Setting up a chart of accounts in QuickBooks for farmers and other companies in the agriculture and ranching industry isQuickBooks Chart of Accounts for Farming, Ranching, and Agriculture easy if you base it off the products that they sell. Companies involved in agriculture or ranching usually deal with either growing produce such as fruits, vegetables, and grains, or they deal with raising livestock like cows, chickens, and turkeys.

Some accounts will carry over to all parts of the industry. For example, transporting food is very expensive, so all agricultural companies should have expense accounts for the following:

  • Freight and Trucking,
  • Gasoline, Fuel, and Oil
  • Storage and Warehousing

Farmers should have an income account for program payments and for fuel and tax credits as well, as the US government will often offer relief for the companies that help feed the country.

Other accounts will vary depending on what kind of products the company sells and how the company does business. If you make money from farmers markets, you should create an income account for that. If you sell produce, you should have an income account for crop sales and expense accounts for seeds, plants, chemicals and other fertilizers that are required to grow your crops. If you raise livestock, you should have an income account for livestock sales and expense accounts for feed, veterinary and breeding expenses.

Where Can I Find More QuickBooks Help?

If you are new to QuickBooks, read our blogs about changing preferences, adding new items, and generating reports.

If you need a QuickBooks refresher, read about how to create a new company, and how to edit your chart of accounts.

To learn about a chart of accounts for another industry, try our post on industry specific charts of accounts.

Let us save your company time and money by analyzing your QuickBooks file. Contact us at 215-579-1465 for expert advice.

 

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