Webinar Series – Understanding Financial Statements

Now that we have a basic understanding of financial management, we are going to explore how to track and record our finances in detail. In this session, we’ll dive deeper into creating a chart of accounts – understanding our assets, liabilities, owner’s equity, revenue, and expenses. We’ll talk about double entry bookkeeping, how to adjust for depreciation, and the two different types of accounting – cash and accrual – and how to decide which one is right for you. We’ll also cover the three major financial statements you will want to keep for your farm and how to use them.

For this session, we will again be joined by Chris Bodnar.

Please watch the video below and register for the associated live Q&A on the BMN Overview lesson.

VIDEO

[youtube https://www.youtube.com/watch?v=vPlAeZaG9fA]

RESOURCES

Document – Small Farm Chart of Accounts Explained (Beginning Farmer and Rancher)
Article – Financial Statements Every Farm Should Use (Growing for Market)
Document – Glossary of Financial and Lending Terms (Carrot Project)

3 Major Financial Statement Templates
Template – Balance Sheet (excel)
Template – Income Statement (excel)
Template – Farm Start Up Costs & Cash Flow Projections (excel)

Additional Templates 
Template & Tutorial – Cash Flow (Futurpreneur)
Template – Cash Flow & Instructions (Centre for Agroecology & Sustainable Food Systems)
Template – Excel Calculator for Ranching  (Arnold Mattson)
Template – Personal Budgeting (Slow Growing)
Template – Personal Cash Flow Needs (Young Agrarians)
Template – Small Business Profit and Loss Statement (Young Agrarians)
Website – The Farmer Spreadsheet Academy