Records for management

	B	C	D	R	S	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 April 8th, 2024
27		Prepared by Florencia Colella				Revised April 8th, 2024	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. Sections 9 and 10 of this book will guide you as you develop your own farm analysis.
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	MSU is an affirmative-action, equal-opportunity employer, committed to achieving excellence through a diverse workforce and inclusive culture that encourages all people to reach their full potential. 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			4. Cash flow statement
44		A. Cash farm expenses			A. Detailed cash flow statement			ADDRESS					FARM ID NO.
45			I. Detail		B. Cash flow summary
46			II. Summary					OPERATOR'S NAME					SOC.SEC.NO
47		B. Labor record		5. Farm taxes
48			I. Detail					SPOUSE'S NAME					SOC.SEC.NO
49			II. Summary	6. Other taxes
50		C. Purchases of business property			A. For Form 1040
51			I. Detail		B. For Schedule 1 – Additional Income and Adjustments to Income			FARM ACREAGE		Crops	Pasture	Woods		Other		Total
52			II. Hints for calculating depreciation		C. For Schedule A – Itemized Deductions
53		D. Loan transactions			D. For Schedule SE – Self-employment tax			Acres Owned:
54			I. Short-term Loans		E. For Michigan Income Tax
55			II. Intermediate-term Loans					Description
56			III. Long-term Loans	7. Production
57					A. Crop production
58	2. Farm income				B. Livestock production
59		A. Cash Farm receipts
60			I. Detail	8. Net worth statement
61			II. Summary		A. Detailed statement
62		B. Sales of business property			B. Summarized statement
63					C. Hints for making inventory estimations				Total Acres Owned:
64	3. Personal deductions and adjustments to income
65		A. Itemized deductions		9. Income statement
66		B. Adjustments to income						Acres Rented: (Your Share Only)
67				10. Financial measurements
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	Suggestions? Questions? Call or message Florencia Colella at 231-224-6439 or colellaf@msu.edu.
78	Thank you to the Good Food Fund and Keina Megginson for their work on making this book accessible to more Michigan producers.
79