to denote an enterprise for which cost and return information is
of interest. In the example described in Check Numbered 6, we would use Wheat as
the tag as the lime was used for the wheat enterprise.
10. The Split button allows you to divide payments and deposits among more than one
category and/or tag. An example is demonstrated later in the instructions.
11. A payment made to someone is recorded in the Payment column. If a payee name
has been used previously, Quicken will recall the previous transaction amount
(Quickfill). To enter the correct amount, highlight and type in the Check Number.
Credits or deposits to the account are recorded in the Deposit column.
12. The Clr column shows each transaction as uncleared when blank, cleared with a c
or an R when the transaction has been reconciled (see reconciliation section).
13. The Save button is what you will click once the transaction information is recorded.
This saves the information to the file automatically.
Go to the checking register by clicking on Farm Checking under Banking (on the left
sidebar).
Press the F11 button on your keyboard to expand the register to full screen.
Practice a sample entry using the information below. Remember to use the [Tab] key to
move from one field to another.
Date:
Check Number:
Payee:
Memo:
Category:
Tag:
Payment:
1/4/12
1001
Yukon John Deere
Winch on pickup
Repairs and Maintenance
CowCalf
20.00
Once you type in a letter, Quicken will complete the word (QuickFill) by recalling from an
internal list (the category and tag lists were created earlier; the payee list is developed as you
record transactions). Once enough distinguishing letters are typed to get the correct Category
name, [Tab] to the Tag field and enter the first letter of the tag name. Again, once enough
distinguishing letters are typed to get the correct word, press [Tab] to move to the next field.
When you have finished typing in the information, click the Save button on the screen or
press [Enter] on your keyboard.
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Note: [Tab] is the default used to move between fields. If you see a pop-up window
asking if you want to use the [Enter] key, you can decide which is most
comfortable. If you choose to use [Enter], you will have to use [Ctrl + Enter] or
use your mouse to click the [Save] button on the screen to record the transaction.
We will record and display the Memo after the Category, choose Edit, Preferences, click
on Register, remove the check mark on Show Memo before Category.
OK
To have the register viewed as two-lines that has entry of Payment precede the Category
and Tag, click on Account Actions button at top right, and under Register Views and
Preferences, select Two-line Display.
Often a transaction with a particular company or payee will include items that should be
allocated to different categories and tags. In this case, you will split the transaction as needed.
For instance, the co-op bill might include Feed purchased for the CowCalf enterprise as well as
Gas, Fuel & Oil used in the Wheat enterprise. First, enter the total amount of the check:
Date:
1/4/12
Check Number:
1002
Payee:
Klondike Co-op
Payment:
421
Now, click on Split (or click on the Split icon on the right of the line, or press [Ctrl+S]).
Type in the following responses:
Note: Make sure the Split Total and Transaction Total match (bottom right of
the screen). Otherwise, you will need to recalculate the splits or Adjust the
Transaction Total that appears in the register.
24
Click OK after entering split information, then press [Enter] to record the transaction.
If you are writing a check to a business or individual for whom an earlier check was a split
transaction, Quicken assumes that you want to use the same format as before. Lets say that you
now want to enter a check to the Klondike Co-op which is for lime only.
Lets practice this:
Date:
Check Number:
Payee:
1/5/12
1003
Klondike Co-op
Click the red X (clear split lines) near the middle of the screen:
Click Yes to clear the split lines.

Enter in the category field, Fertilizer & Lime:Lime, and the tag, Wheat.
Payment:
355
Press [Enter]. (You may need to press [Enter] a second time.)

Review all split transactions, particularly those where the amount allocated to different
categories varies each time. Deposits, as well as checks written to discount stores or the co-op,
are good candidates for mistakes. If you dont clear all previous amounts and categories when
you enter a new transaction, you can end up with unintended amounts in categories.
Now, to record a deposit.... Lets say that our farmer had some alfalfa hay in storage and
recently sold some to a neighbor, Paul Bunyan. Go to a blank line and enter
Date:
1/11/12
Check Number: DEP (This will help ensure that your entry is made in the deposit
column after you enter the Paid by name and [Tab])
Payee:
Paul Bunyan
Memo:
8 tons hay
Category:
Raised Sales:OtherProducts
Tag:
Alfalfa
Deposit:
800
(If you didnt enter DEP in the Check Number column, be sure to
[Tab] over so the cursor is in the Deposit column!)
25
Save
Now begin entering the transactions for our farmer using the printed transaction register (in
the Reports following these instructions) from the Farm checking account. Begin at the top of the
sheet and practice recording transactions until you feel comfortable with the process.
Record Loan Payments
Let's assume it is now August 2012 and time to record a payment on the amortized land
loan. Click
Tools (from the drop-down menu)
Loan Details
If the Land Note is not the loan in view, click Choose Loan and select it.
Click the Make Payment button.
You are asked if this is a regular scheduled loan payment or extra payment.
Click Regularly scheduled loan payment.
OK
The Make Regular Payment screen is opened. First, click on the Split button in the middle.
We need to make sure to tag the label interest as an Overhead expense is inserted.
OK
Make sure the rest of the payment screen is correct and add the Check Number.
26
OK
If you are interested in viewing the Payment Schedule or Payment Graph, click on those tabs.
When finished viewing the loan history, future balance, total interest, etc., click Done.
You can confirm how the amounts applied to principal and interest are handled by clicking
on the land note payment line in the Farm Checking register and viewing the splits. Highlight the
Farm Credit transaction by clicking anywhere within the transaction. Click Split (or press
[Ctrl+S]) to open the Split Transaction window, or you may simply hover the cursor over - Split- -, which will show a pop up window with the split information. You will see that Quicken
27
has recorded the appropriate amounts to principal ($5,208.70 to the Land Note) and interest
($6,347.80 to Farm Interest Expense:Farm Mortgage).
If you opened the Split Transaction window, click Cancel to leave the split.
If you are in the Farm Checking account, you can also view the principal payment applied to
the outstanding loan balance by selecting the Farm Credit transaction, right-click (click the
right button of your mouse) and select Go To matching transfer. You will see a Balance
Adjustment entry was made for earlier principal payments. The principal portion of the current
payment from the checking account has been applied to the loan balance. (If you get a message
that the transaction is not a transfer, you didn't click Enter to record the payment information
earlier and it was not posted.)
Click on Farm Checking in the Account list to return to it.
Create Reports to Summarize Data Entered

Lets look at some sample reports that you might want to use in monitoring your financial
performance:
Cash flow summaries, including one by tag/enterprise (which also gives the overall total)
A summary of payments made to a payee
A tax schedule report
Because you may have entered only a few transactions in this file, we will close the file with
your name and open the sample file, LONDON12.
Click File
Open Quicken File
Click the small arrow next to the Look in: box to reveal the drop-down list.
Click Local Disk (C:).
Double click Workshop Files.
Click LONDON12.
28
Click OK.
Click
Reports
(from the menu bar)
Banking
Cash Flow
Note: You may receive a message that data is not available. Click Yes to change
the date range.
Select Yearly and 2011 as the date range. Click Dont Subtotal in the column
field. (The fields are circled in the screen below.)
Scroll through the report to view individual inflow and outflow items as well as totals using
the arrow keys or [Page Up] or [Page Down] keys on your keyboard. A copy of the report
(London Cash Flow - Yearly - 2011) is included in this tutorial. The annual cash flow statement
provides a summary of cash income and expenses for the year using the categories associated with
individual transactions. The cash flow report documents sources and uses of funds and can be
useful in developing budgets for future years.
When you have the cursor over a number in a report and see a magnifying glass, a
QuickZoom report is available. Double click to reveal the transactions that make up that number.
Click on the Back button in the upper left to return to the Cash Flow report.
29
Perhaps your lender requires a monthly cash flow report. Click the Customize button (the
icon appearing as a gear) to edit the Title: London Monthly Cash Flow and Column: Month.
OK
If you think you might want to use this report again, you can memorize its features by
clicking
Save Report (a disk icon in the taskbar).
Report Name: Monthly Cash Flow
Description: (optional)
Save in: use drop-down arrow to select <create new report folder>
30
OK
Note: If you select Save report history, you can track each step in developing this
report.
Click OK.
Now, let's develop a cash flow report by tag (farm enterprise). You may want to change the
title of the report. Click Customize at right gear icon.
Type the Title, London Cash Flow by Enterprise and for the Column select Tag, as shown
below.
31
Click OK.
A report showing a summary of cash inflows and outflows by tag (farm enterprise) for
last year appears. Review it to see the cash generated and used by the CowCalf enterprise
relative to the Wheat enterprise and to note totals by category for Family Living expenses (a
printed copy is in the Reports section). You may memorize this report for future use by clicking
the Save icon. Create a new folder and name it Financial Reports.
32
Check Save report history

Click OK
What if you want a summary of payments made to the Yukon John Deere dealer during the
year?
Click the Customize button.
Type the Title, Deere Transactions Summary.
Click the Payees tab.
Click on Clear All, then scroll through the list of Payees at left to mark Yukon John
Deere. Click OK. This assures that you have the correct spelling (and also have the opportunity
to see similarly spelled words in case you have misspelled the name at some time and need to
find/replace errors). (Alternatively, you can type Yukon John Deere in the Payee contains field;
however, the spelling and spacing must be exactly the same as in transactions or they will not be
included in this report.)
You will now have a summary of expenses at the Yukon John Deere dealership by category
and tag (printed version in the Reports section). Click the X to close the window (or press [Esc])
to leave the Deere Transactions Summary.
Dont Save
33
All of the previous reports have been examples of cash flow reports. We will now switch to
a different kind of report, the tax schedule report. When you begin gathering information to take
to the tax preparer, consider the differences between the tax schedule and tax summary reports.
Tax schedule reports list all transactions (or splits of a transaction) assigned to a category that is
attached to a specific tax form or schedule. Tax summary reports include transactions with
categories that have been noted as tax-related, whether or not a specific tax schedule has been
assigned. For example, capital sales items are noted as tax-related as they are needed for use in
calculating capital gains but are not transferred directly to a tax schedule.
Click Reports
Tax
Tax Schedule
Select Yearly and 2011 as the date range
This report lists every transaction assigned to a category attached to a tax schedule. To
prepare a report showing totals only (not individual transactions), click the Customize icon.
Modify the Title: Tax Schedule Totals Only. In the Show section (as circled in the center
of the Customize Tax Schedule screen below), select Totals only. We have also removed the
fields for Num, Description, and Memo since they are not needed for this report.
Click OK.
34
You now have a summary of the information needed for tax reporting purposes by schedule. In
our example, the report begins with Schedule A (deductions including charitable contributions),
Schedule B (interest income), and continues to Schedule F (farm income and expense items)
and ends with a W-2 (wages and salary) summary.
Exit the Reports window by clicking on the X in the upper right corner. You can choose whether
to save the report or not.
View a Graph of Income and Expenses
It's said that a picture is worth a thousand words. Quicken makes it easy for you to get a
quick picture of income relative to expenses, as well as income and expense composition.
Click Reports
Graphs
Income and Expense by Category
Select the date range, Yearly and 2011 and Month for the interval.
35
You will see a bar chart showing monthly income and expenses. By double clicking on an
individual bar, you can see the categories, amounts, and percentage of the total for that month.
Click X to close the Income Comparison window.

