A Chart of Accounts in QuickBooks for farmers and other companies in the agriculture and ranching industry—made easy.
Companies involved in agriculture or ranching usually deal with either growing produce such as fruits, vegetables, and grains, or with raising livestock like cows, chickens, and turkeys. When thinking about either of these, accounting is usually not the first (or even the second) thing on a person’s mind. However, that does not make it any less important, just as it is critical for all other businesses.
The backbone of any good accounting system is a thorough chart of accounts, but what does that look like for the farming and agricultural industry?
You can find out when you download our free QuickBooks chart of accounts for agriculture, ranching, and farming! Just enter your info into the form below, and you’ll have an industry-specific chart of accounts sent right to your inbox.
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; and 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.
We know this is a lot of information to process and apply, and that is exactly why we created a chart of accounts for your industry. It doesn’t stop there, though, because we are always happy to help out with your financials; just reach out to our team and we will gladly help you get set on the fast track to financial success!