Is there a Windows Version that supports Schedule F and farming operations

jimtomfloyd

I've searched around and am somewhat confused by the discussions I see. I want to track personal and farm income and expenses. I have investments I'd like to track as well. Is there a version (other than Mac O/S) that directly supports Schedule F income and expenses and will produce profit/loss statements for the farm?

From what I can find in the discussions, there appears to be a 'bug' where categories can be set up for Schedule F items, but no reports for Schedule F profit/loss. There was some talk about a 'work around', but I got lost in the discussion.

I used Quicken waaay back in the '80's before switching to a very farm specific software. The farm software did not handle personal finances and personal reporting very well, but it worked well for me through the years. My roles have changed and my need for personal and investment tracking has increased.

Sorry for the dissertation. Thanks in advance for any insight.

Chris_QPW

As I understand the problem Quicken Windows was written with the assumption that a business is “scheduled C”. Schedule F tax categories exist and will come up in tax reports and the tax planner, but will be missing in key business parts of Quicken.

jimtomfloyd

Thx for the confirmation, Chris. I was hoping that perhaps this had been addressed by now.

I'm not sure if QuickBooks supports farms better. I just don't need all of the 'extras' that come with QuickBooks at this point.

CaliQkn

@jimtomfloyd - have you searched online for "farm accounting software"? There seems to be a few options out there besides QuickBooks.

jimtomfloyd

Thx, I've used farm specific software ever since I left Quicken in the '80's. I only run a small 500 acre farm now and don't have need for real time tracking of tractors, combines, trucks, etc. and the costs associated with most modern Ag software. I have very little payroll now. My management and accounting needs have shifted away from detailed crop management and more toward investment and personal record keeping . I have a separate investment software package I use, but I am trying to consolidate my booking and make my life simpler.

Thinking of myself, "teaching an old dog new tricks comes to mind."

CaliQkn

@jimtomfloyd this might be of interest to you -

https://extension.okstate.edu/fact-sheets/quicken-for-farm-and-ranch-financial-records.html

If you're looking for a balance between simplicity and flexibility—and don’t need full-blown ag-specific software, Quicken can be a solid choice.

Jim_Harman

Quicken does not have built-in Categories for Schedule F income and expenses, but it does have Schedule F tax line items, so you can create Categories that use them and they will appear on the Tax reports and Tax Planner.

See this discussion for information on how to set up Quicken to use Schedule F

https://community.quicken.com/discussion/7956013/profit-and-loss-report-not-working-with-irs-schedule-f