As with the reports, you may memorize useful graphs. Click the Save Report icon.
Report Name: Monthly Income/Expense Chart
Save in: use the drop down arrow and select (create new report folder),
Name: Farm Reports
OK
36
Exit the Income/Expense by Category window by clicking on the X in the upper right corner.
To view a chart showing how money has been spent throughout the year, close the current
Report window and click
Reports
Spending
Spending by Category
Select the Date range: Yearly and 2011 with the Column: None. To focus on farm
expenditures, click on
Customize gear icon
Title: Farm Spending by Category
Click on the Tags tab
Remove the check mark from Family Living.
OK
If you want to view the report along with the graph, click on Show Report at the bottom
right of the screen.
37
Click on the Collapse All button to show totals only in the report.
Click on Save report icon and choose the Farm Reports Folder.
Close the Spending Report Category window.
To view your saved reports and graphs, click
Reports
Reports and Graph Center (or My Saved Reports & Graphs)
Back Up Data
Quicken automatically saves the data that you have entered in the file on which you have
been working as you enter transactions. However, regularly save a backup copy on a compact
disc (CD), DVD, or thumb drive in the event of computer hardware problems. Instructions for
backing up your data on a CD are given later in the manual. Since we copied the LONDON12
file to the C: drive earlier and have been working from that file, we will back up our data on the
D: drive. To back up your data, be sure your CD is in the computer and complete the information
38
as indicated on the following screen. You can utilize the browse buttons to select both the file
you want to back up and the backup location.
Select
File
Backup and Restore
(or press Ctrl+B)
Back up Quicken File
Note: Clicking the Add the date to backup file name attaches the date to the file
name for easier reference. This may not work if you are using certain removable
data storage (zip, thumb drive) as it may not be able to handle a file name of
more than 8 characters.
Click Back up Now
You should receive a message that the file has been backed up successfully.
Click OK
Now, click File
Exit (This closes the Quicken program.)
Note: It would be wise to back up your information on multiple CDs and back
up often. Alternate the disks that you use so that you minimize the potential loss
of information due to faulty disks
39
CONGRATULATIONS! You have now completed the basic Quicken workshop for farm
financial records! Hopefully, you will want to apply your newly learned skills to your own
farming operation. Refer to this tutorial and the Quicken manual for assistance in setting up your
own record keeping system.
40
Standard Category List

10/18/2011 Category
Div Income
Interest Inc
Net Salary
Net Salary Spouse
Other Inc
Auto & Transport
Type
Income
Income
Income
Income
Income
Expense
Auto Insurance
Expense
Auto Payment
Expense
Car Wash
Expense
Gas & Fuel
Expense
Parking
Expense
Public Transportation Expense
Registration
Expense
Service & Parts
Expense
Tolls
Expense
Bills & Utilities
Expense
Credit Card Payment Expense
Home Phone
Expense
Internet
Expense
Mobile Phone
Expense
Television
Expense
Utilities
Expense
Cash & ATM
Expense
Deposit to Savings
Expense
Education
Expense
Books & Supplies
Expense
Student Loan
Expense
Tuition
Expense
Entertainment
Expense
Amusement
Expense
Arts
Expense
Movies & DVDs
Expense
Music
Expense
Newspaper & Magaz... Expense
Fees & Charges
Expense
ATM Fee
Expense
Bank Fee
Expense
Late Fee
Expense
Service Fee
Expense
Trade Commissions
Expense
Financial
Expense
Financial Advisor
Expense
Life Insurance
Expense
Food & Dining
Expense
Alcohol & Bars
Expense
Coffee Shops
Expense
Fast Food
Expense
Description
Tax Line Item
Dividend Income
Interest Income
Your net paycheck...
Spouse's net payc...
Other Income
Auto & Transport
Auto Insurance
Auto Payment
Car Wash
Gas & Fuel
Parking
Public Transportati...
Registration for yo...
Service & Parts
Tolls for highways,...
Bills & Utilities
Credit Card Paym...
Home Phone
Internet
Mobile Phone
Television
Utilities such as G...
Cash & ATM
A deposit or transf...
Education
Books & Supplies
Student Loan
Tuition
Entertainment
Amusement
Arts
Movies & DVDs
Music
Newspaper & Mag...
Fees & Charges
ATM Fee
Bank Fee
Late Fee
Service Fee
Trade Commissions
Financial
Financial Advisor
Life Insurance
Food & Dining
Alcohol & Bars
Coffee Shops
Fast Food
Schedule B:Dividend income T

Schedule B:Interest income T
41
Form 1040:Other income, misc. T
Schedule A:Personal property taxes T
Schedule A:Investment management f...
Page 1
Hide
10/18/2011
Category
Groceries
Restaurants
Gifts & Donations

Category List
Type
Expense
Expense
Expense
Charity
Expense
Gift
Expense
Health & Fitness
Expense
Dentist
Expense
Doctor
Expense
Eyecare
Expense
Gym
Expense
Health Insurance
Expense
Pharmacy
Expense
Sports
Expense
Home
Expense
Furnishings
Expense
HOA Dues
Expense
Home Improvement
Expense
Home Insurance
Expense
Home Services
Expense
Home Supplies
Expense
Lawn & Garden
Expense
Mortgage & Rent
Expense
Mortgage Interest
Expense
Interest Exp
Expense
IRA Contribution
Expense
Kids
Expense
Allowance
Expense
Baby Supplies
Expense
Babysitter & Daycare Expense
Child Support
Expense
Kids Activities
Expense
Toys
Expense
Misc.
Expense
Not Sure
Expense
Personal Care
Expense
Hair
Expense
Laundry
Expense
Spa & Massage
Expense
Pets
Expense
Pet Food & Supplies
Expense
Pet Grooming
Expense
Vet
Expense
Shopping
Expense
Books
Expense
Clothing
Expense
Electronics & Software Expense
Hobbies
Expense
Description
Tax Line Item
Groceries
Restaurants
Gifts & Donations
Charity
Gift
Health & Fitness
Dentist
Doctor
Eyecare
Gym
Health Insurance
Pharmacy
Sports
Home
Furnishings
Homeowner's Ass...
Home Improvement
Home Insurance
Home Services
Home Supplies
Lawn & Garden
Mortgage & Rent
The interest portio...
Finance charges, li...
IRA Contribution
Kids
Allowance
Baby Supplies
Babysitter & Dayc...
Child Support
Kids Activities
Toys
Miscellaneous Exp...
Expenses I am not...
Personal Care
Hair
Laundry
Spa & Massage
Pets
Pet Food & Supplies
Pet Grooming
Vet
Shopping
Books
Clothing
Electronics & Soft...
Hobbies
42
Schedule A:Cash charity contributions T
Schedule A:Doctors, dentists, hospital...

Schedule A:Home mortgage interest (1...

Form 1040:IRA contribution, self T
Form 2441:Qualifying childcare expen...
Page 2
Hide

10/18/2011
Category
Sporting Goods
Tax
Property
Travel
Air Travel
Hotel
Rental Car & Taxi
Vacation
Type
Description
Tax Line Item
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Sporting Goods
Taxes
Property Tax
Travel
Air Travel
Hotel
Rental Car & Taxi
Vacation
43
T
Schedule A:Real estate taxes T
Page 3
Hide
Business Category List

10/18/2011 Category
Consulting Income (Bu...
Other Income (Business)
Sales (Business)
Advertising (Business)
Car & Truck (Business)
Discounts (Business)
Insurance (Business)
Meals & Entertainment (...
Misc. Expense (Busines...
Not Sure, Biz
Office Expenses (Busin...
Postage and Delivery (B...
Printing and Reproducti...
Prof and Legal Fees
Supplies (Business)
Taxes (Business)
Licenses (Business)
Local Tax (Business)
Travel (Business)
Utilities (Business)
Internet (Business)
Telephone (Business)
Page 1
Hide
Type
Description
Tax Line Item
Income
Income
Income
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Consulting Income fo...

Other Business Income
Gross Sales for your ...
Advertising expensse...
Car & Truck expense...
Discount expense for ...
Business insurance (...
Meals & Entertainme...
Misc. Business Expe...
Schedule C Expense ...
Office Expenses for y...
Postage and Delivery...
Printing and Reprodu...
Professional and Leg...
Supplies for your busi...
Taxes & Licenses for ...
Licenses for your bus...
Local Tax on your bu...
Business Travel Expe...
Business Utilities
Internet Connection e...
Telephone expenses ...
Schedule C:Gross receipts or sales T

Schedule C:Other business income T
Schedule C:Gross receipts or sales T
Schedule C:Advertising T
Schedule C:Car and truck expenses T
Schedule C:Returns and allowances T
Schedule C:Insurance, other than health T
Schedule C:Meals and entertainment T
Schedule C:Other business expenses T
Schedule C:Unspecified Business Expe...
Schedule C:Office expenses T
Schedule C:Legal and professional fees T
Schedule C:Supplies (not from COGS) T
Schedule C:Taxes and licenses T
Schedule C:Travel T
Schedule C:Utilities T
44
Investment Category List

10/18/2011 Category
_DivInc
_DivIncTaxFree
_EmpStkOptInc
_EmpStkOptIncSpouse
_ESPP Self Income
_ESPP Spouse Income
_IntInc
_IntIncTaxFree
_LT CapGnDst
_MT CapGnDst
_RlzdGain
_ST CapGnDst
_UnrlzdGain
_Accrued Int
_Accrued Int TaxFree
_IntExp
Page 1
Hide
Type
Description
Tax Line Item
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Expense
Expense
Expense
Dividend
Tax-Free Dividend
Employee Stock Opti...
Employee Stock Opti...
ESPP Self Income
ESPP Spouse Income
Investment Interest In...
Tax-Free Inv Interest ...
Long Term Cap Gain ...
Mid Term Cap Gain D...
Realized Gain/Loss
Short Term Cap Gain...
Unrealized Gain/Loss
Accrued Interest
Tax-Free Accrued Int...
Investment Interest E...

Schedule B:Div. income, non-taxable T
W-2:Salary or wages, self T
W-2:Salary or wages, spouse T
W-2:Salary or wages, self T
W-2:Salary or wages, spouse T
Schedule B:Int. income, non-taxable T
Schedule D:Div. income, cap gain distrib...
Schedule D:Div. income, cap gain distrib...
T
45

Schedule B:Int. income, non-taxable T
Form 4952:Investment interest expense T
H
H
H
H
H
H
H
H
H
H
H
H
H
H
H
H
Rents and Royalties Category List

10/18/2011 Category
Rents Received
Royalties Received
Security Deposit Forfeit
Tenant Late Fee (Rental)
Advertising (Rental)
Auto and Travel (Rental)
Cleaning and Maintena...
Commissions (Rental)
HOA Dues (Rental)
Legal & Professional Fe...
Management Fees (Ren...
Mortgage Interest Expe...
Not Sure, Rental
Other Expenses (Rental)
Other Interest Expense ...
Rental Insurance (Rental)
Repairs (Rental)
Supplies (Rental)
Taxes (Rental)
Utilities (Rental)
Page 1
Hide
Type
Description
Tax Line Item
Income
Income
Income
Income
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Rents Received
Royalties Received
Security Deposit Forfeit
Late Fee on Rents fro...
Advertising for Rental...
Auto and Travel expe...
Cleaning and Mainten...
Commissions on Ren...
Homeowners Associa...
Legal & Professional ...
Management Fees on...
Mortgage Interest Ex...
Schedule E Expense,...
Other Expenses on R...
Other Interest Expens...
Insurance on Rental ...
Repairs on Rental Pr...
Supplies for Rental P...
Taxes on Rental Prop...
Water, Gas, Electric ...
Schedule E:Rents received T

Schedule E:Royalties received T
Schedule E:Advertising T
Schedule E:Auto expense T
Schedule E:Cleaning and maintenance T
Schedule E:Commissions T
Schedule E:Other expenses T
Schedule E:Legal and professional fees T
Schedule E:Management fees T
Schedule E:Mortgage interest expense T
Schedule E:Unspecified Rental Expense T
Schedule E:Other expenses T
Schedule E:Other interest expense T
Schedule E:Insurance T
Schedule E:Repairs T
Schedule E:Supplies T
Schedule E:Taxes T
Schedule E:Utilities T
46
Farm Category List

10/18/2011 Category
Capital Sales, Farm
CCC Loans Forfeited
CCC Received
Co-op Distributions
Crop Insurance Benefits
Crop Insurance Deferre...
Custom Income, Farm
Government Payments
Livestock Resale
Type
Income
Income
Income
Income
Income
Income
Income
Income
Income
Stocker Steers
Income
Margin Income
Income
Marketing Income
Income
Other Farm Income
Income
Raised Sales
Income
Grain
Income
Livestock
Income
Other Products
Income
Capital Purchases
Expense
Car & Truck, Farm
Expense
Chemicals
Expense
Conservation
Expense
Consultants, Farm
Expense
Custom Hire
Expense
Dues
Expense
Farm Dues
Expense
Employee Benefits, Farm Expense
Farm Interest Expense
Expense
Farm Interest Other
Expense
Farm Mortgage
Expense
Feed Purchased
Expense
Fertilizer & Lime
Expense
Freight and Trucking
Expense
Gas, Fuel, & Oil, Farm
Expense
Insurance
Expense
Farm Insurance
Expense
Labor Hired
Expense
Livestock Basis
Expense
Margin Expense
Expense
Marketing Expense
Expense
Office
Expense
Farm Office
Expense
Other Expenses
Expense
Farm Expenses Other
Expense
Pension & Profit Sharin... Expense
Rent
Expense
Land
Expense
Livestock
Expense
Description
Tax Line Item
Capital Sales
CCC Loans Forfeited/...
CCC Loans Received
Co-op Distributions
Crop Insurance Bene...
Crop Insurance Proc...
Custom Hire Income
Govt. program payme...
Resales of purch lvstk
Stocker Steers
Margin Income
Marketing Income
Other Farm Income
Page 1
Hide
T
Schedule F:CCC loans forfeited or repai...
Schedule F:CCC loans reported/election T
Schedule F:Total co-op. distributions T
Schedule F:Crop ins. proceeds received T
Schedule F:Crop ins. proceeds deferred T
Schedule F:Custom hire income T
Schedule F:Agricultural program payme...
Schedule F:Resales of livestock/items T
Schedule F:Resales of livestock/items T
Schedule F:Other farm income T
Schedule F:Sales livestock/product raise...
Sale of Raised Grain
Schedule F:Sales livestock/product raise...
Sale of Raised Livest... Schedule F:Sales livestock/product raise...
Sale of Other Raised ... Schedule F:Sales livestock/product raise...
Capital Purchases, F... T
Farm Vehicles
Schedule F:Car and truck expenses T
Ag Chemicals
Schedule F:Chemicals T
Conservation Expense Schedule F:Conservation expenses T
Consulting Expense
Schedule F:Other farm expenses T
Custom Hire Expense Schedule F:Custom hire expenses T
Dues
Farm Dues
Schedule F:Other farm expenses
Employee Benefits
Schedule F:Employee benefit programs T
Interest Expense
Schedule F:Interest expense, other T
Interest (not mortgage) Schedule F:Interest expense, other T
Farm Mortgage Interest Schedule F:Interest expense, mortgage T
Feed Purchased
Schedule F:Feed purchased T
Fertilizer and Lime
Schedule F:Fertilizers and lime T
Schedule F:Freight and trucking T
Gas, Fuel, Oil
Schedule F:Gasoline, fuel, and oil T
Insurance
Liability, Disability, et... Schedule F:Insurance, other than health T
Labor Hired
Schedule F:Labor hired T
Resale Livestock Cos... Schedule F:Cost of resale livestock/item...
Margin Expense
Marketing Expense
Office Expenses
T
Farm Office Expense
Other Expenses
T
Other Farm Expenses Schedule F:Other farm expenses T
Contribution to Empl... Schedule F:Pension/profit sharing plans T
T
Land Rental Expenses Schedule F:Rent/lease land, animals T
Rent Animals, Misc.
Schedule F:Rent/lease land, animals T
47
Farm Category List

10/18/2011
Category
Vehicles, Machinery, E...
Seed and Plants
Storage and Warehousi...
Subscriptions
Farm Subscriptions
Supplies
Tax
Farm Property Taxes
Farm Taxes Other
Utilities
Farm Utilities
Veterinary
Breeding Fees
Medicine
Page 2
Hide
Type
Description
Tax Line Item
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Rent Vehicle,Mach, E...

