The Farm Record Book: Annual Expenses and Receipts is now available through Virginia Cooperative Extension. Farmers are encouraged to order their copy today.
“Virginia Cooperative Extension has been providing this record book to farmers for more than 40 years to help them make better management decisions for their farming operations,” said Gordon Groover, Extension economist in the College of Agriculture and Life Sciences. The book was recently updated to include changes in state and federal reporting requirements.
The 120-page record book provides an organized method for tracking and reporting cash, capital expenses, and receipts that can be used later for tax preparation and management decisions. To assist farmers with the analyzing their records, a section in the book provides helpful information on developing annual financial statements, determining profitability, and gauging the financial health of the farm business.
The record book also provides details to meet the legal requirements for state and federal taxes and includes forms to record individual employee payroll data for state and federal reporting.
Groover has seen a decline in the number of books purchased over the past few years, as many farmers have turned to computerized record keeping. However, he notes that more than 50 percent of farmers in Virginia do not have access to or use a computer in their business.
“The Farm Record Book remains a valuable alternative to computer record-keeping systems enabling farmers to maintain quality farm records,” said Groover.
The cost of the book is $12. To order, send a check made out to “Treasurer of Virginia Tech” for $12 per book and mail to: Farm Record Books, Extension Distribution Center 0512, 112 Landsdowne Street, Blacksburg, Va. 24061, including name, phone number, mailing address, and quantity of books requested.