Computerized Farm Record Keeping with Quicken® 2003

Bulletin 908

Data Entry

The following examples cover common farm business transactions. We start with simple single category transactions and move to more complex multiple category income and expense transactions. You will learn how to enter, edit, void and memorize transactions.

Example 13: Create Liability (Borrow Money for Operating)

You obtain a loan from the Bank of Anywhere and place money in your checking account to buy inputs. The loan increases the balance in your checking account. It also increases your loan balance or liabilities. The loan is recorded in a liability account, BOALoan, which was created ahead of time. See the Accounts chapter for details on creating accounts.

Num:	Click on Num field, Click Deposit.
Date:	Click the Date field. Use the calendar or +/- keys to set proper date.
Payee:	Click on the Payee field. Type Bank of Anywhere.
Payment:	Click on the Deposit field. Type 55000.00.
Category/Class:	Click on the down arrow in the Category field. Click [BOALoan]. Type /g (for Gen Farm class).
Memo:	Operating loan.
Record:	Click Enter. **Note** Placing [BOALoan] in the category field designates this transaction as a Œtransfer.' A transfer is neither an income nor expense transaction. It is a transfer of money from one account to another. In this transaction, money was transferred from the loan account to the checking account. The transfer increases the loan balance in the liability account, [BOALoan] and the balance in the checking account. **Note** To see how this payment affected the balance in your liability account [BOALoan], Double Click BOALoan under the Property & Debt Section of your Quicken Home Page. This takes you to the register in this liability account. You can see a loan balance of $55,000.00.

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