Repairs
Seeds and Plants Pur...
Storage & Warehousi...
Subscriptions
Farm Subscriptions
Supplies
Taxes
Farm Property Taxes
Other Farm Taxes
Water, Gas, Electric
Farm Utilities
Veterinary fees & med
Semen, AI Services
Livestock Medicine
Schedule F:Rent/lease vehicles, equip. T

Schedule F:Repairs and maintenance T
Schedule F:Seeds and plants purchased...
Schedule F:Storage and warehousing T
48

Schedule F:Supplies purchased T
T
Schedule F:Taxes T
Schedule F:Taxes T
Schedule F:Utilities T
Schedule F:Vet, breeding, and medicine T
Transaction
2/1/2011 through 4/1/2011
10/31/2011
Page 1
Date
Account
BALANCE 1/31/2011
2/1/2011
Checking
2/2/2011
Checking
Num
733
DEP
2/5/2011
2/7/2011
2/7/2011
2/12/2011
2/14/2011
2/15/2011
2/16/2011
2/16/2011
2/16/2011
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
EFT
734
735
736
737
738
I
SC
DEP
2/18/2011
2/18/2011
2/18/2011
2/19/2011
2/19/2011
2/21/2011
Checking
Checking
Checking
Checking
Checking
Checking
740
739
741
742
743
744
2/25/2011
2/25/2011
2/25/2011
2/28/2011
2/28/2011
Checking
Checking
Checking
Checking
Checking
747
746
745
748
749
3/2/2011
Checking
DEP
3/5/2011
3/8/2011
3/8/2011
3/8/2011
3/8/2011
3/8/2011
3/8/2011
3/8/2011
3/8/2011
3/14/2011
3/16/2011
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
EFT
DEP
DEP
754
751
750
752
753
1013
DEP
Description
Memo
Mytown Res...
... Julie London
Category
Tag
Dining
Family...
Salary Spouse Family...
Tax Spouse:... Family...
Manulife
Insurance
Family...
Southwester...
Utilities:Tele... Family...
Eastside Cle...
Clothing
Family...
St. Andrew ...
Charity
Family...
CowCalf
James Herriot
Veterinary
REC
Utilities
Family...
Interest Earn...
Interest Inc
Family...
Service Char...
Bank Charge Family...
... Julie London
Hometown H...
Groceries
Family...
St. Andrew ...
Charity
Family...
Tener's
Clothing
Family...
Hometown H...Groceries
Groceries
Family...
St. Andrew ...
Charity
Family...
S Klondike Co-...
Fertilizer & L... Wheat
Gas, Fuel, &... CowCalf
REC
Utilities
Family...
ONG
Utilities
Family...
Cablevision
Entertainment Family...
Yukon John ... Pickup Rep... Repairs and ... CowCalf
S J & M Farm ...
Fertilizer & L... Wheat
... Julie London
Manulife
Insurance
Family...
Steer Sales 28 hd @ 7.... Raised Sale... CowCalf
Heifer Sales 34 hd @ 7.... Raised Sale... CowCalf
Southwester...
OK Farm Bu...
Insurance
Family...
Eddie Electric
Home Rpair Family...
Overhead D... Invoice 424... Home Repair Family...
Pay down cr...
[CrdtLine]
**VOID**
Mastercard
[Mastercard]
... Julie London
49
Clr
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
Amount
-98,657.39
-15.00
923.07
-87.00
-57.23
-25.85
-13.38
-32.59
-96.25
-24.10
-30.00
-508.00
-35.07
4.12
-1.00
923.07
-87.00
-57.23
-25.85
-13.38
-99.89
-30.00
-27.77
-33.99
-30.00
-4,005.73
-56.50
-32.18
-57.00
-18.30
-20.00
-2,176.00
-52.00
923.07
-87.00
-57.23
-25.85
-13.38
-32.59
18,375.00
19,635.00
-119.18
-330.90
-35.00
-610.74
-30,000.00
0.00
-118.40
923.07
-87.00
Transaction
2/1/2011 through 4/1/2011
10/31/2011
Page 2
Date
3/16/2011
3/16/2011
3/17/2011
3/18/2011
3/19/2011
3/20/2011
3/23/2011
3/23/2011
3/25/2011
3/29/2011
3/29/2011
3/29/2011
3/29/2011
3/30/2011
3/30/2011
3/30/2011
3/30/2011
3/30/2011
Account
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
3/30/2011
Checking
3/30/2011
Checking
3/30/2011
Checking
3/30/2011
Checking
3/31/2011
Checking
4/1/2011
Checking
4/1/2011
Checking
4/1/2011
Checking
3/14/2011
Mastercard
3/8/2011
CrdtLine
3/31/2011
CrdtLine
2/1/2011 - 4/1/2011
Num
I
SC
755
756
757
758
759
760
761
765
763
764
766
773
769
DEP
770
DEP
772
771
767
768
774
775
Description
Memo
Category
Tag

Interest Earn...
Interest Inc
Family...
Service Char...
Bank Charge Family...
Penney's
Clothing
Family...
St. Andrew ...
Charity
Family...
Rafter H Tru... 98 miles @... Freight and ... CowCalf
Hometown H...
Groceries
Family...
Eastside
Clothing
Family...
Hometown H...
Groceries
Family...
St. Andrew ...
Charity
Family...
Klondike Co-...
REC
Utilities
Family...
ONG
Utilities
Family...
Misc
Family...
Postmaster
Klondike Co-...
Yukon John ...
Repairs and ... CowCalf
Deposit ASC...
Government ...Wheat
Hi Pro Anim...
Veterinary
CowCalf
... Julie London
Southwester...
Mytown New...4-10 to 10-... Subscriptions Family...
St. Andrew ...
Charity
Family...
Cablevision
Entertainment Family...
Pay down cr...
[CrdtLine]
Annie Accou...
Consultants,... Family...
Atwood's
Misc
CowCalf
Beyond Har... Riding lawn...Misc
Family...
Mastercard
[Checking]
Pay down cr...
[Checking]
Pay down cr...
[Checking]
BALANCE 4/1/2011
Clr
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
Amount
-57.23
-25.85
-13.38
4.72
-1.00
-32.00
-30.00
-186.20
-176.43
-8.00
-71.83
-30.00
-56.50
-29.56
-47.81
-32.18
-52.00
-20.00
3,112.00
-283.00
923.07
-87.00
-57.23
-25.85
-13.38
-99.58
-45.00
-30.00
-18.30
-10,240.00
-150.00
-62.01
-1,995.56
118.40
30,000.00
10,240.00
32,862.15
-65,795.24
TOTAL INFLOWS
TOTAL OUTFLOWS
NET TOTAL
50
86,104.59
-53,242.44
32,862.15
Cash Flow - 2011

1/1/2011 through 12/31/2011
10/18/2011
1/1/201112/31/2011
Category
INFLOWS
Uncategorized
Capital Sales, Farm
Co-op Distributions
Government Payments
Interest Inc
Raised Sales
Grain
Livestock
TOTAL Raised Sales
Salary
Salary Spouse
TOTAL INFLOWS
739.61
10,000.00
27.67
3,112.00
92.73
42,169.64
38,010.00
80,179.64
500.00
22,893.29
117,544.94
OUTFLOWS
Uncategorized
Auto
Service
TOTAL Auto
Bank Charge
Charity
Clothing
Consultants, Farm
Custom Hire
Dining
Dues
Farm Dues
TOTAL Dues
Entertainment
Farm Interest Other
Farm Mortgage
TOTAL Farm Interest Expense
Feed Purchased
Fertilizer & Lime
Gifts
Groceries
Home Repair
Home Rpair
Household
Insurance
Labor Hired
Medical
51
6,931.87
262.88
182.58
445.46
14.80
1,185.00
998.27
150.00
428.60
414.36
24.00
24.00
3,281.02
603.61
8,109.00
8,712.61
1,635.00
10,526.73
186.20
6,743.00
426.66
2,617.73
1,585.74
35.00
157.64
2,816.99
5,076.00
533.79
Page 1
Cash Flow - 2011

1/1/2011 through 12/31/2011
10/18/2011
1/1/201112/31/2011
Category
Misc
Other Expenses
Farm Expenses Other
TOTAL Other Expenses
Rent
Land
TOTAL Rent
Subscriptions
Tax
Fed
Medicare
SDI
Soc Sec
State
TOTAL Tax
Tax Spouse
Fed
Medicare
Soc Sec
State
TOTAL Tax Spouse
Utilities
Telephone
TOTAL Utilities
Veterinary
TOTAL OUTFLOWS
2,289.08
559.00
559.00
8,055.00
8,055.00
8,196.50
60.00
52.00
6.25
0.00
31.00
18.50
107.75
2,088.00
321.12
1,373.52
975.40
4,758.04
1,311.16
684.40
1,995.56
1,756.50
82,703.90
OVERALL TOTAL
34,841.04
52
Page 2
London Monthly Cash Flow - 2011

1/1/2011 through 12/31/2011
10/20/2011
Category
INFLOWS
Uncategorized
Capital Sales, Farm
Co-op Distributions
Government Payments
Interest Inc
Raised Sales
Grain
Livestock
TOTAL Raised Sales
Salary
Salary Spouse
TOTAL INFLOWS
OUTFLOWS
Uncategorized
Auto
Service
TOTAL Auto
Bank Charge
Charity
Clothing
Consultants, Farm
Custom Hire
Dining
Dues
Farm Dues
TOTAL Dues
Entertainment
Farm Interest Other
Farm Mortgage
Feed Purchased
Fertilizer & Lime
Gifts
Groceries
Home Repair
Home Rpair
Household
Insurance
Labor Hired
Medical
Misc
Other Expenses
Farm Expenses Other
Rent
1/1/20111/31/2011
2/1/20112/28/2011
3/1/20113/31/2011
4/1/20114/30/2011
Page 1
0.00
10,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.12
0.00
0.00
0.00
3,112.00
4.72
0.00
0.00
0.00
0.00
6.31
0.00
0.00
0.00
0.00
1,846.14
11,846.14
0.00
0.00
0.00
0.00
1,846.14
1,850.26
0.00
38,010.00
38,010.00
0.00
2,769.21
43,895.93
0.00
0.00
0.00
500.00
1,846.14
2,352.45
0.00
0.00
0.00
0.00
0.00
135.00
27.80
0.00
0.00
15.00
0.00
0.00
0.00
0.00
1.00
90.00
51.87
0.00
0.00
15.00
0.00
0.00
0.00
0.00
1.00
90.00
40.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
90.00
0.00
150.00
0.00
64.75
0.00
0.00
18.29
0.00
0.00
18.30
0.00
0.00
18.30
0.00
0.00
9.51
0.00
0.00
0.00
897.00
0.00
0.00
108.50
0.00
316.88
0.00
0.00
0.00
32.59
0.00
70.00
0.00
0.00
0.00
0.00
0.00
6,181.73
0.00
108.50
0.00
133.88
0.00
0.00
0.00
32.59
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
186.20
108.50
0.00
248.26
610.74
35.00
0.00
363.49
0.00
0.00
32.18
603.61
0.00
603.61
0.00
0.00
0.00
102.00
103.44
181.93
0.00
0.00
0.00
32.59
0.00
20.00
2,080.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
53
London Monthly Cash Flow - 2011

