potential client - farmer
lorraine
Registered Posts: 404 Dedicated contributor ๐ฆ
I have had an email from a farmer to do their bookkeeping, is there anything unusual about doing bookkeeping for farmers, just so that I am prepared beforehand.
Fingers crossed could be my first cline.
Fingers crossed could be my first cline.
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Comments
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Bookkeeping probably not. However, farmers accounts are something we avoid, some bad experiences as a junior in Chartered firm many moons ago. We used to have a manager who specialised in farms. Then again things might have changed since then.0
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Can't see why not, most bookkeeping is the same once you get an idea of te business.:thumbup:0
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I do farmers bookkeeping and so long as you stay away from tax and self assesment you'll be fine... There are a few odd bits you may need to query ie subsidies, incentive payments and stewardships etc but you can always ask on here if you get stuck, there is nothng sinister in it.. the tax however is specialist and best left to the experts... not me I might add!!0
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I'm an accountant not a bookkeeper and I won't touch farmers. I really don't want to learn a whole new specialism!0
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Find out what software (if any!) they are using. Quite a few use Farmplan which IMHO is ghastly.
I had to use it for a year, and never totally got to grips with it :blushing:
Claudia0 -
Farmers Book-keeping
Hi Lorraine,
We briefly spoke on the phone the other week
Congratulations on your first client.
With regards to the farmers book-keeping, nothing to worry about.
I worked in the rural services dept at my old firm of accoutants.
Most farmers still have a manual book-keeping system, some have moved on to Sage or Quickbooks or even farmplan as previously mentioned.
Any problems feel free to e-mail me i am always happy to help.
Regards
Barry Gould:001_smile:0 -
Well, I emailed the client back to say that I would be able to offer bookkeeping services etc but the customer hasnt yet got back to me.
I remember talking to you the other week, and did notice your post below, good luck with everything!0 -
so I havent yet got a client arrggghhh!!!
hopefully soon I want it soooo badly!0 -
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Other than agricultural averaging and the Agricultural Property Relief for inheritance tax, I don't think there's too much specialist work. I may be wrong though!
Capital gains would be quite extensive though with the land side of things!0 -
I remember stock calculations used to be a problem espcially with cattle but like i said earlier its a long time since i got involved with farmers.0
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The above client has contacted me back, and I have my first client. I have a question when doing valuation for alpaca for the balance sheet (his business is a alpaca farm) do I add the following to the value on the balance sheet to increae the value of assets with the following- the cost of care for the animals, medication, insurance, ear tags, stud fee etc.
I thank you in advance for your help!
Or do the items listed be put as expenses?0 -
I'm afraid I can't help you with your query but I just wanted to say congratulations on obtaining your first client :thumbup::thumbup:0
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The above client has contacted me back, and I have my first client. I have a question when doing valuation for alpaca for the balance sheet (his business is a alpaca farm) do I add the following to the value on the balance sheet to increae the value of assets with the following- the cost of care for the animals, medication, insurance, ear tags, stud fee etc.
I thank you in advance for your help!
Or do the items listed be put as expenses?
We always post veterinary expenses etc. as cost of sales in the P&L.
Is your farmer using the herd basis or normal closing stock method?0 -
Usually with other livestocks vets fees, feed, tags etc are accounted for as expenses.
The purchase and sale of the actual livestock is also accounted for in a standard fashion and then the livestock themselves valued as stock at the period/year end.
I have also PM'd youRegards,
Burg0 -
thank you for your replies, very helpful and appreciated its good to have somewhere where you can go to get help. Just like other people on this forum starting out, we are still learning.0
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Usually with other livestocks vets fees, feed, tags etc are accounted for as expenses.
The purchase and sale of the actual livestock is also accounted for in a standard fashion and then the livestock themselves valued as stock at the period/year end.
I have also PM'd you
Thank you Burg for this reply and your help.0 -
now im stuck again, I have put the alpaca's as a stock figure on the balance sheet that bits okay, but do I also need to put down the balance left on my asset account for the alpacas under fixed asset at the top of the balance sheet, it doesn't balance unless I do this???????
My thoughts are that the alpaca's are assets to the business -ltd comp, I don't think they would be fixed assets lol, what would they be called????.....sorry for all the questions!
please note the alpacas were bought in the first year of trading and paid for from the farmers personal ac
therefore i have posted as follows
dr vat
dr asset
cr capital ac
therefore i am left with bal on the asset ac and dont know wheter it is correct to put this in the fixed asset part on bal sh, please correct me if this is wrong0 -
The purchase should have gone to a p&l purchase account.
i.e.
Cr DLA
Dr VAT
Dr Livestock purchases
Then at the year or period end:-
Dr Stock (Bal Sheet)
Cr Closing stock (P&L)
You should need a double entry of:-
Dr purchases
Cr closing stock (P&L)
to get to the correct position assuming you mean assets to equal stock in the balance sheet.
As before, you have my details just let me know if you want more help.
IanRegards,
Burg0 -
directors loan ac is a liability on the bal sh i take it?0
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yes it is (well should be) a liability on the BS.Regards,
Burg0 -
thank you its all making sense now! i am sooo tired!0
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