Items indented under account titles are suggested sub categories.
| ACCOUNT TITLE | ITEMS TO BE INCLUDED |
| Income | |
| Ag Program Payments | FSA Payments, Cost Sharing, Etc |
| Calf Sales | Sale of Bull & Heifer Calves1 |
| *In memo field include number of calves sold each transaction.1 | |
| Capital Sales | Capital Assets Sold |
| Gravel, Lumber, Land |
| Machinery & Equipment |
| Equity redeemed for cash |
| Cull Cows | Cull Cow Sales1 |
| |
| |
| *In memo field include number of animals for each transaction. | |
| Crop Sales | Sales of Farm Crops, Grains, Forages, etc. |
| Custom Machine Work | Custom Machine Work |
| Refunds | All Refunds |
| Workman's Compensation Refund |
| State & Federal Gas Tax Refunds |
| Milk Sold | Milk - Gross sales or sum of all the subcategories |
| Butterfat, total amount |
| Protein, total amount |
| Other solids, total amount |
| PPD, total amount |
| Quality, total amount |
| Volume, total amount |
| Total compact payment |
| Earnings paid to the farm from the milk co-op, cas and non-cash |
| Other milk payments, total amount |
| *If your accounting system allows, also record the pounds of the three different components along with the total pounds of milk for the pay period. If your accounting system doesn't allow units to be kept within the system, please keep these amounts in some other manner so that they can be totaled at the end of the year. | |
| Non-Farm Income | Non-Farm Income, Spouse's Job |
| Other Farm Income | Var. other farm income |
| Income for Custom work |
| Insurance Receipts |
| Maple Syrup Sales, Director Fees, Gas & Oil Royalties |
| Patronage refunds from Co-ops, not including milk patronage |
| Expenses | |
| Auto/Truck | Farm Auto/Truck Repair, Fuel, Insurance Expenses |
| Breeding Costs | Breeding Fees & Supplies |
| Breeding Fees |
| Semen & Supplies |
| Capital Purchases | Capital Purchases |
| Dairy Cows Bought1 |
| Machinery & Equipment |
| Land & Building Improvement |
| Equity purchase |
| Crop Expenses | Total Crop Expenses |
| Spray & Chemicals |
| Fertilizer & Lime |
| Seeds & Plants |
| Soil Testing, Crop Consulting |
| *May also break crop categories between crops, i.e. hay & corn | |
| Custom Machinery Hire | Machinery rent & hire, tillage hire, back hoe work, combining, chopping |
| Family Expenses | All Family Expenses |
| Family Health Insurance |
| Family Life Insurance |
| Family Household Expenses |
| Family portion of utility expenses |
| Feeds Purchased | Feeds Purchased |
| Dairy Grain & Conc. for all animals, minerals, and silage inoculants |
| Hay & silage bought |
| Purchased minerals |
| Consulting Fee for Nutritionist |
| Non-Dairy Feed |
| *May split purchases between commodity and/or milk cow/dry cow/heifer. | |
| Freight & Truck | Freight & trucking for livestock |
| Gas, Fuel, Oil | Gas, fuel, & oil, grease for non-milking equipment |
| Insurance | Farm Insurance, fire, liability |
| Interest | Total Interest |
| Bank & Farm Credit Interest |
| Interest Expenses on Open Accounts |
| *May record interest by each lender/vendor. | |
| Labor Expenses | Total Labor Expenses |
| Expenses from payroll |
| Company share FICA |
| Employee Training Costs |
| Workers Comp Ins |
| Employee Health Insurance expenses |
| Unemployment Insurance |
| Other Labor Costs, Housing, Fuel, Car, Uniforms, etc. |
| Lease Payments | Total Lease Payments |
| Lease Payments for Buildings |
| Lease Payments for Equipment |
| *May record lease payment by vendor. | |
| Miscellaneous Expenses | All Other Expenses |
| Business Consulting Fees |
| Legal Fees |
| Accountant Fees, Tax Planning |
| Meetings & Conferences |
| Travel Costs for Owner |
| Trade Journals & Newsletters |
| Computer & Paper Supplies |
| Garbage Disposal Costs |
| Maple Syrup Supplies |
| Work Cloths & Boats |
| Milk Marketing Exp | Milk Marketing Expenses |
| Milk promotion fee |
| CCC Assessment on milk |
| Milk Co-op dues |
| Milk Hauling |
| Future market expenses/net |
| Milking Supplies | Milking supplies, towels, dips, soaps, acids, vacuum pump oil, things that are used daily |
| Other Livestock Expenses | Other Livestock Expenses |
| bST Expenses |
| Milk production records exp |
| Purchased bedding expenses |
| Dairy supplies, ear tags, boots, non-vet items |
| Heifer Boarding Exp |
| Registration papers for breed associations |
| Principal Paid | Principal paid on all loans |
| *Most computer accounting software has liability accounts that track loan payments and is the preferred method to keep track of loan balances. If your software has this feature, then this category is not needed. If not, please use this to track how much in principal you have paid to all lenders by lender. | |
| Rent | Total Rent Expenses |
| Rent for Land |
| Rent for Buildings |
| Repairs | Repairs & Maintenance |
| Land & Building Repairs, Ag bags, plastic for covering silos |
| Repairs-machinery & equipment |
| Milking parlor maintenance, hoses, preventive maintenance, all repairs, things that last longer than a year |
| Bolts, welding rods, etc. |
| *Can tag individual equipment if desired. | |
| Taxes | Farm Taxes, School & Property |
| Utilities | Total Utilities |
| Farm Telephone |
| Farm Electric Expense |
| |
| |
| Vet & Med | Vet & Medicine |
| Vet Services, stop charges, hourly fees, routine fees |
| Vet Consulting, not routine vet work |
| Medicine Expenses & supplies |
| Hoof Trimming Expense |
| This list is a minimum list of accounts to have for management reasons and will meet most of the needs for analysis, IRS, and banking. If you want to keep some other information, or a different breakout, please add more categories. It is easier to add categories back together at the end of the year than it is to break out different items from a single category. | |
| 1If your accounting software has a feature to keep track of units, please use that feature. Otherwise please place in the memo field the amount for pounds of components and milk sold, calves sold, cows sold, and animals purchased because these numbers are used at the end of the year for analysis purposes. | |
Author
Jason Karszes, Farm Management Specialist
PRO-DAIRY
Department of Agricultural, Resource, and Managerial Economics
Cornell University
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