University of Maryland Extension

Recording financial transactions

Dale M. Johnson, Extension Specialist, Farm Management

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All income & expenses and inflows & outflows need to be recorded in a bookkeeping system. Farmers should set aside time each week and sometimes daily to do this. Each transaction should be recorded including the date, the amount, and the type of transaction according to the income statement and cash flow categories. Sometimes the process can be cumbersome. Richard Wiswall’s book mentioned earlier provides ideas on how to simplify the process.

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