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Quicken® for Farm Financial
Records
agecon.okstate.edu/quickenDamona Doye
Rainbolt Chair of Agricultural Finance
Extension Economist and Regents Professor
OSU Agricultural Economics Department
Why Quicken? A popular personal financial records software
package Inexpensive User-friendly Flexible
Quicken’s shortcomings
Not built to keep production records No separate physical data field (can use
memo lines) Cash accounting (not double entry, no
depreciation records) Loan tracking feature may be difficult to use No payroll or invoicing features in basic
version
Quicken
Cash accounting Personal finance
Family living expenses Off-farm income Investment income and
expenses
Accrual accounting Small business finance
Invoicing Accounts
payable/receivable Payroll
QuickBooks
Quicken features
AccountsBudgeting Loan trackingTax planningReports and graphsOnline banking, bill payment,
investment featuresFinancial calculatorsMobile Application for smart phones
File: Group of accounts which support transfersAccount: Collection of transactions
CheckingSavings
Credit CardCash
Money MarketInvestment
AssetLiability
Quicken terms
Quicken transactions
Date Check Number Payee Amount of
payment or deposit
Category and tag Memo Splits
Categories
What kind of income, expense, asset, liability transaction
Category = Account in chart of accounts
Easy to set up "on the fly”
Names can be letters or numbers
Tags
Who, where, what time period Independent of categoryCombine with category for complete
identification of transactionUse for project analysis
Family and farmWheat, stockers, cow/calf, alfalfa…Partnership sharesRemodeling, vacation, wedding
“Add Tag” drop down
box
Quicken reports and graphs
Cash flow Tax schedule Transactions Account balances Comparison Filtered Memorized Balance sheet
Quicken app
OSU Quicken resources
Print materials plus video on-line at www.agecon.okstate.edu/quicken
$25 for printed notebook and CD with sample files
Quarterly Quick Tips farm management newsletter
Beconsistent
Start simple
Get assistance
Bedisciplined
Beenthused!
Recordkeeping suggestions…
