Create Beginning Balance for a Farm

The first step in creating a farm’s beginning balance is to go to the Transaction section and create a new transaction.  Next, you’ll start filling out the transaction information.  It is up to you whether you want to use the beginning of the farm’s fiscal year, the date the funds were received, or the date the farm was opened with the management company as the transaction date.  You’ll then enter the production year, and choose the new farm in the farm drop down.  If you are using the default chart of accounts, the GL account you will use is most likely the 00-2001-0 Proprietor Capital account.  Next, enter the credit amount, vendor, and description.

You’ll then save and close your transaction, go to the manage batches section and post the transaction.  Your new farm should now have a beginning balance of the transaction amount.

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