MAKING
A DIFFERENCE. . .
In
1948, visionaries realized agri-businesses would need accurate records to make
sound business decisions in order to stay competitive in a growing market. With this in mind, Lakeshore Farm Management
Association was formed to help area dairy producers and agri-businesses become
more successful by utilizing our professional recordkeeping services. Our
mission remains the same today . . . to provide the best possible
recordkeeping, tax preparation, and consulting services to Agri-Businesses. Serving the entire state of
Recordkeeping Made Simple. . .
Our objective is to make recordkeeping a simple and valuable management tool for each operation. To achieve this goal, we offer our members the following services:
>>Scheduled on-farm consultations with your own fieldperson
>>Tax preparation, planning, and
management advice
>>Review and summary of your
business records
>>Payroll services, W-2 and 1099
preparation
>>Mail-in computer records system,
on-farm PC record
system
>>Annual farm analysis and
comparison with the top 20
businesses in our data bank
>>Newsletters and tax updates
>>Quickbooks Consulting
>>and more. . .
Contact
Lakeshore Farm Management for fee information
BUDGETING
I.
GO TO COMPANY ON THE TOOL
BAR AND GO DOWN TO PLANNING& BUDGETING AND CLICK ON SET UP BUDGETS.
II.
PICK THE TYPE OF BUDGET YOU
WANT TO SET UP, AND FILL IN YOUR AMOUNTS IN THE MONTHS IN WHICH YOU WANT TO
BUDGET. YOU MAY COPY ACROSS IF THE
AMOUNTS ARE THE SAME FOR EVERY MONTH.
III.
PRINTING REPORTS- GO TO
REPORTS, BUDGET & FORECASTS, BUDGET VS. ACTUAL,
PICK WHICH BUDGET YEAR YOU WANT TO PRINT A REPORT AND CLICK FINISH.
ON
THE BUDGET REPORT YOU HAVE THE ACTUAL AMOUNTS OF YOUR INCOME AND EXPENSES IN
THE FIRST COLUMN, IN THE SECOND COLUMN IS YOUR BUDGET AMOUNT, THE THIRD COLUMN
IS THE AMOUNT OVER BUDGET AND THE FOURTH COLUMN IS THE PERCENT OF THE BUDGET. SEE ATTACHED SAMPLE #1
THIS
REPORT ALSO CAN BE SENT TO AN EXCEL WORKSHEET AND YOU CAN WORK WITH IT FROM
THERE PUTTING IN YOUR OWN NUMBERS.
INVENTORY
CASH
BASED ACCOUNTING: A METHOD OF BOOKKEEPING IN WHICH YOU REGARD YOUR INCOME OR
EXPENSES AS OCCURRING AT THE TIME YOU ACTUALLY RECEIVE A PAYMENT OR PAY A BILL
ACCRUAL
BASED ACCOUNTING: A METHOD OF BOOKKEEPING IN WHICH YOU REGARD INCOME OR
EXPENSES AS OCCURRING AT THE TIME YOU SHIP A PRODUCT, RENDER A SERVICE, OR
RECEIVE A PURCHASE. UNDER THIS METHOD,
THE TIME WHEN YOU ENTER A TRANSACTION AND THE TIME WHEN YOU ACTUALLY PAY OR
RECEIVE CASH MAY BE TWO SEPARATE EVENTS.
A CAUTION ABOUT INVENTORY IF YOU PLAN ON KEEPING INVENTORY IN YOUR
COMPUTER AND YOU DO CASH BASIS ACCOUNTING. YOUR
INVENTORY EXPENSE DOES NOT SHOW ON YOUR PROFIT AND LOSS UNTIL IT IS INVOICED
AND PAYMENT RECEIVED; EVEN THOUGH YOU HAVE PAID FOR THE INVENTORY ITEM WHEN IT
WAS PURCHASED.
THE FIRST STEP TO GETTING YOUR INVENTORY TO CALCULATE PROPERLY IS TO GO THROUGH THE EASY STEP INTERVIEW GO TO THE PREFERENCE TAB AND ANSWER THE QUESTIONS THAT PERTAIN TO INVENTORY WITH THE ANSWER “YES”.
I.
ENTER BILL FOR PURCHASE OF
INVENTORY. SEE SAMPLE #2
II.
CLICK ON THE ITEMS TAB AND
FILL IN THE INFORMATION ABOUT YOUR INVENTORY PART.
III.
CLICK ON OK AFTER YOU HAVE
ALL INFORMATION FILLED OUT ON YOUR ENTERED BILL.
IV.
CREATE CUSTOMER INVOICES;
FILL OUT CUSTOMER JOB INFORMATION. SEE SAMPLE #3
V.
GO TO ITEM IN INVOICE AND
PICK INVENTORY PART, WHICH YOU WOULD LIKE TO BILL CUSTOMER FOR, DESCRIPTION
WILL FILL IN ALONG WITH RATE, AND AMOUNT.
ALSO ENTER THE QUANITITY IN THIS LINE THAT YOU SOLD.
TO MAKE SURE YOUR
INVENTORY IS WORKING CORRECTLY YOU CAN GO TO YOUR ITEM LIST AND IT WILL TELL
YOU HOW MANY YOU HAVE ON HAND. YOU MAY
ALSO WANT TO SET YOUR REMINDERS LIST UNDER YOUR COMPANY PREFERENCES SO YOUR
INVENTORY WILL REMIND YOU WHEN YOU ARE LOW ON AN INVENTORY PART AND IT NEEDS TO
BE ORDERED.