Sample Farms COA

Account Type Description Tax Line

Account used for extra funds used during
Assets Hawaii Savings Bank Bank <Not tax related>
slow season
Hawaiian Checking Account Bank Account used to pay bills for Farm <Unassigned>
Unpaid or unapplied customer invoices and
Accounts Receivable Accounts Receivable <Unassigned>
credits
Inventory Asset Other Current Asset Costs of inventory purchased for resale <Unassigned>
Funds received, but not yet deposited to a
bank account - this account is used by
Undeposited Funds Other Current Asset QuickBooks to allow the sum of daily <Unassigned>
deposits to agree with the total daily
deposits as shown on your bank statement.
Accumulated depreciation on equipment,
Accumulated Depreciation Fixed Asset <Unassigned>
buildings and improvements
All assets purchased for the farm that have
Capital Expenses Fixed Asset a useful life of longer than one year. These <Unassigned>
assets are depreciated.
Capital Expenses: for example, Cold room used for packaging and storage
Fixed Asset <Unassigned>
Cold Room, Barn of farm products
Construction of buildings, etc.to be used in
Capital Expenses: for example farming and not yet completed for use. This
Fixed Asset <Unassigned>
barn under Construction project can be depreciated once it is put into
use for farming.
Furniture and equipment with useful life
Capital Expenses: Furniture
Fixed Asset exceeding one year; usually refers to office <Unassigned>
and Equipment
furniture
Greenhouses purchased or constructed for
Capital Expenses: for example, raising crops for sale...This includes all
Fixed Asset <Unassigned>
Greenhouse professional services to design and set up
the greenhouse.
Capital Expenses: Irrigation System purchased and installed for irrigation
Fixed Asset <Unassigned>
System of farm products
Animals purchased and expected to last in
Capital Expenses: Livestock Fixed Asset <Unassigned>
production for more than one year.
Capital Expenses: Livestock: Cows used for production of milk or
Fixed Asset <Unassigned>
Cows expected to sold in more than one year
Capital
Chickens used in egg production for more
Expenses:Livestock:Egg Laying Fixed Asset <Unassigned>
than one year.
Chickens
Other animals such as goats, lambs, sheep,
Capital Expenses: Livestock:
Fixed Asset horses who are expected to remain on the <Unassigned>
Other Animals
farm for longer than one year.
Capital Pigs purchased for sale in more than one
Fixed Asset <Unassigned>
Expenses:Livestock:Pigs year
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 Sample Farms COA

Account Type Description Tax Line

Machinery and equipment purchased for use
Capital Expenses:Machinery &
Fixed Asset on the farm in the production and sale of <Unassigned>
Equipment
farm products
Other purchases of assets expected to have
Capital Expenses:Other Fixed
Fixed Asset a life of more than one year and contributing <Unassigned>
Assets
to the production of goods on the farm.

Credit Card used to make paymentDs for

Liabilities Hawaii Credit Card Credit Card <Unassigned>
farm expenses
Unpaid payroll liabilities. Amounts withheld
Payroll Liabilities Other Current Liability <Unassigned>
or accrued, but not yet paid
State of HI GE taxes. Amounts charged on
GE Tax Payable Other Current Liability <Unassigned>
sales, but not yet paid to the government
Sales taxes for other States, such as
California. Amounts that may have been
Sales Tax Payable Other Current Liability <Unassigned>
charged on out of state sales, but not yet
paid the the government of that State.
Opening balances during setup post to this
Equity Opening Balance Equity Equity account. The balance of this account should <Unassigned>
be zero after completing your setup
Monies taken out of the business by the
Members Draw Equity <Unassigned>
member
Monies invested in the business by the
Members Equity Equity member, and profits kept in company <Unassigned>
accounts
Cumulative net income over the life of the
Retained Earnings Equity business. This is posted automatically by <Unassigned>
most accounting software.

Schedule F: Agricultural
Income Agricultural Program Payments Income Government program payments received
program payments
Commodity credit corporation loans
Schedule F: CCC loans
Commodity Credit Loans Income received and elected to be treated as
reported/election
income
Patronage dividends received from Schedule F: Total co-op.
Cooperative Distributions Income
cooperative organizations distributions
Crop insurance proceeds/federal disaster Schedule F: Crop ins.
Crop Insurance Proceeds Income
payments received proceeds received
Other income including gasoline/fuel tax Schedule F: Gasoline, fuel,
Fuel Tax Credits and Other Inc. Income
refund or credit and oil
This is a roll-up account to show all sales of Schedule F: Sales of
Crop Sales Income
livestock/product on your Schedule F livestock/product raised Page 2 of 5

