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Tips
TIP: Farm Funds
Farm Funds Quick Start
Excerpt from The Complete
Guide to Farm Funds
The process of entering beginning balances into Farm Funds
can be time consuming, but it doesn't need to be completed
before you start entering daily checks, deposits and field
records. You may enter just the basic information required
in order to enter your day-to-day transactions, and go back
and finish initial setup later. For example, if you will be
entering checks, you will need to set up your checking account.
If you will be making a payment on an existing loan, the loan
will need to be set up.
The following steps will show you how to set up your checking
account and then exit initial setup to start recording daily
transactions.
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Select the Bank and Cash Accounts button  in the Initial Setup toolbar or select Bank and Cash
Accounts from the Setup menu. The Initial
Setup of Bank and Cash Accounts box will appear.
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Select <New> from the Current Account
drop-down list and enter an Account Description
for your new account. For a checking or savings account,
the description should include the name of the bank as
well as the type of account: Wells Fargo Checking,
for example.
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Indicate the Account Type by selecting the applicable
category.
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Enter the Balance of the account as of the date
indicated. This should be the beginning fiscal year balance
of your account. This is the balance from your checkbook,
which is not necessarily the same as the balance on your
bank statement. The balance may be changed later, if necessary.
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Select the Record button to save the information.
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Repeat steps #2-5 to set up additional Bank and Cash
Accounts.
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Set up any other accounts such as loans, revenue or expense
accounts that you will need at this time.
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To exit initial setup, select the Exit Initial Setup
button  or select Exit Initial Setup from the Setup menu.
The Initial Setup of Equity box will appear.
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If you are a partnership or a proprietorship:
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Enter the Name and Owner's Percentage
for each Owner by selecting from the drop-down list
and entering the information where indicated. If there
is only one owner, enter 100%. The Equity amount
should be left blank.
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Click Record to save each owner's information.
- After all owners have been entered, the Total Described
figure should be 100%. Select the Split by Percentages
button. This will allocate the amount out of balance to
the owners' equity accounts based on their percentages.
If you are a corporation:
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Enter the various equity balances listed: Capital
Stock, Preferred Stock, Paid in Capital,
Treasury Stock and Appropriated Retained Earnings.
These figures may be entered later, if they are not
known at this time. If you are not sure what amounts
should be entered here, consult with your tax preparer,
accountant or attorney.
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Select the Balance to Unappropriated Retained Earnings
button to complete Initial Setup. This will allocate
the amount out of balance to your Unappropriated Retained
Earnings Account.
- Select the Done or OK button in
the Initial Setup of Equity box and you will be out
of Initial Setup and will have an Accounting menu
that may be used for entering daily transactions.
When you are ready to do more working Initial Setup,
select Initial Setup of Accounts from the Accounting
menu. You will be prompted to acknowledge the return to
initial setup. Click OK to continue.
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When you have finished working in Initial Setup, choose
the Exit Initial Setup button or menu item. The Split by Percentages or Balance to
Unappropriated Retained Earnings may be used to balance
your books so you can return to the Accounting menu. There
is no limit to the number of times you may access Initial
Setup before your year is closed, but all work must be
completed before you close your first year-end.
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a tip of your own!
Martens Farms has been providing
individual training and setup for customers by phone and in
person across the United States since 1996. We help you make
the most of Farm Works software.
Call us at at 877-585-6761
and ask for Lorra.
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