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Farm Accounts

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  • # 114525

Does anyone have experience of producing farm accounts? The farm is arable and is a limited company.

Is there significant differences from "normal" limited accounts?

Can I process the bookkeeping onto QuickBooks in the usual fashion?

Any help welcome before I commit to taking on the books.

Thanks

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  • # 114526

Hi,

The farm accounts I deal with I treat as any other. However the devil may be in the detail depending on how they want to allocate costings to the various crops, enterprises and different holdings.  An understanding of agriculture would help but would not be a deal breaker. 

I got each to spend 1/2 a day taking me around the farm(s) so I could make notes of my own about the farms. (Invariably when you have a question, the person you will want will be anywhere but in the office when you want them - especially at harvest!!!).

I also got them to agree to the cost of shadowing the person you will replace for an agreed period to ensure a competent smooth handover. - Got a lot of extra info and background that saved me a lot of time.  I guess it is likely you will need be familiar with partner / director apsects of accouting.

Unfortunately I all mine are on Sage 50 so can't comment on Quickbooks. 

Not  midblowing information but hope its an insite!!


David M

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  • # 114527

IAGSA is a good place to start for resources.  I bought a copy of their handbook:  https://www.iagsa.co.uk/product/farm-office-handbook/ and also 'The Farming Thing' http://www.ebay.co.uk/itm/The-Farming-Thing-Rev-Stuart-Wilson-Good-Condition-Book-ISBN-/361339889596

Fiona.

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  • # 114542

Hi - not sure if this will be of any help but one of the main differences is the way that farms have to evaluate their stock (both livestock and crops). As well as the advice already given, HMRC have issued an overview on this (search for document HS232). 

Beware also if taking this through to self assessment that farmers often use the averaging system for reporting profits/losses which complicates the situation considerably!

Good luck with it.

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  • # 114563

Addition said:

Does anyone have experience of producing farm accounts? The farm is arable and is a limited company.

Is there significant differences from "normal" limited accounts?

Can I process the bookkeeping onto QuickBooks in the usual fashion?

Any help welcome before I commit to taking on the books.

Thanks


 I would contact IAGSA in the first instance who will be able to help you. One of the problems with farms is that the farming year and the accountancy year very often do not go hand in hand. Budd's Bookkeeping has given you good suggestions for books. I work virtually exclusively with farmers and the majority of mine work with my sage, though I do have one on bespoke farmer software - Farmplan. If he has an accountant, talk to them - they will help and guide you. I have great relationships with all of my clients' accountants. I cannot comment on Quickbooks as I do not use it, but if I can help at all email me on louisetempleton@hotmail.com. IAGSA telephone number is 01604 770372

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