Bookkeeping and Farm Accounts
Bookkeeping is the process of keeping financial records and is central to any business however most people who keep farm books aren’t formally trained. We’ve put together this series of resources based on the most common questions!
The double entry system of accounting has been in use since the 15th Century and it defines just about every bookkeeping process you carry out, whether it’s a modern digital system, or a paper book. Here’s what you need to know.
In double entry accounting we looked at how every transaction has two entries which maintain the accounting equation in balance. In this guide we go a step further and look at journals.
Most farm businesses will have some form of finance but each different finance type has different implications, including how you record these transactions in your books. Here’s what you need to know
Value Added Tax or ‘VAT’ is a key feature of bookkeeping for most farm businesses. This guide is for VAT registered businesses and explains VAT and what you need to do.
Making Tax Digital (MTD) is the latest development from HMRC. It begins with VAT and many farm businesses now need to comply. Here’s what you need to know.
The farm accounts provide lots of useful information about how your business is performing, and where you can look for improvement. Often the accounts include terminology which can be confusing but this guide tells you what you need to know.
We recently held a popular Understanding Accounts webinar – you can watch it here.
The webinar goes through a ‘real’ set of farm accounts for the mythical Brown family. You can download these accounts here.
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