PDF Quicken - Oklahoma State University-Stillwater

Quicken

For Farm/Ranch Financial Records

Quicken Deluxe 2018

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Table of Contents

Using Quicken? for Farm/Ranch Financial Records ....................................................... 1 Introduce Manual Text Conventions, Keyboard Shortcuts and desktop setup............. 3 Set up a Data File and Add Checking Accounts......................................................... 6 Add Savings and Cash Accounts ............................................................................. 10 Modify the Category List ........................................................................................ 11 Import a Farm Category List ............................................................................ 11 Add Categories................................................................................................. 13 Delete Categories ............................................................................................. 15 Add Subcategories ........................................................................................... 15 Set Up Tags............................................................................................................. 16 Enter Transaction Data Using Categories, Subcategories, and Tags ......................... 18 Add Loan Accounts................................................................................................. 25 Record Loan Payments............................................................................................ 30 Create Reports to Summarize Data Entered ............................................................. 31 Creating a Tax Schedule.......................................................................................... 38 Using Quicken Reports in Spreadsheets................................................................... 39 View a Graph of Income and Expenses ................................................................... 41 Back Up Data.......................................................................................................... 43 Category Lists ......................................................................................................... 46 Standard Category............................................................................................ 47 Business Categories ......................................................................................... 51 Investment Categories ...................................................................................... 53 Rents and Royalties Categories ........................................................................ 54 Farm Categories ............................................................................................... 56 Transactions ..................................................................................................... 59 Reports.................................................................................................................... 61 Cash Flow by Month ........................................................................................ 62 London Cash Flow ........................................................................................... 68 Cash Flow by Enterprise .................................................................................. 71 Deere Transaction Summary ............................................................................ 74 Tax Schedule.................................................................................................... 75

Reconciling the Bank Statement.................................................................................... 81 Using the Budget Features............................................................................................. 89

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Using Quicken for Financial Planning ........................................................................... 93 Retirement Calculator.............................................................................................. 93 College Calculator................................................................................................... 96 Refinance Calculator ............................................................................................... 98 Savings Calculator................................................................................................... 99 Loan Calculator..................................................................................................... 100

Various Topics............................................................................................................ 103 Line of Credit/Credit Card Accounts and Alerts .................................................... 103 Saving and Locating Information for 1099s........................................................... 106 Recording Futures Market Transactions ................................................................ 109 Scheduled Transactions ......................................................................................... 110 Writing Checks with Quicken................................................................................ 113 Year-End Copy: Start New Year and Archive........................................................ 115 Category Clean Up ................................................................................................ 118 Recategorize Categories ........................................................................................ 119 Backup Preferences ............................................................................................... 120 Restoring a Quicken File ....................................................................................... 121 Backing Up Quicken Files to Compact Disc (CD) or DVD.................................... 123 Storing Compact Discs................................................................................... 125 Tracking Pre-Paid Expenses Across Years............................................................. 125 Using Double Tags in Quicken.............................................................................. 127

Building a Farm/Ranch Balance Sheet......................................................................... 129 Develop a Complete Inventory of Farm/Ranch Assets and Liabilities .................... 130 Import Asset Accounts .......................................................................................... 130 Enter Beginning Balances in Asset Accounts......................................................... 133 Recording the Purchase of an Asset ....................................................................... 136 Recording Additions to Capital Assets................................................................... 141 Recording the Sale of an Asset .............................................................................. 141 Recording a Loan Payment.................................................................................... 144 Estimating and Recording Accrued Expenses ........................................................ 146 Generating a Balance Sheet Report........................................................................ 146 Backing Up Your Data .......................................................................................... 147 Accounts List ........................................................................................................ 148

Glossary of Quicken and Financial Terms ................................................................... 148

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Using Quicken? for Farm/Ranch Financial Records1 (Quicken? Deluxe 2018) December 2017

This tutorial leads you through a "hands-on" session to develop a simple set of financial records and reports for a case farm with a cow/calf herd and wheat for grain and pasture. Although our case farm is a simple one, you will be able to practice many of the steps that you might use in adapting Quicken Deluxe2 to keep records on your farm or ranch. This tutorial is intended to be a step-by-step reference that can be used when working on computerized personal records at home or to supplement instructions in a workshop setting.

An overview of what we do in an introductory workshop follows: 1. Introduce text conventions in the manual, keyboard shortcuts and desktop setup. 2. Create a data file and add checking, savings and cash accounts. 3. Work with category lists. a. Import Farm Categories to match tax Schedule F. b. Add categories. c. Delete categories. d. Add subcategories. 5. Set up tags. 6. Enter transaction data using categories, subcategories and tags. 7. Add loan accounts. 8. Record loan payments. 9. Create reports to summarize data.

10. View graphs of income and expenses. 11. Back up data.

Specific instructions for accomplishing each of these steps are included in this tutorial. Additional instructions for common or farm-related procedures follow the basic instructions. A glossary of financial and Quicken terms are at the end of the tutorial. If you are using this tutorial at home, the "new user setup" in Quicken will prompt you to set up a file and your accounts as described in the first three sections of this tutorial.

Additional farm management information and Quicken tips for usage can be viewed online at agecon.okstate.edu/quicken. The Quick Tips newsletter is a helpful companion to this tutorial and can be found at the website within the header, Newsletters.

1 Damona Doye, Rainbolt Chair of Agricultural Finance, Regents Professor and Extension Economist, and Lori J. Shipman and Sara Siems, Extension Assistants. 2 Quicken Deluxe 2016 is a registered trademark and will be written as Quicken or Quicken 2016 throughout the rest of the tutorial.

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