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Setup Farm LLC

davidf1234

I have a Farm LLC. It owns three farms A, B and C. There is one mortgage loan on farm A. Farm LLC has a checkbook which I setup. How do I set up the assets and loan. Is each asset separate? Or Can Farm LLC have sub accounts? I want to produce year end income and balance sheet statements. I only rent the land so there is no depreciable assets to worry about.

If I could select Farm LLC and it has all the sub-accounts, checking, assets and loan, then I would be set.

Otherwise, would i select the checkbook account, each asset account and loan account to produce the annual income statement and consolidated balance sheet?

Please advise.

Thanks in advance.

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Comments

Tom Young

"Is each asset separate?"

Yes, they should be. From what you've said it sounds like Farm LLC will have four asset Accounts in Quicken:

A checking Account "[Name of Bank] Checking"
An asset Account "Farm A"
An asset Account "Farm B"
An asset Account "Farm C"

Then your last Account will be the loan Account "[Name of Bank] Mortgage"

Quicken does not support "sub accounts."

Those should be all the Accounts you need to set up.

UKR

The next step after setting up the accounts that you need should be the farm-related categories for Income and Expense transactions.
AFAIK, you will have to create this list yourself, one category at a time.

When adding categories you need to select the Tax Reporting definitions. Quicken only offers Schedule F line items, e.g. Schedule F:Cost of resale of livestock/items

After you have set up the categories you will be ready to enter income and expense transactions.

Tom Young

Your annual income statement, based on what you've said here, would be "Rental Income" and whatever business expenses you incur, if any.

If you're strictly a cash-rental landlord, (so much per acre, say), you're considered a "landowner" and that rental goes on Schedule E, which Quicken supports. If your income is determined by some form of crop-share arrangement, (your rental income is determined based on crops or livestock produced), then you report on Form 4835, which Quicken also supports.