Account
Crop Sales:Retail Sales - Fruit
Crop Sales:Retail Sales -
Vegetables
Crop Sales:Wholesale sales -
Fruit
Crop Sales:Wholesale Sales -
Vegetables
Farm Product Sales
Farm Product Sales:Retail for
example, Egg Sales, Wool from
Sheep
Farm Product Sales:
Wholesale, for example Egg
Sales, Wool from Sheep
Livestock Meat Sales
Livestock Meat Sales:
Wholesale Livestock
Livestock Meat Sales: Retail
Livestock
Retail Sales of Produce or Meat
in the form of CSAs
Miscellaneous Farm Income
Miscellaneous Farm
Income:Feed Sales
Cost of Goods Sold Cost of Goods Sold
Cost of Goods Sold:Agricultural
Supplies
Cost of Goods Sold:Agricultural
Supplies:Chemicals Purchased
Cost of Goods Sold:Agricultural
Supplies:Fertilizers and Lime
Sample Farms COA
Type Description Tax Line
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
Schedule F: Sales of
Income
livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
Schedule F: Sales of
Income
livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
This separation of sales is convienient for Schedule F: Sales of
Income
filing GE Taxes for the State of HI. livestock/product raised
Community Supported Agriculture
subscription services for delivery of fresh Schedule F: Sales of
Income
produce to consumers. This is usually a livestock/product raised
retail product.
Income derived from other products, such
Schedule F: Other farm
Income as baked goods, gift items, jams & jellies
income
etc.
Income derived from crops that may be sold
Schedule F: Other farm
Income to other farmers on a retail or wholesale
income
basis.
Costs of items purchased and then sold to
Schedule F: Supplies
Cost of Goods Sold customers at retail, for example pottery or
purchased
giftware.
Supplies used directly in the farming of Schedule F: Supplies
Cost of Goods Sold
produce or animals. purchased
Costs of chemicals used in farming
Cost of Goods Sold Schedule F: Chemicals
operations
Fertilizers and lime purchased for farm Schedule F: Fertilizers and
Cost of Goods Sold
operations. lime
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Account
Cost of Goods Sold:Agricultural
Supplies:Seeds and Plants
Purchased
Custom Hire - Farm
Farm Labor Hired
Operating Expenses :Car and Truck Transportation
:Custom Hire - Non-farm
:Fuel and Oil for Farm
Machinery
:Office Expense
:Office Expense:Bank Service
Charges
:Office Expense:Computer and
Internet Expenses
:Office Expense:Office Supplies
:Office Expense:Telephone
Expense
:Professional Fees
:Storage and Warehousing
:Utilities
Advertising Expense
Depreciation Expense
Farm Repairs and Maintenance
Freight and Trucking
Insurance Expense for Farm
Sample Farms COA
Type Description Tax Line
Seeds and plants purchased for producing Schedule F: Seed and plants
Cost of Goods Sold
farm income. purchased
Form 4835: Custom hire
Cost of Goods Sold Hiring of consultants on a project basis
expenses
Laborers hired on a temporary basis as
Cost of Goods Sold Schedule F: Labor hired
seasonal workers
Fuel, oil, repairs, and other maintenance for
Expense Schedule F: Auto and travel
cars and trucks used as transportation
Schedule F: Other farm
Expense
expenses
Schedule F: Gasoline, fuel,
Expense Gasoline, fuel or oil used for farm machinery
and oil
General expenses to maintain farm office Schedule F: Other farm
Expense
administration expenses
Bank account service fees, bad check Schedule F: Other farm
Expense
charges and other bank fees expenses
Computer supplies, off-the-shelf software,
Schedule F: Other farm
Expense online fees, and other computer or internet
expenses
related expenses
Schedule F: Other farm
Expense Office supplies expense
expenses
Telephone and long distance charges,
Schedule F: Other farm
Expense faxing, and other fees Not equipment
expenses
purchases
Payments to accounting professionals and Schedule F: Custom hire
Expense
attorneys for accounting or legal services expenses
Schedule F: Storage and
Expense Amounts paid to store farm commodities.
warehousing
Water, electricity, garbage, and other basic
Expense Schedule F: Utilities
utilities expenses
Any type of advertising or marketing of farm
Expense Schedule F: Advertising
products
Depreciation on equipment, buildings and
Expense <Unassigned>
improvements
Incidental repairs and maintenance of
Schedule F: Repairs and
Expense business assets that do not add to the value
maintenance
or appreciably prolong its life
Amounts paid for freight or trucking of farm Schedule F: Freight and
Expense
products. trucking
Insurance expenses for Farm, such as Schedule F: Insurance, other
Expense
liability, crop insurance than health
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Account
Insurance Expense for
Farm:Vehicle Insurance
Interest Expense
Payroll Expenses
Payroll Expenses:Employee
Health Insurance
Payroll Expenses:Employee
Pay
Payroll Expenses:Insurance -
Workers Comp
Payroll Expenses:Taxes -
Payroll
Rent Expense
Small Tools and Equipment
Taxes - GE Tax*
Sample Farms COA
Type Description Tax Line
Schedule F: Insurance, other
Expense
than health
Interest payments on business loans, credit Schedule F: Interest expense,
Expense
card balances, or other business debt other
Expense Payroll expenses Schedule F: Labor hired
Health Insurance premiums paid for Schedule F: Employee benefit
Expense
workers. programs
Expense Wages and Salaries paid to workers Schedule F: Labor hired
Premiums paid for Workers' Compensation Schedule F: Employee benefit
Expense
Insurance programs
Payroll taxes paid to Federal and State
Expense Schedule F: Taxes
sources for employees
Rent paid for company offices or other Schedule F: Rent/lease land,
Expense
structures used in the business animals
Purchases of small tools or equipment not Schedule F: Supplies
Expense
classified as fixed assets purchased
GE taxes collected on State of HI wholesale
and retail sales *only if you have not
collected them from your customers. If
Expense you have collected GE tax from your Schedule F: Taxes
customers, do not include these
amounts in Sales, but as GE Tax Liability
to be paid at a later date.
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