1/1/2011 through 12/31/2011
10/20/2011
Category
Land
TOTAL Rent
Subscriptions
Tax
Fed
Medicare
SDI
Soc Sec
State
TOTAL Tax
Tax Spouse
Fed
Medicare
Soc Sec
State
TOTAL Tax Spouse
Utilities
Telephone
TOTAL Utilities
Veterinary
TOTAL OUTFLOWS
OVERALL TOTAL
1/1/20111/31/2011
2/1/20112/28/2011
3/1/20113/31/2011
4/1/20114/30/2011
Page 2
0.00
0.00
66.00
0.00
0.00
0.00
20.00
0.00
0.00
0.00
20.00
45.00
0.00
0.00
20.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
52.00
6.25
0.00
31.00
18.50
107.75
174.00
26.76
114.46
51.70
366.92
61.66
0.00
61.66
0.00
2,115.64
174.00
26.76
114.46
51.70
366.92
124.25
96.25
220.50
508.00
7,748.29
261.00
40.14
171.69
77.55
550.38
77.37
218.76
296.13
283.00
2,928.18
174.00
26.76
114.46
406.70
721.92
64.23
0.00
64.23
0.00
4,352.75
9,730.50
-5,898.03
40,967.75
-2,000.30
54
London Cash Flow by Enterprise - 2011

1/1/2011 through 12/31/2011
10/20/2011
Category
INFLOWS
Uncategorized
Capital Sales, Farm
Co-op Distributions
Government Payments
Interest Inc
Raised Sales
Grain
Livestock
TOTAL Raised Sales
Salary
Salary Spouse
TOTAL INFLOWS
OUTFLOWS
Uncategorized
Auto
Service
TOTAL Auto
Bank Charge
Charity
Clothing
Consultants, Farm
Custom Hire
Dining
Dues
Farm Dues
TOTAL Dues
Entertainment
Farm Interest Other
Farm Mortgage
Feed Purchased
Fertilizer & Lime
Untagged Trans...
CowCalf
Family Living
Overhead
Wheat
OVERALL
TOTAL
0.00
10,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
92.73
0.00
0.00
27.67
0.00
0.00
0.00
0.00
0.00
3,112.00
0.00
0.00
10,000.00
27.67
3,112.00
92.73
0.00
0.00
0.00
500.00
0.00
10,500.00
0.00
38,010.00
38,010.00
0.00
0.00
38,010.00
0.00
0.00
0.00
0.00
23,816.36
23,909.09
0.00
0.00
0.00
0.00
0.00
27.67
42,169.64
0.00
42,169.64
0.00
0.00
45,281.64
42,169.64
38,010.00
80,179.64
500.00
23,816.36
117,728.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
778.54
262.88
182.58
445.46
14.80
1,185.00
998.27
150.00
0.00
414.36
6,153.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
428.60
0.00
6,931.87
262.88
182.58
445.46
14.80
1,185.00
998.27
150.00
428.60
414.36
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3,281.02
24.00
24.00
0.00
0.00
0.00
0.00
24.00
24.00
3,281.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,635.00
0.00
186.20
0.00
0.00
0.00
0.00
0.00
0.00
603.61
8,109.00
8,712.61
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10,526.73
0.00
603.61
8,109.00
8,712.61
1,635.00
10,526.73
186.20
55
Page 1

1/1/2011 through 12/31/2011
10/20/2011
Category
Gifts
Groceries
Home Repair
Home Rpair
Household
Insurance
Labor Hired
Medical
Misc
Other Expenses
Farm Expenses Other
Rent
Land
TOTAL Rent
Subscriptions
Tax
Fed
Medicare
SDI
Soc Sec
State
TOTAL Tax
Tax Spouse
Fed
Medicare
Soc Sec
State
TOTAL Tax Spouse
Utilities
Telephone
TOTAL Utilities
Veterinary
TOTAL OUTFLOWS
Untagged Trans...
CowCalf
Family Living
Overhead
Wheat
OVERALL
TOTAL
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
801.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
62.01
0.00
426.66
2,617.73
1,585.74
35.00
157.64
2,816.99
0.00
533.79
2,227.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,942.00
0.00
0.00
0.00
0.00
0.00
0.00
5,076.00
0.00
0.00
6,743.00
426.66
2,617.73
1,585.74
35.00
157.64
2,816.99
5,076.00
533.79
2,289.08
0.00
0.00
331.00
331.00
0.00
0.00
0.00
0.00
228.00
228.00
559.00
559.00
0.00
0.00
0.00
0.00
1,575.00
1,575.00
696.00
0.00
0.00
0.00
15.00
60.00
0.00
0.00
0.00
0.00
6,480.00
6,480.00
7,485.50
0.00
8,055.00
8,055.00
8,196.50
60.00
52.00
6.25
0.00
31.00
18.50
107.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
52.00
6.25
0.00
31.00
18.50
107.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
107.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,756.50
7,042.71
2,175.00
334.50
1,430.75
1,001.25
4,941.50
1,311.16
684.40
1,995.56
0.00
24,680.13
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
14,889.94
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
36,166.83
2,175.00
334.50
1,430.75
1,001.25
4,941.50
1,311.16
684.40
1,995.56
1,756.50
82,887.36
56
Page 2

1/1/2011 through 12/31/2011
10/20/2011
Category
OVERALL TOTAL
Untagged Trans...
10,392.25
CowCalf
30,967.29
57
Family Living
-771.04
Overhead
-14,862.27
Wheat
9,114.81
OVERALL
TOTAL
34,841.04
Page 3
Tax Schedule - Current Year

10/20/2011
1/1/2011 through 12/31/2011
Date
Account
Schedule A
Medicine and drugs
1/29/2011
Checking
4/12/2011
Checking
8/12/2011
Checking
8/16/2011
Checking
8/18/2011
Checking
8/19/2011
Checking
9/17/2011
Checking
9/30/2011
Checking
10/9/2011
Checking
10/28/2011
Checking
11/6/2011
Checking
11/25/2011
Checking
11/29/2011
Checking
12/10/2011
Checking
Cash charity contributions
1/15/2011
Checking
1/21/2011
Checking
1/21/2011
Checking
1/28/2011
Checking
1/30/2011
Checking
2/12/2011
Checking
2/18/2011
Checking
2/19/2011
Checking
3/18/2011
Checking
3/25/2011
Checking
3/30/2011
Checking
4/8/2011
Checking
4/21/2011
Checking
4/29/2011
Checking
5/7/2011
Checking
5/9/2011
Checking
5/21/2011
Checking
5/30/2011
Checking
6/4/2011
Checking
6/17/2011
Checking
Num
727
781
878
881
888
890
921
933
940
948
960
969
972
985
717
722
723
726
729
736
739
743
756
761
767
779
784
793
799
802
806
820
824
833
Description
Memo
Dan Dentist
Mytown Medic...
S Albertson's
Care Clinic
Don Dentist, ... Exam & X-rays
Care Clinic
Care Clinic
Care Clinic
Alan's Pharm...
Care Clinic
Tiger Drug
Care Clinic
Tiger Drug
Mytown Medic...Medical
St. Andrew C...
St. Andrew C...
4-H Scholarsh...
St. Andrew C...
OSU Alumni ...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
58
Category
Tag
Clr
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Medical
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
R
R
R
R
R
R
R
R
R
R
R
R
R
R
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
Amount
-533.79
-70.00
-20.00
-6.59
-26.00
-225.00
-6.50
-30.00
-13.00
-14.89
-13.00
-28.19
-13.00
-10.82
-56.80
-1,185.00
-30.00
-30.00
-25.00
-30.00
-20.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
Page 1
Tax Schedule - Current Year

10/20/2011
1/1/2011 through 12/31/2011
Date
6/24/2011
7/1/2011
8/2/2011
8/17/2011
8/19/2011
8/26/2011
9/10/2011
9/23/2011
9/24/2011
10/1/2011
10/7/2011
10/28/2011
10/28/2011
11/2/2011
11/18/2011
11/19/2011
11/25/2011
12/4/2011
12/10/2011
12/17/2011
Schedule B
Interest income
2/16/2011
3/16/2011
4/18/2011
5/16/2011
6/16/2011
7/19/2011
8/16/2011
9/19/2011
10/18/2011
11/16/2011
12/18/2011
12/29/2011
Account
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Num
835
847
867
884
889
902
915
923
924
935
939
951
952
958
963
964
967
978
986
995
I
I
I
I
I
I
I
I
I
I
I
DEP
Description
Memo
St. Andrew C...

St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
St. Andrew C...
Category
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Charity
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest Earned
Interest from s...
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Interest Inc
Schedule F
Sales livestock/product raised
Tag
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Family Living
Clr
Amount
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
-30.00
R
R
R
R
R
R
R
R
R
R
R
R
92.73
4.12
4.72
6.31
7.18
5.08
7.38
5.31
8.42
3.45
4.19
3.23
33.34
80,179.64
59
Page 2
Tax Schedule - Totals Only - 2011

1/1/2011 through 12/31/2011
10/20/2011
Page 1
Date
Account
Category
Schedule A
Medicine and drugs
Cash charity contributions
Tag
Clr
Amount
-533.79
-1,185.00
Schedule B
Interest income
92.73
Schedule F
Sales livestock/product raised
Total co-op. distributions
Agricultural program payments
Custom hire expenses
Feed purchased
Fertilizers and lime
Freight and trucking
Gasoline, fuel, and oil
Interest expense, mortgage
Interest expense, other
Labor hired
Rent/lease land, animals
Repairs and maintenance
Vet, breeding, and medicine
Other farm expenses
80,179.64
27.67
3,112.00
-428.60
-1,635.00
-10,526.73
-186.20
-6,743.00
-8,109.00
-603.61
-5,076.00
-8,055.00
-8,196.50
-1,756.50
-733.00
W-2
Salary or wages, spouse
Federal tax withheld, spouse
Soc. Sec. tax withheld, spouse
Medicare tax withheld, spouse
State tax withheld, spouse
Federal tax withheld, self [Bill's Service]
Soc. Sec. tax withheld, self [Bill's Service]
Medicare tax withheld, self [Bill's Service]
State tax withheld, self [Bill's Service]
Local tax withheld, self [Bill's Service]
23,816.36
-2,175.00
-1,430.75
-334.50
-1,001.25
-52.00
-31.00
-6.25
-18.50
0.00
60
Reconciling the Bank Statement

Reconciling a Quicken account with a bank statement serves as a good check on the
completeness and accuracy of your data entries. The reconciliation process includes:
Entering information from your bank statement.
Marking cleared transactions in the Statement Summary window. You may add missing
transactions or edit existing transactions as you go.
Comparing the cleared balance with your bank ending balance to see whether a
difference exists.
If you are not currently reconciling your bank statements in Quicken, you should be!
This is why:
Banks can make mistakes.
It is possible to type numbers incorrectly, duplicate transactions, or forget to record a
transaction.
Identity theft is on the rise. Reconciling your account may help you to catch irregular
activity on your account, for example, transaction(s) you did not make, misuse of an
ATM card, or incorrect electronic transfers.
Transactions must be reconciled for the Year-End Copy feature in Quicken to work
properly.
Using the LONDON12 file with the Checking register open, click the Account
Actions button at the top right of the check register screen then select Reconcile (or click Tools,
Reconcile an account...). Using the bank statement on the next page, enter the requested
information on the screen:
OK
61
NOWATER NATIONAL BANK AND TRUST COMPANY

Sixth and Main Streets P.O. Box 2157 Nowater, Oklahoma 74076
(555) 397-2157
Offices in Nowater, Tulsa, and Oklahoma City Member F.D.I.C.
Statement Date: 07/05/12

Services available. Call for details.
Jack and Julie London
Rt. 1, Box 23
Nowater, OK 74076
Account No. 1-101-816
Checking Statement Summary

Previous Statement 6/5/12, Balance of $9,511.42
3 Deposits or other credits totaling
784.94
18 Checks or other debits totaling
1,662.13
Current Balance as of 7/05/12 $8,634.23
Deposits and other Credits
Date Cleared
6/15
6/30
7/05
Amount
391.25
391.25
2.44
Transaction Description
Direct deposit
Direct deposit
Interest earned
Miscellaneous Debits
Date Cleared
7/05
Amount Transaction Description

