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Farm Credit Accounts Part IV: One More Thing...

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Farm Credit Accounts Part IV:  One More Thing...

September 23, 2017 - by Mark Wilsdorf

Part III showed how to use Credit Card-type accounts to work with credit accounts which are not really credit cards. As discussed earlier, purchases made with those kinds of credit sources are not deductible until you pay for them. But when you enter charges in a Credit Card-type account in QuickBooks, it assumes that they are immediately deductible regardless of when you may pay for them.

Most of the time this different idea of the timing of expense deductions isn't a problem, but it can be if the credit account carries a balance from one tax year into the next. Part III described one way to deal with the problem.

Here in Part IV we look at a related idea:  how to handle a purchase on credit which you know won't be paid until sometime in the next tax year. We continue with the example of making purchases on a John Deere Financial credit account, the same as in Part III.

 

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