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Can I prepare accrual-adjusted farm financial statements with Quicken?

April 26, 2017farm financial statements prepare Quicken

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Can I prepare accrual-adjusted farm financial statements with Quicken?

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Quicken is a cash record-keeping tool, with some features that allow you to track liability balances and a lot of features to assist you in tracking investments. As such it does not easily lend itself to preparing accrual-adjusted farm financial statements (for more on farm financial statements, see OSU F-751, Developing a Cash Flow Plan; F-752, Developing a Balance Sheet; F-753, Developing an Income Statement; and F-790, Evaluating Financial Performance and Position). If you are very determined you can set up a series of asset and liability accounts in Quicken in which you can record cost and market values for assets owned and the periodic changes needed to keep them up-to-date. However, it may be easier to use another software package (for example, OSU’s Integrated Farm Financial Statements or the University of Minnesota’s FINPACK) or a spreadsheet or even a hand-record keeping system to track changes in cost and market value of assets to supplement your Quicken accounts.