1.00
Service Fee
Date
Cleared
Check
No.
Amount
Date
Check
No.
06/11
1022
20.00
06/27
1031
15.00
06/15
1023
30.00
06/27
1032
30.00
06/16
1024
584.50
06/29
1034*
127.05
06/21
1025
189.83
06/30
1035
20.00
06/21
1026
27.80
06/27
1036
20.00
06/21
1027
61.66
06/30
1038
421.00
06/21
1028
30.00
06/30
1037
18.29
06/21
1029
25.00
07/01
1039
15.00
06/24
1030
26.00
62
Amount
The entries you made for service charge and interest earned in the opening screen are
recorded as transactions and marked as cleared in the reconciliation screen that follows.
Payments and Checks are listed at left and Deposits at right:
Continue the reconciliation process by using the space bar or clicking with the mouse to add
a check mark by transactions that cleared the bank. Use the bank statement on the previous page
to identify and mark cleared transactions.
You may add missing transactions, delete duplicate transactions or edit entries with
mistakes as you reconcile. If you find that you forgot to enter a transaction, click New (bottom
left of the Reconcile window) to be taken to the Checking register. Enter the transaction and click
Save. You can get back to reconcile by clicking the Return to Reconcile button in the upper
right of the register window.
Note: If you begin to reconcile the bank statement but are unable to complete it at
the time, you can click Finish Later. Your work will be saved and you can finish
the reconciliation at your convenience. Clicking Cancel will not save the work you
have done.
Continue verifying entries with the Nowater National Bank Statement. If youve managed
to enter a transaction twice (you may want to view the duplicate entries in the Checking register,
then edit one transaction to be sure all the appropriate information is stored in one transaction),
63
highlight the duplicate entry and click the gear icon (directly after the save icon) find and click
Delete. Confirm that you want to delete the current transaction by clicking Yes.
Have you ever transposed a number in your entry or recorded the wrong amount? With the
transaction highlighted, click Edit in the reconcile window. You are taken to the original entry in
the checking register and can make the necessary changes in the register and record the entry by
clicking Save. Again, click Return to Reconcile, which will return you to the Reconcile
window.
Once you have marked all cleared payments, checks, and deposits, the difference listed in
the bottom right corner should be 0.00 (see below). If it is correct, congratulations!
Done
64
Yes (Workshop participants may not be able to print).
Enter the fields needed and select OK.
Adjust the print settings to match your needs. You can click Preview to see how it will
65
appear on paper.
Print
Note: One of the unique features of Quicken is the ability to change transactions.
However, be advised that changing a previously reconciled transaction (date,
amount, or reconciled clear status) can cause problems with future
reconciliations. If you attempt to modify a reconciled transaction, a popup
window will ask you if you wish to change a reconciled transaction. Quicken 2012
handles an altered amount from a previously reconciled transaction by
automatically adjusting the starting reconciliation balance the next time you
reconcile. You may want to use the flag or note feature to note the change for
future reference.
If you track an account online, you can also choose to reconcile the account
online. You should choose either manual or online reconciliation and stick with
one method. It will be hard to switch back and forth as the online reconciliation
works each time you download while a paper statement is generally monthly.
Reconciling Other Types of Accounts
The process for reconciling savings accounts is the same as for checking. Credit card
accounts have a different opening screen:
The reconciliation process is similar to the other cash flow center accounts.
66
Highlight Mastercard in the Banking section, left side of screen. Then select Account
Actions and Reconcile on the right side of the screen.
Cash accounts do not have a reconcile process. You should record transactions as they
happen to keep the account up-to-date. However, if you forget to record transactions or get
terribly behind and cant find documents of cash expenses, the balance can be updated. From the
Cash account click the Account Actions button and select Update Balance. Enter the amount of
cash in the account, and an adjusting entry will be made.
OK
67
Using Quicken for Financial Planning

Quicken has a number of features that facilitate financial planning. From the menu line at
the top of the Quicken program screen, click
Planning
Planning Tools
You will see the following calculators listed: Retirement, College, Refinance, Savings, and
Loan.
Retirement Calculator
In the Retirement Calculator, you choose between calculating for:
Expected Annual retirement income given current savings and expected annual
contributions
Annual contribution to determine savings needed to achieve a certain level of income
Current savings needed to have a certain level of income at retirement
Information that is required includes the Current age of the candidate for retirement,
Retirement age, Annual yield on savings, the Withdrawal until age (stop benefit payout), Other
income (Social Security income, etc.), the Tax rate information of the investment whether taxsheltered or not, current and retirement tax rates, and Inflation rates.
Julie London is 45 and her husband, Jack, is 48. Their children are now (mostly) selfsupporting. Julie and Jack have started to wonder whether they are adequately preparing for
retirement. Julie is a teacher and Jack manages their family farm. They have $16,000 in a savings
account and expect to be able to add $4,000 to their savings each year. Their non-tax sheltered
investments yield an average of 8% per year and economists expect inflation to continue at a
modest 3% annually.
Lets calculate Jack and Julies expected retirement income.
Retirement Calculator
Select Annual retirement income. Enter the information as shown on the following
screen:
68
Click Calculate.
Expected annual income after taxes in this scenario is only $7,354.66 if you choose to click
on Show in todays $. This offers insights into the buying power after inflation. Delaying
retirement for even a couple of years can increase significantly the amount of annual income
after taxes. For instance, at the $4,000 contribution level, delaying retirement until age 70
increases the annual income after taxes in todays dollars to $11,230. What if they want to retire
at age 65 but are able to double their annual contribution to $8,000? What does that mean for
annual income after retirement? It increases to $12,835, still not a very comfortable level of
support. The moral of the story is save early and save often!
Click Done
In the above analysis, we focused solely on the cash savings. Assume the family farm is
paid for and half of the assets are sold at retirement (not given to children). Lets assume that
part of the owned farm assets are expected to generate $200,000 after taxes when sold. This time
focus solely on earnings from the farm assets at retirement. Again, select Retirement
69
Calculator under Planning Tools, then select Annual retirement income. Enter the following
information and click Calculate:
Thus, selling part of the farm assets at retirement and putting them into an alternative
investment earning 8% annually will generate about $13,805 in annual income. A caution: While
an 8% return may be possible in a long run investment with some risk, it may be difficult to find
an investment with an annual 8% return for the short term. A combination of savings to generate
income from off-farm investments in combination with the sale or lease of farm assets may
generate the income needed in retirement but careful planning is needed to ensure that income
objectives can be met.
You can view how the income is distributed by clicking on View Schedule.
70
Click Done to close the Deposit Schedule window.

Click Done to close the Retirement Calculator window.
College Calculator
Jamie is 13 and plans to attend college (OSU, of course) where tuition currently averages
$3,000 per semester ($6,000 annually). She will study hard and graduate in 4 years. She is a
smart girl and knows that she should start saving money now for her college expenses. She can
determine how much she and her parents need to save each year.
Click Planning
Planning Tools
College Calculator
In the College Calculator window, select the calculation that you want to make at the
bottom right of the screen. In this case, it is the Annual Contribution. Enter:
71
Because college expenses have recently risen faster than the general consumer price index, we
use 4% predicted inflation. Click Calculate to see the needed Annual contribution of $2,610.62.
This is the amount that Jamie and her family will need to save and invest annually to pay the
tuition for Jamie to attend college. Click Schedule to see the deposit schedule.
72
Click Done to return to the College Calculator.

Click Done to leave the College Calculator.
Refinance Calculator
Interest rates moved lower in recent months and Jack and Julie are wondering whether they
should refinance the house they bought 5 years ago.
Click Planning
Planning Tools
Refinance Calculator
73
Click Calculate.
The refinance analysis indicates that approximately 21 months are needed to recoup the
refinancing costs and break even. Monthly principal and interest payments are $355.07, and total
closing costs are $4,200. If the family plans to remain in the house at least this long, then
refinancing looks like a good deal. Click Done to leave the Refinance Calculator.
Savings Calculator
Your family wants to be able to pay $100,000 cash for a different combine in 6 years.
Currently you have $4,000 in savings. How much do you need to save each year to meet this goal
if savings are earning 5% interest?
Click Planning
Planning Tools
Savings Calculator
Calculate For:
Regular contribution
74
Then enter:
Click Calculate.
The Quicken calculator indicates that $16,766.58 per year must be saved to meet this goal.
Click Schedule to see the deposit schedule. Click Done to return to the Investment Savings
Calculator. Click Done to leave the savings calculator.
Loan Calculator
The loan calculator allows you to estimate either a loan amount (given an interest rate,
number of years, periods per year, compounding periods, and payments per period) or payment
per period (given a loan amount, interest rate, number of years, compounding periods, and
periods per year).
Click Planning
Planning Tools
Loan Calculator
75
Look at the top of the Loan Calculator screen. When Payment per period is selected,
Quicken calculates the regular payments for a loan of a given amount based on your entries for
the loan amount, annual interest rate, number of years (loan repayment period), interest
compounding periods, and the number of payments per year. For instance, let's say that you are
considering purchasing a new truck. The truck that you have chosen, a four-wheel drive, has a
sticker price of $35,000, but you talk the salesman down to $33,000. You have saved $4,000 to be
used for a down payment so you need to borrow $29,000. The loan will be for 5 years at 6.5%
interest with monthly payments. Enter the following information:
The anticipated Payment per period is $567.42 monthly. You can see how much of your total
payment is principal and how much is interest in a given month by clicking View Schedule to
display the payment schedule.
76
To leave the schedule, click the X.

A different question to answer with Quicken's loan calculator is "How much can you afford
to pay for a new truck?" If you know how much you have available for regular payments, the
loan calculator can also be used to solve for the amount you could afford. Let's say that you have
around $350 per month to apply toward the purchase of a new truck. The expected interest rate is
6.0%. On the Loan Calculator screen, you want to calculate the loan amount instead of the
payment, so select Loan amount, and enter the following information:
Click Calculate
The maximum principal amount you could borrow with these repayment terms is
$18,103.95. You can see the breakdown for principal and interest by clicking on View Schedule,
click the X to leave view schedule. To leave the loan calculator, click Done.
77
Various Topics
In this section of instructions, we will use the LONDON12 file.
Click File
Open (or press [Ctrl+O])
C:\ Workshop Files\LONDON12
Click OK
Line of Credit/Credit Card Accounts and Alerts
A line of credit or short-term operating note is often best tracked using a credit card account.
Money can be transferred into checking and payments made as money becomes available. You
can also set alerts to warn you when you are approaching the account limit.
To set up a line of credit note/credit card account, click
Add an Account (bottom left of Account List window. Or for the menu line, choose
Tools Add Account)
In the Quicken Account Setup window, choose
Credit Card
Click Next (if you have an internet connection it will go online to search for institution names)
Click on: Advance Setup in blue text at bottom
I want to enter my transactions manually.
Next
Type Line of Credit to name this account.
Next
Enter 1/1/12 as the Statement Ending Date and 75,632.24 as the Statement Ending Balance.
Click Next
Finish
Now choose the Line of Credit from the account list and click on Account Actions (upper right
corner)
Click on Edit Account Details.
78
Set the Credit Limit at $100,000.
Click OK.
If you now click on the Account listing to go to the register for that account, the credit remaining
relative to the maximum will be displayed at the bottom of the register.
To have Quicken warn when you are approaching your credit limit, click
Tools
Alerts Center
Click on the Setup tab and choose Banking.
Click on the plus sign to expand the list.
Choose Credit card limits
Select the Line of Credit and place 90,000 in the Remind Me At box:
79
Click OK.
If you exceed your account alert limit, a notice is placed in the Alert section of the home page
and a pop up message appears the next time Quicken is opened.
OK
To record a transfer of funds into the Checking account from the Line of Credit, open the
Line of Credit account, if not already open, and click Account Actions in the top right corner.
Click Transfer Money. Enter information from the following screen.
80
Click OK.
To record a transfer of money from the checking account to the Line of Credit to pay down
the balance, select the Checking account from the Accounts list on the left. Then, select Account
Actions, click Transfer Money. Use the same Transfer date and Amount from the screen
above.
From account: Checking
To account: Line of Credit
Finish the transaction by entering the appropriate date and amount. This account can be
reconciled with a loan statement just as the credit card account can be reconciled with the credit
card statement. Information needed from the loan statement includes charges and cash advances,
interest charges, payments and credits to the account, and the ending balance.
Saving and Locating Information for 1099s

One means of noting that a transaction may contribute to the need for a tax form 1099 is to
type 1099 on the memo line in appropriate transactions in the account register. You can then
generate reports that list or summarize all transactions with this notation in the memo line. For
instance, let's say that you write check number 3267 on June 12 for $628.13 to Joe Bob Baling
for custom baling of alfalfa hay.
Click on the Checking account name at left (or click Tools, Account List, Check
ing)
The checking register will appear. Type the following information into the checking
register:
Date:
Num:
Payee:
06/12/12
3267
Joe Bob Baling
81
Payment:
Category:
Tag:
Memo:
628.13
Custom Hire
Alfalfa
1099
Click Save.
Future payments should follow the same format with the payee spelled exactly the same and
1099 entered in the memo line. This allows Quicken to recognize transactions as a match when
filtered reports are developed at the end of the year. You can then determine how much was paid
to a specific payee where 1099 is in the memo field. You will develop a filtered cash flow report
summarized by payee to show the amount.
Lets look at last years information. To generate the report, click:
Reports (top of the screen)
Banking
Cash Flow
Click the Customize button (top right of screen), Date: Yearly 2011. Change the title of the
report to 1099 Report, and select Payee for the Row heading.
Click the Categories tab. Under the Matching column at the right in the Memo contains: field,
type 1099.
82
Click OK
The report will pick up any memo notations (for example, invoice numbers, dates, weights) that
include 1099, so thoroughly check the report. Click on the individual payees to review the
supporting transactions.
Our sample report demonstrates the importance of being consistent in how names are
entered because Hepplers and Hepplers Machine Shop are viewed as different vendors. To
correct this error, click the Find & Replace button on the report task bar (top right with a
magnifying glass). At the top of the screen, enter Payee, Hepplers Machine Shop and click
Find:
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Next, add a check mark to the transaction and enter the data at the bottom of the above screen:
Payee, Hepplers Machine Shop and click Replace All. The report is automatically updated.
To save this report, click on the Save report icon on the task bar. If you want, create a Tax
folder in which to save it. You can do this by clicking the dropdown arrow for Save in, click on
create new report folder, name the folder, then click OK.
Click OK
Close the window by clicking on the X in the upper right corner.

