Records for management

	B	C	D	P	T	AK	AL	AM	AT	AY	BD	BH	BI	BK	BN
1
2
3
4
5						Farm Records Book For Management
6
7
8
9
10
11
12		Farm Records Book
13
14
15
16		For Management					Farm name							Year
17
18
19
20
21						The intent of this “Farm Records Book for Management” is to assist you in collecting and organizing your farm's data.
22						Collecting your farm's data is a preemptive necessity to analyze your farm's financial performance, and therefore improve management decisions;
23						and to comply with the Internal Revenue Service while decreasing your tax liability.
24		Extension Bulletin E-1144				By making good decisions for your farm, we hope that your business will succeed, therefore improving your own life and the lives of those around
25		Extension Bulletin E-1144				you and building a strong agricultural industry in Michigan.
26		Prepared by Florencia Colella			Revised November 2025
27		Prepared by Florencia Colella			Revised November 2025	We suggest that you:
28						1. Keep the income and expense accounts current as the year progresses. Estimate and adjust your tax liabilty before the end of the year.
29						2. Close the accounting year by summarizing the income and expenses and file taxes with a knowledgeable farm tax specialist.
30						3. Take inventory of assets and liabilities to prepare an end-of-year Net Worth Statement.
31						4. Identify the strengths and weaknesses of your farm business by comparing your performance to your historical performance, to your goals,
32						and to the performance of other farm businesses. Find business analysis reports for various types of farms at www.finbin.umn.edu or
33						www.canr.msu.edu/telfarm/business-analysis-summaries.
34						5. Maintain or expand the strong enterprises or profit centers of your farm business and improve or eliminate the weak areas. Your MSU Extension
35	Michigan State University Extension programs and materials are open to all without regard to race, color, national origin, gender, gender identity, religion, age, height, weight, disability, political beliefs, sexual orientation, marital status, family status or veteran status. Issued in furtherance of MSU Extension work, acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture. Quentin Tyler, Director, MSU Extension, East Lansing, MI 48824. This information is for educational purposes only. Reference to commercial products or trade names does not imply endorsement by MSU Extension or bias against those not mentioned.					agent can help tailor your financial information so you can analyze the farm as a whole or by enterprise.
36						6. Get assistance and additional evaluation on your financial situation from an objective resource person; e.g., MSU Extension, a paid consultant,
37						and other sources including your creditor.
38						7. Use your own farm records as a basis when budgeting and planning credit needs.
39
40
41	Index					Farm description
42
43	1. Farm expenditures
44		A. Cash farm expenses		Schedule F is the federal tax from used to report farm income and expenses.			ADDRESS					FARM ID NO.
45			I. Detail	This book will aid you in collecting the information needed to file that form.
46			II. Summary				OPERATOR'S NAME					SOC.SEC.NO
47		B. Labor record		Other forms may apply to you, such as:
48			I. Detail	- Forms 1040, 1040-SR, or 1040-NR (Individual Income Tax Return);			SPOUSE'S NAME					SOC.SEC.NO
49			II. Summary	- Form 1065 (Return of Partnership Income);
50		C. Purchases of business property		- Form 1041 (Income Tax Return for Estates and Trusts);
51			I. Detail	- Form 8949 (Sales and Other Dispositions of Capital Assets);			FARM ACREAGE		Crops	Pasture	Woods		Other		Total
52			II. Hints for calculating depreciation	- Form 4562 (Depreciation and Amortization);
53		D. Loan transactions		- Form 4797(Business Asset Sales);			Acres Owned:
54			I. Short-term Loans	- Schedule 1 (Additional Income and Adjustments);
55			II. Intermediate-term Loans	- Schedule A (Itemized Deductions);			Description
56			III. Long-term Loans	- Schedule SE (Self-Employment Tax);
57				- Schedule D (Capital Gains and Losses);
58	2. Farm income			- State and local forms, and more!
59		A. Cash Farm receipts
60			I. Detail	A tax pro can help you estimate and report your taxes accurately and confidently.
61			II. Summary	A bookkeeper may be another resource that pays for itself when things get
62		B. Sales of business property		complicated.
63								Total Acres Owned:
64	3. Cash flow statement
65		A. Detailed cash flow statement		For help creating a balance sheet and farm financial analysis contact your local
66		B. Cash flow summary		MSU Farm Business Management educator, or visit bit.ly/farmfinancials.			Acres Rented: (Your Share Only)
67
68							Land Rental Arrangement (cash, crop share, etc.) - Description
69	Find this book online at http://bit.ly/farmrecordsbook
70	- Use it in Google sheets by going to "File" and "Make a Copy".
71	- Use it in Excel by going to "File" and then "Download". Once in Excel, press the ctrl key and while keeping it pressed, click on all the sheets at
72	the bottom. Then click on the corner square left of the A column heading and above the first row. Then right click on one of the columns and
73	change the column width to 2.8. Do the same on any row, and change the row height to 13.5.
74	- You may also print this at home using normal Letter paper by going to "File" and "Print".
75	- Other sample recordkeeping spreadsheet systems available at bit.ly/farmcashtrack, bit.ly/personalcashtrack and bit.ly/recordkeepingform.
76								Total Acres Rented:
77	If you have questions contact the MSU Extension Farm Business Management team: www.canr.msu.edu/farm_management/experts
78	Thank you to the Good Food Fund for supporting the Spanish translation of this book.
79