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Re: Recording Land Purchase

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January 09, 2017 09:23AM
Use the Family Living button, when recording the Land purchase for full value. From the same Items purchased section, click on the Family Living button. You can either use the Misc. account provided or go to Add Edit and setup something else. Enter a negative dollar amount that was paid with off farm money. The Balance or total purchase will then be the portion the Farm Financed or portion to pay. Hope this makes sense. The Family Living simply rolls to Equity at year end, so nothing remains on the books on the Family living side. Now if you only want to show the portion the Farm Paid for the Asset, simply reduce the purchase cost of the Land to match that amount.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Recording Land Purchase

dklausmeyerJanuary 09, 2017 08:38AM

Re: Recording Land Purchase

KathyClineJanuary 09, 2017 09:23AM



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