Click Done to close the Find and Replace window.
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Recording Futures Market Transactions

Options
An option allows a producer to pay a premium for a type of commodity price insurance.
Many producers use put options to provide a floor price for their stocker cattle. For example,
lets say you have 75 head of stocker steers that will weigh approximately 650 pounds in May
and want to insure a $90 floor price for their May sale. A feeder cattle contract is 50,000 pounds
or 500 cwt, so one contract could protect the price for your 75 steers. You call a broker and
purchase a $90 May feeder cattle put option for $1.20/cwt premium. The cost of the option
purchase would be $600 ($1.20 x 500 cwt) plus a commission of $75. To record the purchase of
the put using funds from the checking account, go to the Checking register and enter
Date:
Num:
Payee:
Payment:
Category:
Tag:
Memo:
1/7/12
3456
ABC Brokerage
675
Marketing Expense
Stocker
$90 put @ $1.20 for 500 cwt & $75 commission
Click Save.
Often your option will expire without any value. However, if you realize any income from
the option, you would record it as Marketing Income. This income is tax-related and should be
linked to the tax form and line, Schedule F: Other Farm Income. You would then make the
appropriate deposit entry. For example, in May, feeder cattle are trading at $88 and your $90 put
is now worth $2/cwt or $1,000. You would sell your put and enter the deposit in the Marketing
Income category.
Date:
Num:
Payee:
Deposit:
Category:
Tag:
Memo:
5/6/12
DEP
ABC Brokerage
1000 (the Quickfill payment value of $675.00 should be removed when
you enter the deposit amount)
Marketing Income
Stocker
Settlement of put option
Click Save
Hedges
Hedges can be a bit more complicated to record because daily changes in market prices
may also affect the margin money required for the trade. Enter your realized gain or loss after
you have offset your hedged position in Margin Income or Margin Expense categories as
appropriate.
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Scheduled Transactions
If you want to be reminded of due dates for monthly bills, you can set up one or more
scheduled transactions. For example, each month you get utility and cable television bills which
are due on the first of the month. There are several ways to set up a scheduled transaction for a
payment that has not been previously entered in the register.
Click Tools
Manage Bill & Income Reminders List (or press [Ctrl+J])
Click Create New from the Menu line
Select Bill Reminder
Pay to Local Cablevision, select Bill Reminder. Click Next. Add info and click on Add
category, tag or memo
Click OK
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Click Done to close the Add Bill Reminder window. You will be taken back to the summary
reminder screen for the scheduled transactions.
Repeat the process for other scheduled transactions. If you open Quicken within three days
of the date on which the bills are due, you will be reminded that you have bills to pay.
Close the Bill and Income Reminders window by clicking on the X in the upper right corner.
Writing Checks with Quicken

Quicken acts as a register for transactions and also allows you to write and print checks from
the computer (with the appropriate paper form). The check writing feature allows you to write
the check as well as record a memo, category and tag.
Before you print out checks, choose the appropriate printer settings.
Click File
Printer Setup
For Printing Checks
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Click OK
Click Tools (from the menu line)
Write and Print Checks (or [CTRL+W])
As seen above, enter the Date, Pay to the Order of (payee), and $ (dollar amount); the
written dollar amount fills in automatically. The Address and Memo are optional. The category is
entered below the check. Click on the Split icon to reveal the category and tag field. Clicking the
Split button or pressing [Ctrl+S] will allow you to enter information for a split transaction as
well.
Click the Record Check button to enter the transaction in the register.
Select the appropriate page and printing style for the type of checks you will use.
Click Done
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Go to the Checking register and you will see a small printer icon next to Checking, click
on the icon. Then select You have 1 check to print. Finally, select the appropriate date,
1/8/2012, and click on Print button (lower right).
To print the checks that are prepared, click on Account Actions, Write Checks. This takes
you to the same screen in which you entered the checks. Click on Print button (lower right). (Or,
you can choose File, Print Checks.)
If you select to print, a screen will appear asking if the check has printed.
Click Cancel since we do not actually wish to print this check.
Close Write Checks by clicking the X.
Use the Help menu by pressing the F1 button on your keyboard, for additional information on
how to print checks on partial pages, to add logos, etc.
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Year End Copy: Start New Year and Archive

At the beginning of a new year or when files start getting large, people wonder whether
they should reduce the size of their files or remove some data. Now that large files can be backed
up on CD or thumb drive, this is a less frequent concern. We encourage you to maintain several
years of data in the current file so that comparison reports showing performance by year can be
easily created. However, if you must shrink the file size, the Year-End Copy feature allows you
to reduce the size of your working file and/or archive older information. Click:
File
File Operations
Year-End Copy
Archive file only
Under the Current Data File heading, select Do nothing. Your current file will then
remain the same. You can create an archive copy to backup your data (good for storing in a
different place for emergency purposes). Under the ArchiveData File: select Give the archive
file a name and location. Then select the end date for the archive file (all transactions up to this
date will be copied).
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Click OK
Click OK to continue using the Current file.

Note: Archiving differs from making a backup copy as you have control over the dates
included in the file. As with a backup copy, the transactions are saved first. Attachments
are included only if space is available.
Reduce current file and archive
Lets say that youve been entering financial records in Quicken since 2002 in a file called
FARM. Now you want to modify the current file to include data starting January 1, 2007. Click
File
File Operations
Year-End Copy
To modify the current data file, click on I only want transactions as in the screen that follows
and indicate the 1/1/2007 starting date.
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Click OK.
The new file created will be reduced to transactions for the date selected and forward (see note
below) and will be given a new name that matches the archive file name. An archive file will
automatically be created at the same time with the name and location you choose. The archive
file includes everything in the current file.
Note: If you have not reconciled your accounts, the transactions will transfer with the file
even if they are outside of the date range selected. Investment transactions will transfer
regardless of cleared status.
When the data file has been updated (if selected) and the archive file has been created, you
will choose which file to use. In our example, we created a new file using the last five years only,
so we will select the Current File.
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Click OK
We recommend keeping several years of data in one file for comparison purposes, but if
information becomes dated, this is a good way to move forward without starting a new file.
Category Clean Up
Have you checked your category list lately? You may need to clean it up by eliminating
unused categories and removing duplication so that your reports will be clear and meaningful.
One way to determine the categories you do use is to print an Itemized Categories report.
Click
Reports from the menu line
Reports & Graphs Center (at left)
Spending
Itemized Categories
Customize the Date Range: Include all dates
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Click Show Report, and then click the Print icon. Have it at hand while you view the category
list on screen.
Leave the report screen open while cleaning up the category list so you can QuickZoom to
the associated transactions.
Now open the Category list by going to Tools, Category List.
Delete or hide unused categories
You can either Delete or Hide any categories in the list that do not appear in the printed
category report and that you do not intend to use in the future. To Hide categories, click on the
box in the Hide column at right. To delete a category, highlight the category and then click the
Delete button to the right.
Find the Bonus category and select Delete.
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Click OK. A Quicken default category can always be retrieved later if you need it.
Merge or Recategorize Categories

If you have created two or more categories that should be under one name, you can merge the
duplicate category titles and assign the associated transactions to one category. In our Itemized
Categories report, we see that we have both Home Repair and Home Rpair. We can click on the
report symbol sign to the left of each of these categories to reveal the transactions. (You may
want to print the list of transactions out as a backup or reference.)
You should be able to click the Category List button at the bottom of the screen if you did
not close it earlier. (If you did, go to Tools in the main menu and select Category List.)
Select Home Rpair in the category list. With Home Rpair highlighted, click on the Merge
button to the right (or right-click).
Because we do not want two categories for Home Repair, check the Delete the category for
Home Rpair.
Click OK
Click X to close the Category List
Click Done
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Click X to close Reports and Graphs

If rather than merging two categories, you want to recategorize some transactions, choose Tools,
Recategorize
3
5
6
1.
2.
3.
4.
5.
6.
Find Transactions with category: Entertainment. Do not click Exact match. We had
used this category for our cable TV bills and now prefer these transactions use the
category, Utilities: Cable TV.
Click on Find to bring up all the transactions with Entertainment as the category.
Check Show matches within split.
Check the transactions (be sure to scroll through the whole list) that have Cablevision
as the payee.
Recategorize selected transaction(s) with: Utilities:Cable TV. (The tag Family Living
will stay the same so we do not need to include it in the recategorize. If you wanted to
change tags, enter as Utilities:Cable TV/Tag). The / character signals that a tag will
follow the category and subcategory.
Click Replace Selected and you should see the selected transactions have changed
categories.
Click Done.
Checking your category list is like a spring-cleaning task. Its not something you enjoy
doing, but it provides benefits in the long run. If your category list is in order, you will have
tidier reports and budgets.
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You can close the Category List and Itemized Categories Reports windows.
If prompted: Do you wish to save this report for later use?, choose No.
Backup Preferences
Quicken automatically saves a backup copy of your working data file on a regular basis (the
default is every five times that Quicken is run and saves up to five backup files). This can be
adjusted by going to:
Edit
Preferences
Setup
Backup
1. The Maximum number of backup copies refers to the automatic backups.

Note: attachments are not included in the automatic backups at all.
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2. The Remind me after running Quicken: refers to how often you want to be reminded to
create a manual backup. We recommend every time if it will encourage you to make a
backup and especially if you enter transactions infrequently.
Click OK
Restoring a Quicken File
If a Quicken data file is accidentally deleted or isnt functioning, a current backup file that
you have created should be your first line of defense. If you dont have a manual backup file that
is current, then find the Quicken automatic backup. Click
File
Backup and Restore
Restore from Backup File (click on Open backup directory if necessary)
Note: It is important to note that the automatic backup is not a reliable backup
method. This type of backup can be useless if the computer hardware is damaged. The
best backup method is to manually back up to a series of different compact discs (CD)
or other media and store at least one copy off-site.
Select the most current automatic backup and click on Restore Backup.
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Choose the option that best suits your situation; however, it is probably best not to overwrite an
existing file. Determine what is going on and then proceed. Delete the file that isnt needed.
Click Restore Backup
OK
Click Yes
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Backing Up Quicken Files to Compact Disc (CD) or DVD

A pat on the back to those who back up Quicken data on a regular basis! It is important to
ensure backup files will be valid and not corrupted if you need them in the event of hardware or
software failure. Quicken offers some suggestions for ensuring backup files will be there when
you need them. Quicken files may be backed up onto compact discs (CDs) or DVDs. CDs/DVDs
are a long lasting source of data storage when handled properly. (From this point forward, CD
will be used to refer to both CDs or DVDs.) Windows XP is able to create CDs without thirdparty software (it is built in), but earlier Windows versions will require third-party software (for
example, Roxio or Easy CD Creator). The software needs to be compatible with your CD burner
hardware.
Note: For previous versions of Windows, format the CD for data using the CD software
before attempting to backup files on an empty CD for the first time. Generally, the
preferred format style needs to be drag and drop which allows you to copy and paste
files directly to a CD. Formatting can vary among CD players, so make sure that the file
is compatible for play on most CD drives. This may come from an additional step in
the software or a selection from a file menu. Some CD burning software is not capable of
handling long file names so name files carefully. Otherwise, the file name may be
automatically shortened by the software or cause an error (true of some jump/thumb
drives).
The steps in this section may not be exactly the same as what you will need to do, so use
them as a guideline and read up on CD formatting in the Help section for Windows or the
computers CD burner software. For non-XP versions of Windows, insert the CD and a window
similar to this may open:
OK
Name the CD and click Start:
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You will get a warning that any files on the CD will be lost and then a message that the CD
has been formatted.
For Windows XP you can go directly to My Computer, select CD Drive (D): and click on
File, Format.
Once your CD is prepared, in Quicken, click

File
Backup & Restore
Back up Quicken File
Click Back up Now
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When you receive the message File backed up successfully, click OK. At this point, your
CD burner software may ask how to handle the closing of the CD. Generally, you will want to be
able to open the files with any CD player, but keep the CD open to allow additional files to be
written to it until it is full.
If backing up directly to CD does not work, you may need to back your file up to a staging
area such as a temporary folder, then drag and drop it to the formatted CD.
Storing Compact Discs
CDs need to be protected from scratches and bending and need to be handled properly.
Damage to CDs can be caused by:
Dust. Dust on the CD can cause scratching, so keep in a jewel case or CD jacket.
Flexing. Store CDs in a case and store vertically to minimize bending/flexing of the CD.
Fingerprints. Fingerprints or smudges can distort how information is read. Handle CDs
from the edges and wipe off smudges with a soft lint-free cloth.
102
Building a Farm/Ranch Balance Sheet

