Setup Farm LLC

Quicken Windows Subscription Member
in New to Quicken/Getting Started (Windows)
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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  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited June 2020
    "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:
    1. A checking Account "[Name of Bank] Checking"
    2. An asset Account "Farm A"
    3. An asset Account "Farm B"
    4. 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.


  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    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.
  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    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.
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