On the Contacts tab, you’ll see two sub tabs – one for owners and one for operators.
On the owners tab, you’ll see a warning that the farm owners percentage doesn’t add up to 100 if there are no owners entered yet (see screenshot above for an example), or the total ownership percentage doesn’t equal one hundred. To add an owner record to a farm, click on the add button near the top of the screen. This will add a record to the list. The owner name field is a drop down that contains all of the existing database contacts – if you need to add an owner to the database for this farm, click on the green plus sign to the right of the owner name field. You can also edit/view the selected owner’s information by clicking on the pencil button to the right of the owner name field. If you need to search for an owner by something other than name or code, you can use the find button to the right of the pencil button. This will pop up a Find window. You can then search for a contact by social security number, state, address, or any other means. You can then double click on the contact’s row to open the view/edit window for that contact. A contact in red text indicates that contact is marked inactive.
Once you select the owner, you’ll need to enter the ownership percentage – it can be any number up to 100. Participation percentage represents this owner’s participation in income and expenses. It is used in generating 1099-INT and 1009-MISC. It determines the owner’s share of the total interest income posted to the farm, when generating 1099-INT forms. The farm’s owners, not the farm, are shown as the recipients on the 1099-INT forms. It also determines the owner’s share of the total service expense posted to the farm for 1099-MISC forms. The farm’s owners, not the farm are shown as the payers. You can add as many owners to a farm as needed. While owner name and ownership percentage are required fields, we recommend filling out all owner fields that pertain to each owner.
On the operators tab, you can add operators by clicking the add button at the top of the screen. This will add an operator record to the farm. Similar to the owner’s tab, you’ll see a drop down containing existing database contacts. You can also add a contact if needed by clicking on the green plus sign to the right of the operator name field. You’ll also enter any tenant operator financial information and lease dates while on the operator tab. You can enter as many operators as needed for the farm.
Once all relevant information is entered on the Contacts tab, click the save button and move to the next tab: Accounts.