To develop a fairly complete picture of an individual business' financial situation, a cash flow
statement, an income statement and two balance sheets (beginning and ending) are needed for an
accounting period. The balance sheet shows what is owned and what is owed at a point in time.
Since Quicken is a cash accounting program and not intended for accrual accounting, some effort
is required to record capital sales and purchases, change in values of assets owned or liabilities
owed, and change in inventory, all of which are essential to generate an accurate balance sheet.
And, because Quicken is designed to record financial data and not physical data (e.g. number of
head or bushels, weight and price per cwt of livestock sold), it may be more difficult to record
and summarize unit information in a Quicken balance sheet than it would be in a spreadsheet or
hand record system.3
The instructions that follow suggest one way of developing a balance sheet using market values
for assets within Quicken.4 You should:
Inventory assets and liabilities
Establish asset and liability accounts in Quicken with accurate beginning balances
Adjust asset accounts to reflect:

o Asset purchases and additions to assets
o Asset sales
o Changes in inventories
o Changes in asset values
Adjust liability accounts to reflect

o Repayment of liabilities
o Accrued expenses
Step-by-step instructions follow for entering data and making adjustments during or at the end of
the year.
Develop a Complete Inventory of Farm/Ranch Assets and Liabilities

OSU Fact Sheet AGEC-752 explains the development of a balance sheet and contains a
worksheet which will help you develop an inventory list. Be sure your list of assets owned and
Integrated Farm Financial Statements (IFFS), an Excel spreadsheet-based program created at Oklahoma State
University, is an alternative for creating balance sheets and other financial statements. IFFS is designed specifically
for farm financial planning. While also lacking the ability to maintain a depreciation schedule, it has better features
for maintaining and updating balance sheets and whole farm financial statements. Cash flow information from
Quicken records can be imported into IFFS. For more information go to: www.agecon.okstate.edu/iffs/
4
The Farm Financial Standards Council (www.ffsc.org/) recommends that both cost and market value of some
assets should be documented in the balance sheet. In Quicken, you cannot record both cost and market values for an
individual item in the same account (the investment accounts are an exception). Two separate asset account series
would need to be developed to record both cost and market values.
103
liabilities owed is complete and as accurate as possible. Document sources for prices of assets
(for example, local auction or trade magazine ad) and balances of liabilities (for example, loan
statement from a lender). We will use the LONDON12 sample file.
Click File
Open (or [Ctrl+O])
Select C:\ Files\LOND12
Import Asset Accounts

To develop a balance sheet, you will first establish a variety of asset and liability accounts.
The types of accounts in Quicken include:
checking
savings
credit card
cash
brokerage
IRA, SEP, Keogh
401(k), 403(b)
single mutual fund
house (with or without mortgage)
vehicle (with or without loan)
asset
liability
Several accounts of one type can be developed, for instance, one liability account for each
outstanding debt. A sample Quicken farm account list is included with accounts receivable,
buildings and improvements, capital leases, purchased feed, market livestock and so on. In our
sample list, the accounts are labeled with letters so that they are listed from most to least liquid,
that is, accounts with items most easily converted to cash are listed first, the traditional order for
balance sheet items.
Note: Current assets are assets expected to be used up or sold in one year and are listed
first. Examples include marketable securities, market livestock, and inventory. Noncurrent assets are ones that are used for longer periods of time in the farm operation.
Examples include breeding livestock, machinery and equipment, vehicles, land, buildings
and improvements. These designations were developed by the Farm Financial Standards
Council. The account, h Other Farm Current Assets, is for farm current assets not
included in other labeled lines. The account, r Other Farm Noncurrent Assets, is for noncurrent (both intermediate and fixed) farm assets. For additional information, see OSU
Facts AGEC-751, Developing a Cash Flow Plan; AGEC-752, Developing a Balance
Sheet; AGEC-753, Developing an Income Statement; AGEC-791, Schedule of
Assets; and AGEC-792, Liabilities Schedule. These can be found at
www.osuextra.com.
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Click File
File Import
QIF file
Complete the information as shown on the following screen:
Click Import
Quicken will give you a message verifying that items have been successfully imported.
Click Done.
Click Tools, Account List (or press [Ctrl+A] and scroll through the Asset Accounts list) to
verify that it contains the accounts a Marketable Securities, b Raised Market Livestock, etc.
The accounts will be listed under Asset in the Net Worth Tab.
The account list can be modified easily. Let's say that you don't expect to use the Capital Leases
account and want to delete that account from the list. In the Account List, click the account n
Capital Leases, click on Edit, then click Delete Account.
105
Type Yes to confirm, and click OK.

Enter Beginning Balances in Asset Accounts
The beginning balance in an asset account may be the sum of the market values of all assets
in that group or an entry may be made for the beginning balance of each individual asset. The
latter form ensures that you have a record of the values assigned to each item. Then, if an asset
(for example, a disk harrow) is sold during the year, the harrow's market value is subtracted from
the asset account so that the end-of-year balance sheet will be accurate.
Begin updating the beginning balances in the London's individual asset accounts. Double
click on the account b Raised Market Livestock. On a blank transaction line, enter the value of
raised market livestock on hand January 1:
Date:
Payee:
Category:
Memo:
Increase:
1/1/2012
Mixed stockers
(make sure to remove the category if one appears)
45 hd @ 6 cwt @ $120/cwt
32400 (Be sure to [Tab] over to the Increase column.)
Press Enter.
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Note: If you want to change the order so that the memo appears before the
category in the register, in the main menu line, click Edit, Preferences, Register
(click directly on bold type), in Register Fields:Show Memo before Category, OK.
You may get a message asking if you want to select a category. Select Dont show this
message again at the bottom of the screen, and click No.
Now choose c Purchased Market Livestock from the account list at left. On a blank
transaction line, enter the value of purchased market livestock on hand:
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
Stocker Steers
112 hd @ 7 cwt @ $105/cwt
Note: If you want to later create a report listing number of head of livestock, you
must be consistent in the use of labels in the memo field. For instance, you must
always use head (or hd) for a filtered report to include this information.
Press Enter.
If you purchase more than one lot of stockers, you may want to give different names to the
lots in the Payee line. When you are finished entering values for purchased market livestock,
choose d Inventory from the account list at left. In this account, you will enter the value of
stored crops, feed and supplies. For example, on a blank transaction line, enter
Date:
Ref:
Payee:
Increase:
Memo:
1/1/2012
Stored Wheat
1025 bu @ $5/bu
Press Enter.
Values for growing crops should include expenses incurred to date in the production of the
crop. Choose g Growing Crops from the account list at left. On a blank transaction line, enter
Date:
1/1/2012
Ref:
Payee:
Wheat
Increase:
40500
Memo:
450 acres @ $90/a
Category:
Press Enter.
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As with the market livestock accounts, two accounts are included for breeding livestock, one
account used for raised and one for purchased. Here the market value of raised breeding
livestock-cows, sows, replacement heifers or gilts, boars and bulls-is recorded. For example,
select j Raised Breeding Livestock from the account list at left. Enter
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
5-Year-Old Cows
16500
15 @ $1100 ea
Press Enter.
Note: You may add additional accounts if you have several livestock enterprises and
want to maintain separate accounts for different species.
Select k Purchased Breeding Livestock from the account list. Enter the values of purchased
breeding livestock--purchased cows or sows, replacement heifers or gilts, herd bulls or boars. For
example, on a blank transaction line, enter
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
OBI Herd Bull
4500
3 years old @ $4500
Press Enter.
Select l Machinery-Equipment from the account list. Enter market values for each piece of
owned machinery and equipment.
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
1996 Allis Tractor
65000
Press Enter.
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
1995 Disk
500
108
Press Enter.
Select p Land from the account list. Record market values for each piece of land owned.
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
Smith Place
96000
80 a. cropland @ $1200/a.
Press Enter.
Select q Buildings-Improvements from the account list. On a blank transaction line, enter:
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/1/2012
Barns
47000
Home place
Press Enter.
Continue until all assets owned are listed in the appropriate accounts.
Recording the Purchase of an Asset

Cash purchase
Paying cash for the full purchase price of an asset results in the conversion of one asset, cash
from either a cash account or bank account, into another. For example, let's say the Londons
purchase a used pickup on January 12 from My Town Motors using money in their checking
account.
Select the Checking account from the upper left account list (or press [Ctrl+A], highlight the
checking account name and press [Enter]). In the check register, type:
Date:
Num:
Payee:
Payment:
Memo:
1/12/2012
3414
My Town Motors
9000
2006 Ford Ranger
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Category:
[m Vehicles] (or press [Ctrl+C] for the category list, scroll to the
bottom and click m Vehicles)
Tag:
Note: The brackets around the "category" name indicate that an account, m
Vehicles, is involved in the transaction as a transfer of funds.
Press Enter.
To verify that the purchase price has been listed as an increase in value in the m Vehicles
asset account, right-click the transaction and choose Go To Matching transfer to switch to the
asset account. Right-click on this entry and then choose Go To Matching transfer again to
return to the checking account.
Credit purchase
When credit rather than cash is used to purchase an asset, the purchase will result in an
increase in a liability account equal to the increase in an asset account. If the Londons purchase a
chisel with financing from Yukon John Deere, a new liability account must be established and an
increase in an existing equipment asset account (in our list, l Machinery-Equipment) must be
recorded.
Setting up a loan is an activity facilitated by Quicken. Information is entered about the
amount borrowed, payment period, interest rate, etc. Loan payments are then recorded using a
split transaction with one line for principal and another for interest. The principal payment
amount is automatically applied to the loan balance when the appropriate loan liability account is
listed as the category for the principal payment.
Let's practice recording a credit purchase for the Londons. The Londons are buying a new
John Deere chisel for $11,000 and repaying the loan over 3 years with semi-annual payments at
7.00% interest. Begin by setting up the liability account. From the main menu bar, located at the
top screen, click:
Tools
Add Account
Loan
Click Next
110
Click Next
Click Next
111
Click Done.
You will get a message that Quicken has estimated the amount of the next payment for this
loan.
Click Done.
Now that the loan repayment terms have been specified, you need to indicate how the
payments will be made. Type in the payee, select the category Farm Interest Expense and the
subcategory (Farm Interest Other) and add the Overhead tag for interest by adding a / after
Other.
Note: Because there is no tag field, you use a technique from previous versions (add a
/ and the tag name) to add the tag or later add it.
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Once the data entry is complete, click Done.

A screen will appear asking if you would like to create an asset account to go along with this
loan. We have an existing account for machinery and equipment assets so we will choose No.
Click Finish.
Now, since the Londons own more assets (title has changed hands even though the
equipment has been purchased with credit), the balance in the machinery and equipment account
needs to be updated. Click l Machinery-Equipment (press [Ctrl+A] if necessary to get the
account list) and enter
Date:
Ref:
Payee:
Increase:
Memo:
Category:
1/13/2012
John Deere Chisel
11000
Press Enter.
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Recording Additions to Capital Assets

Improvements on capital assets such as terracing or major renovations or repairs to buildings
would be handled in the same way as the purchase of an asset. What about additions to capital
assets? Let's say that the Londons build an addition onto an existing barn. Cash expenses are
recorded in the cash or checking account as appropriate.
Click Checking in the account list. On a blank transaction line, enter
Date:
Num:
Payee:
Payment:
Memo:
Category:
2/15/2012
3598
Nutherlands
984.33
Barn addition materials
[q Buildings-Improvements] (The brackets around the name indicate a
transfer to an account.)
Press Enter.
Recording the Sale of an Asset

Cash received for the sale of an asset is recorded in the checking or cash account register as
appropriate. A second entry should be made to remove the value of the asset sold from the
appropriate asset account. Procedures for recording sales of capital assets will differ slightly
from those of current assets such as market livestock.
For example, on March 21, 108 of the 112 purchased stocker steers were sold and the cash
deposited in the checking account (four head died-we'll deal with them later). On a blank
transaction line in the checking account register, enter
Date:
Num:
Payee:
Deposit:
Memo:
Category:
Tag:
3/21/2012
DEP
Fred Feedlot
82620
108 hd @ 8.5 cwt @ $90/cwt
Livestock Resale:Stocker Steers
Stockers
Press Enter.
Choose the c Purchased Market Livestock account from the list and record the decrease in
assets on hand. Subtract the per head market value used at the beginning of the year times the
number of live head. (Do not use the amount of cash deposited after the sale).
114
Date:
Ref:
Payee:
Decrease:
Memo:
Category:
Press Enter.
3/21/2012
Stocker Steers
71820
108 hd @ 7 cwt @ $95/cwt
We will use a separate income category for proceeds from sales of capital assets (it can be
set up on the fly if necessary). This is important so that the total amount is in a separate line in
the cash flow statement and can be analyzed separately for tax purposes. Remember that not all
income from the sale of capital assets is taxable (check with a tax consultant for details).
Note: No tax schedule is selected since only capital gains or losses are
reported for tax purposes. The total sales value will be used to calculate the
gains or losses to be reported on Schedule D. However, the Tax-related box
should be selected on the Capital Sales category so that transactions with this
category will appear in a tax summary report.
Now, let's say that a used tandem disk was sold for cash on July 31. Two entries would be
made: one to record the deposit in the checking account with the proceeds assigned to the capital
sales category and a second to reflect the decrease in the value of assets owned.
Click Checking on the account list. On a blank transaction line, enter
Date:
7/31/2012
Num:
DEP
Payee:
Tom Jones
Deposit:
600
Memo:
1996 Disk
Category:
Capital Sales, Farm
Tag:
Overhead
Press Enter.
Now choose l Machinery-Equipment from the account list. On a blank transaction line,
enter
Date:
7/1/2012
Ref:
Payee:
1994 Disk
Decrease:
500 (This is the value entered at the beginning of the year, not the
amount for which the asset was sold.)
Memo:
Category:
Press Enter.
115
Recording Changes in Inventory

