Quicken Class Being Offered

Amy Timmerman, Extension Educator Author

03/07/2024 Added

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An online Quicken course is being offered by Nebraska Extension for farmers, ranchers, and agricultural business managers who want to learn more about the program and financial recordkeeping.

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[00:00:00.000]Today's Extension Update from Amy Timmerman,
[00:00:02.479]a Cropping and Water Educator.
[00:00:04.980]An online Quicken course is being offered by Nebraska Extension for
[00:00:08.961]farmers, ranchers and agricultural business managers who want to
[00:00:12.401]learn more about the program and financial record keeping.
[00:00:15.798]The course is led by the University of Nebraska-Lincoln’s
[00:00:18.698]Center for Agricultural Profitability and was first
[00:00:21.508]developed by Oklahoma State University.
[00:00:24.521]It leads users through hands-on
[00:00:26.221]sessions to develop a simple set of
[00:00:27.871]financial records and reports using Quicken.
[00:00:31.107]Exercises based on scenarios from a case farm allow participants to
[00:00:35.107]practice many of the steps that they might
[00:00:37.665]use to keep records on their farm or ranch.
[00:00:40.138]The course is available through NU Advance, the University of
[00:00:43.738]Nebraska’s non-credit and professional development learning system.
[00:00:47.154]Course elements include videos, engaging learning activities,
[00:00:51.521]quizzes, a Q&A board as well as access to content experts.
[00:00:56.480]The course is divided into seven modules which can be completed at your own pace.
[00:01:01.949]The total class time is approximately 3 ½ hours.
[00:01:05.417]Participants have 60 days to complete the course.
[00:01:09.417]“Strong financial management is the backbone of any successful
[00:01:12.605]farm or ranch,” said Jessica Groskopf, an extension educator
[00:01:16.315]with the Center for Agricultural Profitability.
[00:01:18.661]“Our course empowers farmers and ranchers with the necessary
[00:01:22.126]tools to come away with a strong foundation in Quicken, tailored
[00:01:25.225]for the demands of the agricultural industry.”
[00:01:28.044]Course development was funded by a grant from
[00:01:30.744]the Southern Risk Management Education Center.
[00:01:33.646]So what is Quicken? Since software created
[00:01:37.276]specifically for agricultural is often cumbersome and expensive,
[00:01:41.344]Quicken has quickly has become a popular commercial record keeping package that is:
[00:01:45.344]One - Very user friendly.
[00:01:47.585]Quicken is easy for people unfamiliar with accounting terms
[00:01:51.055]to use making it a good place to start when changing from
[00:01:53.920]hand-kept cash accounting system to computerized records.
[00:01:57.596]Two - It is inexpensive and readily available.
[00:02:01.596]Three - Flexible, allowing record-keeping for a wide
[00:02:04.867]variety of agricultural and non-ag business enterprises.
[00:02:08.570]And finally - Widely Used.
[00:02:10.789]Users can compare notes with neighbors on its application and use.
[00:02:14.678]The Quicken interface itself looks like a checkbook register
[00:02:17.978]and makes for a familiar environment to begin computerized record keeping.
[00:02:22.278]Although Quicken includes only home and general
[00:02:24.927]business income and expense categories,
[00:02:27.217]farm income and expense categories are easily added.
[00:02:30.972]Import options allow you to add a farm category list created by
[00:02:35.147]Oklahoma State University that matches the Schedule F,
[00:02:39.207]minimizing the effort required to develop a beginning chart of accounts.
[00:02:43.628]The "tag" feature in Quicken can be used with categories to further identify and sort
[00:02:48.537]transactions to allow cash reports by enterprise, by partnership share, or by farm.
[00:02:55.043]QuickFill features recognizes and completes repetitive
[00:02:58.523]transactions to reduce the typing required.
[00:03:01.223]Splits of transactions allow specific transactions to be divided into as many
[00:03:06.024]as 30 components with different categories and/or tag assignments.
[00:03:10.630]For example, a check written to a farm supply store could be separated
[00:03:14.952]into expenses for fertilizer for wheat, feed for hogs and fuel for checking cattle.
[00:03:21.881]Reports - transactions, cash flow, account balances,
[00:03:25.781]balance sheet, comparison, tax summary - are all easily
[00:03:29.881]generated, information filtered and layout modified.
[00:03:33.881]Although tax schedules are not generated,
[00:03:36.539]tax schedule reports summarize information
[00:03:39.039]recorded that pertains to a specific tax schedule,
[00:03:41.929]and data can be exported to other software such as TurboTax.
[00:03:45.929]Built-in financial planning and monitoring features are also useful.
[00:03:49.568]Loans can be amortized with scheduled payments retained for future use.
[00:03:53.957]Whole farm budgets based on historic Quicken data can be
[00:03:57.445]generated quickly and easily, as can budgets developed from “scratch.”
[00:04:01.920]Comparison reports highlight budget versus actual figures.
[00:04:06.165]Quicken files can be imported easily into QuickBooks, a popular
[00:04:10.075]small-business accounting package, if a more sophisticated financial
[00:04:13.728]record-keeping system is required in the future.
[00:04:16.238]If you are acquiring more information regarding this upcoming class
[00:04:22.748]please visit cap.unl.edu/quicken.
[00:04:26.506]This has been Amy Timmerman with Nebraska Extension

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Quicken Class Being Offered

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