Archived
05-03-2008, 08:13 PM
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(2/18/2004 8:06:49 AM) JR wrote:
Which method would be preferred to handle non-farm records in the farm account, non-farm funds or equity method?
If you were to do so, which would you choose?
Thanks jr
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It's really a matter of personal preference, and actually, the two aren't mutually exclusive.
The Non-farm funds (NFF) approach is particularly handy if you do a lot of spending for farm items from a non-farm or personal checkbook (the funds of which are considered "separate" from the farm business' funds).
But using the NFF method, what if you want separate accounts for to keeping track of *personal* spending (household expenses, food, car payments, etc.)? Well, you can post expenses in the NFF account to Equity subaccounts, as described in The QuickBooks Farm Accounting Cookbook(TM) beginning on p. 251.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
(2/18/2004 8:06:49 AM) JR wrote:
Which method would be preferred to handle non-farm records in the farm account, non-farm funds or equity method?
If you were to do so, which would you choose?
Thanks jr
====================================
It's really a matter of personal preference, and actually, the two aren't mutually exclusive.
The Non-farm funds (NFF) approach is particularly handy if you do a lot of spending for farm items from a non-farm or personal checkbook (the funds of which are considered "separate" from the farm business' funds).
But using the NFF method, what if you want separate accounts for to keeping track of *personal* spending (household expenses, food, car payments, etc.)? Well, you can post expenses in the NFF account to Equity subaccounts, as described in The QuickBooks Farm Accounting Cookbook(TM) beginning on p. 251.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com