To generate an accurate balance sheet on a specific date, each asset account must be updated
to reflect changes in inventory including both physical quantities and changes in values of the
existing quantities. Let's say the Londons used 500 bushels of their stored wheat for feed. It is
now the end of the year and they want to update the balance in the d Inventory account.
Click d Inventory in the account list.
Date:
Ref:
Payee:
Decrease:
Memo:
12/31/2012
Stored wheat
2500
500 bu @ $5/bu used for feed (Use the price at which the
inventory was valued in the beginning inventory, not the current
market price.)
Category:
Press Enter.
What about those four purchased stockers that died before being sold? Click c Purchased
Market Livestock in the account list.
Date:
Ref:
Payee:
Decrease:
Memo:
3/1/2012
Stocker Steers
2940
Died: 4 hd @ 7 cwt @ $105/cwt (Again, note that we used the
per head value used in the beginning balance, not the current
market weight or price.)
Category:
Press Enter.
Aunt Minnie purchased and gifted the Londons two bred heifers for Jacks birthday on
October 24. From the account list, click k Purchased Breeding Livestock.5
Date:
Ref:
Payee:
Increase:
Memo:
Category:
10/24/2012
Bred heifers
2400
2 hd @ $1200/hd, Aunt Minnie
Press Enter.
Remember that these instructions are designed for a market-value balance sheet. Records for tax
purposes are kept separately. For more information on estimating taxes, see OSU CR-954.
116
Recording Changes in Values of Assets

At the end of an accounting period, the balance sheet may need to be updated to reflect
changes in market values. For instance, if land values increased 3% during the year, an entry
reflecting the inflation in value should be recorded. One transaction for price adjustments could
be entered that reflects the total increase in value for all land or an adjustment could be entered
for each piece of property:
Click p Land in the account list.
Date:
Ref:
Payee:
Increase:
Memo:
Category:
12/31/2012
Smith Place
2880
3% increase in land values
Press Enter.
Repeat the process as necessary so that the total values reflect market conditions on the date
that the balance sheet will be generated. The same process would be followed if the market price
of an asset were to decrease during the year, only the dollar amount of change would be entered
in the decrease rather than increase column.
Recording a Loan Payment

Let's assume it is time to record a payment to Yukon John Deere for the chisel purchased.
Tools
Loan Details
Choose Loan (at the bottom of the screen) and select JD Chisel, OK (if you have more than one
loan)
Make Payment
Regularly scheduled loan payment
Enter the check number and any other information not already on screen.
117
OK
Close the View Loans screen by clicking Done (or the X in the upper right corner of that
window).
In the checking account register, click the loan transaction you just recorded. You can view
the amounts applied to principal and interest by clicking Split (or press [Ctrl+S]).
You will see that Quicken has allocated the appropriate amounts of the fixed total payment
to principal in the liability account ($1,679.35) and interest ($385).
To verify that the principal payment has been subtracted from the outstanding balance of the
John Deere Chisel note, highlight the account name, JD Chisel. The principal portion of the
payment from the checking account has automatically been applied to the loan balance using the
category information. Thus, the remaining balance has been reduced from the opening amount to
reflect the principal payment.
Note: You can check your loan balances at any time by looking at the account list
(choose Tools, Account List from the main menu), or by choosing Reports, Net Worth
& Balances, Account Balances.
Estimating and Recording Accrued Expenses
For the liability section of the balance sheet to accurately portray the financial position of the
business, expenses that have been incurred but not yet paid are included. The biggest potential
liabilities are interest on loans (lines of credit, operating notes, real estate notes) and taxes (ad
valorem, income tax, and payroll). Here we will focus on the accrued interest liability using the
London's chisel loan as an example. The Londons plan to generate a balance sheet at the end of
the year and want to know what amount they should include for accrued interest on the chisel
loan. Recall that $11,000 was borrowed on January 12 at 7% interest and that the first semi-
118
annual payment was made on July 12. The principal portion of that payment was $1,679.35
reducing the balance of the loan to $9,320.65.
The formula for calculating interest accrued is
Loan Balance x Fraction of year for which the balance is outstanding x Annual interest rate
=
Accrued interest
Thus, the accrued interest on December 31 for the London chisel loan is approximately
$9,320.65 x 5.5 months x 7% = $299.04
12 months
To record the accrued interest for non-real estate in Quicken, choose cc Accrued InterestNonreal Estate from the account list. On a blank transaction line, enter the accrued amount:
Date:
Ref:
Payee:
Increase:
Press Enter.
12/31/2012
Accrued interest-JD Chisel
299.04
Similar calculations and entries should be made for each outstanding loan.
Generating a Balance Sheet Report
Once all assets and liabilities are recorded, generate a balance sheet by clicking
Reports
Net Worth and Balances
Net Worth
Change the date range to Custom Dates and the dates to 1/1/2012 and 12/31/2012
Click OK.
If you like the format of this report and think that you might want to reuse it later, you may
want to memorize it. Click the Save Report button. Name the report London Balance Sheet,
and save in Farm Reports.
Click OK.
Click the X in the Balance Sheet window to close it.
119
Backing Up Your Data

Quicken automatically saves data that you have entered in the file on which you have been
working when you exit the program. However, you will want to regularly save a backup copy
on a floppy disk or CD, as well. See the backup instructions earlier in this manual if you need
assistance. CONGRATULATIONS! You've completed the introduction to building a
balance sheet.
120
Accounts List
Asset Accounts
a Marketable Securities
b Raised Market Livestock
c Purchased Market Livestock
d Inventory
e Accounts Receivable
f Prepaid Expense
g Growing Crops
h Other Farm Current Assets
i Notes Receivable
j Raised Breeding Livestock
k Purchased Breeding Livestock
l Machinery-Equipment
m Vehicles
n Capital Leases
o Investment in Coops
p Land
q Buildings-Improvements
r Other Farm Noncurrent Assets
Marketable securities
Raised market livestock
Purchased market livestock
Stored crops, feed, supplies
Accounts receivable
Prepaid expenses - insurance
Cash invested in growing crops
Other farm current assets
Notes receivable
Raised breeding livestock
Purchased breeding livestock
Machinery & equipment
Vehicles
Capital Leases
Investment in coops
Land
Buildings & improvements
Other farm noncurrent assets
Liability Accounts
aa Accounts Payable
bb Accrued Interest - Operating
Accounts payable
Accrued Interest - operating
note
Accrued Interest - nonreal estate
Accrued Interest-real estate
Ad valorem tax payable
Income tax payable
Payroll taxes payable
Accrued expenses
cc Accrued Interest - Nonreal Estate

dd Accrued Interest-Real Estate
ee Ad Valorem Tax Payable
ff Income Tax Payable
gg Payroll Taxes Payable
hh Accrued Expenses
121
Glossary of Quicken and Financial Terms

Account: A collection of transactions. Account reports are similar to bank or credit card
statements. Several types of accounts can be contained in a given file: checking, savings, credit
card, cash, investment, asset (items you own and their value) and liability (the amounts owed).
Amortize: (Amortization Schedule) Spread loan repayment over a number of time periods with
interest paid on the remaining balance. An amortization schedule shows the split for interest and
principal paid in regular payments over the life of a loan. Typically, the majority of the payment
is for interest at the beginning of loan repayment. As the principal balance decreases, more of the
payment goes toward principal and less toward interest.
Category: Similar to a chart of accounts in accounting. Categories are used to separate income
and expenses so that you can track how your money is being made and spent. Examples of
categories are Salary, Interest earned, Feed and Clothing.
Class (see Tag)
Cleared transaction: Transactions that have been processed (posted) by the financial institution
and are listed on statements from the institution. In Quicken, cleared transactions are marked in
the register under the Clr column with a c.
Credit: A means of purchasing something now with borrowed money and typically repaid in
installments. In addition to repaying the amount borrowed, interest will be paid along with fees
for establishing a loan. Examples of credit are credit cards, personal loans, and home mortgages.
Compounding interest: Process by which the interest earnings on an investment are added to
the original investment, leading to faster growth as interest is paid on the accrued interest.
Likewise, compounded interest on credit increases the balance owed because interest is charged
on the balance and unpaid interest.
Deposit: A transaction for which money is added into an account. Deposits increase an account
balance.
Expense: A transactions for which money passes to another person, business or organization.
Expenses reduce an account balance. Keeping track of expenses helps evaluate how and where
money is spent.
File: In Quicken, a collection of accounts with the associated transactions, similar to a file
cabinet with folders for financial information. Information entered in Quicken is automatically
saved to the file, but backing up files helps insure that information is not lost due to computer
failure.
Income: Money you collect from someone else. Income increases the amount of money
available to you. Income can be earned (for example, wages) or unearned (for example, gifts or
interest income).
122
Inflation: The rise in the price of products and services over time. Typically, the amount of
money it takes today to buy products today will not be enough to buy the same products in the
next few years; hence, the importance of planning for inflation (historically about 3%) to meet or
exceed future costs.
Interest: The fee that you pay for borrowing money on credit. The interest rate (percentage) is
set when the loan is made. Some interest rates are fixed which means one rate is charged for
the length of the loan; others are variable rate, meaning that the interest rate changes
periodically to reflect changes in the interest base rates.
Memo: A field in the register to record important information for the transaction, for example,
an invoice number or item description such as the number of products, weight or price per unit.
Payee: The person, organization, or business that is to receive payment. For expenses, the payee
is the name of the person or business being paid; for income or deposits, the payee field lists the
source of the money.
Principal: The amount of money borrowed for a purchase or improvement. Additional fees or
interest are based on the principal amount loaned.
Reconcile: The process of matching records to a statement received from a financial institution
or service, and making them come into agreement. Quicken includes features to reconcile
accounts. In the register, a reconciled transaction is identified by an R in the Clr column.
Reports: An information summary showing how money is being spent and earned. For instance,
a cash flow report can show the inflow and outflow of cash by year, by quarter or by month or
other specified time period. Other examples of reports are a transaction report, tax summary
report, account balance and balance sheet report.
Tag: A means of labeling a transaction that is independent of the category assigned. For
farmers/ranchers, using tags allows tracking of income and expenses by enterprise (crops and
livestock). For example, tags can be used to differentiate between income and costs for Wheat,
Cow-calf, Stockers, and Alfalfa. Tags may also be used to record partnership shares or field/farm
level detail. (In earlier versions of Quicken, the class feature was used to accomplish this.)
Tax-related categories: A feature of the category list which allows information to be
summarized in ways useful for tax planning and reporting. The appropriate tax form or schedule
(such as Schedule F for farm income and expenses or Schedule C for business) can be designated
for individual income and expense categories so that a report can be generated that lists
transactions by schedule or form.
Transaction: The record for a change in the value of an account. Examples are a purchase using
a check, the transfer of money from checking to savings, or a deposit of cash into savings.
Transfer: Movement of funds from one account to another, for example, moving money from a
checking account to a savings account.
123
Uncleared (outstanding) transaction: Outstanding checks or deposits. An uncleared

transaction has taken place (a check has been issued or deposit made), but the transaction has not
yet been processed and cleared through an account at the financial institution.
124

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Quicken

For Farm/Ranch Financial Records

Quicken Deluxe 2012

Refinance Calculator ..............................................................................................................73

Using Quicken for Farm/Ranch Financial Records1

Introduce Manual Text Conventions, Keyboard Shortcuts and desktop setup

Keyboard Shortcuts and Desktop Setup

(from the menu on the left)

From the Drop-Down Menu Bar, click

Set up a Data File and Add a Checking Account

Add another account

Add another account

Add Savings and Cash Accounts

Click Next, then Finish.

Import a Farm Category List

Once the categories are selected, click

Click on the Tax Reporting tab.

In the category list window, click New (lower left).

Click Done to close the Loan Payment window

category for each transaction. The format for labeling a transaction is

Click Yes to clear the split lines.

Press [Enter]. (You may need to press [Enter] a second time.)

Click on Farm Checking in the Account list to return to it.

Create Reports to Summarize Data Entered

Check Save report history

Click X to close the Income Comparison window.

Standard Category List

Tax Line Item

Schedule B:Dividend income T

Form 1040:Other income, misc. T

Schedule A:Personal property taxes T

Schedule A:Investment management f...

Standard Category List

Tax Line Item

Schedule A:Cash charity contributions T

Schedule A:Doctors, dentists, hospital...

Schedule A:Home mortgage interest (1...

Form 2441:Qualifying childcare expen...

Standard Category List

Tax Line Item

Business Category List

Tax Line Item

Consulting Income fo...

Schedule C:Gross receipts or sales T

Investment Category List

Tax Line Item

Schedule B:Dividend income T

Schedule B:Interest income T

Rents and Royalties Category List

Tax Line Item

Schedule E:Rents received T

Farm Category List

Tax Line Item

Farm Category List

Tax Line Item

Rent Vehicle,Mach, E...

Schedule F:Rent/lease vehicles, equip. T

Schedule F:Other farm expenses T

Tax Spouse:... Family...

Cash Flow - 2011