Library

Record Keeping/Accounting

Rodney Sharp (August, 2008)

Summary

There are several reasons to keep a good set of farm/ranch records, and a pre-requisite to their establishment is a clear understanding of the accounting entity and the accounting period. In addition, the accounting method (cash vs. accrual) and accounting system (single vs. double entry) must be selected. Finally, the components of the record system are identified and briefly explained.