1. Farm Recordsand AccountingA Report inAgricultural Extension 221:Advanced AgribusinessDr. Cesar T. VillanuevaProfessorRonel D. CaaStudent

2. I. Introduction Farming is an enterprise; Farmer = Entrepreneur =Businessman; farmer-entrepreneur has tasks suchas monitoring farm income, makingoutside transactions and keeping trackof the farm supplies; farmer must employ key tools andmethods in order to keep track of andmanage his business. 3. I. Introduction Farm records and accounting formsare key tools where the farmer maybase his future decisions; A good farm record is also a tool usedin assessing and mitigating farmbusiness risks and opportunities; A little of farming + a little of business= farm record and accounting. 4. II. Importance of Farm Records Farm records are a management tool they allow you to measure howefficiently you are using resources andto determine whether or not you arehaving income; Farm records are also essential forplanning and decision making; Farm records is used in obtainingcredit; Farm records is used for income tax 5. III. Items Included in the FarmRecord Keeping System A business checking account tohandle all business transactions. An income ledger to record allbusiness income by calendar month. An expense ledger to record allbusiness expenses by calendarmonth. An inventory that involves both thephysical counting and valuationassignment. 6. III. Items Included in the FarmRecord Keeping System A depreciation schedule pro-rating theoriginal costs of assets over more thanone accounting period. A net worth statement or balance sheetsummarizing assets and liabilities of thefarm. An income or profit and lossstatement that lists receipts andexpenses by type (and the result is netprofit or net loss). Cash flow statement measures the flowof funds into the business and the flowout of the business over the accountingperiod. 7. IV. Farm Record Keeping the essential first step in organizingbusiness transactions; simply a record of the money youspend and the money you earn; written on a set of ledger sheets,which contain several columns, tokeep track of where money goes andfrom what source it is earned. 8. V. Farm Record KeepingSystems two kinds of record keeping systems:single entry and double entry; double-entry method is a perfectedsystem with built-in cross checks andautomatic balancing; for the purpose of farming, single-entry record keeping is advised; this will still provide you with the basicinformation you need to manage yourfarm. 9. VI. Farm Accounting the process of measuring andrecording all farm resources and allfarm transactions with financialconsequences in a systematic way; conduct of farm accounting may takea large part of the farmers time andeffort; however this effort is compensated inaccount of the following reasons: 10. VI. Farm Accounting itpermits the farmer to find out the sizeof the income which is derived from thefarm; to know the total value of the farmbusiness and to know which part isactually owned by the farmer and whichby others; to detect loss or theft of cash or stock; to provide the necessary data for acorrect income tax assessment; to claim expenses for work done by 11. VI. Farm Accounting normally farmers dislike paper work,as they are busy with their farm work; where to keep records may be a realproblem for a farmer, as one cannotexpect an office or a desk on theaverage farm; therefore, farm accounting shouldbe kept very simple; it helps when allrecords can be kept in just one book 12. VII. Customary BusinessDocuments and Their Use Cash receipt when merchandise is bought and paid forin cash, the seller in a modern businesswill make out a cash receipt which isprinted in duplicate. The original cashreceipt is given to the buyer. The buyershould keep the receipt and later enter itin his Cash Book. The duplicate remainsin the book of the seller; later on the sellerwill summarize the duplicates and enterthem in his Cash Analysis Book. 13. VII. Customary BusinessDocuments and Their Use Invoice whenever merchandise is sold on creditan invoice is made out in the invoicebook which is usually in triplicate. Theoriginal invoice is given to the buyertogether with the merchandise. Wheremonthly statements are sent to the buyer,the duplicates will be sent to the buyertogether with the statement. The triplicateremains in the book as a record. 14. VII. Customary BusinessDocuments and Their Use Statement the seller can summarize all invoices to acustomer in a statement; this statementis then sent to the customer for payment.The statement gives the dates of theinvoices, their numbers and the amountswhich are due, under the heading DEBIT.If during that month any payment ormerchandise or credit is received fromthat customer, it will be accounted forunder the heading CREDIT. Thedifference between debit and credit isentered under the heading BALANCE. 15. VII. Customary BusinessDocuments and Their Use Purchase order a written request to a trading business tosupply specified merchandise on credit; atthe same time it warrants payment when themerchandise (with the invoice) is delivered;commonly called a local purchase order orLPO (in English speaking countries). Apurchase order specifies the merchandise innumber, kind, size, make, color, etc.. It needsthe signature of the person who actuallyorders and that of the person who mustapprove the purchase. 16. VII. Customary BusinessDocuments and Their Use Cheque (check) A cheque is an order to a bank to make apayment in money. A cheque is the safestand easiest way of paying a debt or apurchase for a person having a bankaccount. 17. VII. Customary BusinessDocuments and Their Use Money Order money order is another kind of order tomake a payment. It is a means oftransmitting money to persons who haveno current bank account. To obtain amoney order, the amount to betransmitted plus a fee have to be paid tothe Post Office (or any other serviceprovider) or the bank. A money order formhas to be completed (sender, payee,name of the office where the money ordercan be cashed). 18. VIII. Balance Sheet Measuring and Recording of FarmResources to obtain and maintain the most profitableuse of the available farm resources; the resources of a farm business arenature, labor and capital: capital is commonly meant capital or production goods; not just money! labor is the resource provided by individual human beings with their free consent (it cannot be owned) nature and capital are either owned or rented 19. VIII. Balance Sheet Measuring and Recording of FarmResources when making a list of the resources, onlythose owned by the farmer areconsidered; the rented resources are taken intoaccount when the costs of production arecalculated; It is important to know by what financialmeans the farmer is able to own his farmresources; the farm resources are also called 20. VIII. Balance Sheet Measuring and Recording of FarmResources A general way of recording the facts aboutthe available farm resources is theBalance Sheet (BS) also known as theNet Worth Statement; it is a listing of all the possessions anddebts of the farm business at a certaindate; debts (= what is owed to others) arecalled liabilities; possessions are called assets 21. VIII. Balance Sheet Schematically, a Balance Sheet looks like:Balance SheetOf (Name and On . (Date)Place)Assets LiabilitiesHow are the farm resources Possessions = all farm resources(possessions) financed:a. by the farmer himselfb. by others = loans or debts 22. VIII. Balance Sheet The Balance Sheet its primary use is to establish the financialsolvency of the business; represents a financial snapshot of thebusiness at a specific point in time; the three components of the balance sheetare assets, or things owned; liabilities, orthings owed; and the difference betweenthese, the owners equity or net worth. separate property belonging to the farmbusiness from property belonging to thefarmers household. 23. VIII. Balance Sheet The Balance Sheet The assets are listed in the followingorder: 1) the most fixed assets, such as land; 2) the more current assets; 3) and finally the most liquid, such as cash in hand and money to be received. The total assets, also called GrossCapital, is the total value of all land,capital goods, stocks in store or in thefield and money available in the business. 24. VIII. Balance Sheet The Balance Sheet Liabilities are also grouped into one of threecategories. Current liabilities are thosecorresponding to current assets, like otherdebt payments within the calendar year; Intermediate liabilities relate to workingassets, like farm equipment, and include theliabilities or balances due on intermediateassets with terms from one to ten years; Long-term liabilities include land andcontracts on real property exceeding tenyears in duration. 25. VIII. Balance SheetBalance SheetAll Organic G.M.O. Farm, San Ildefonso, Bul. December 31, 2010ASSETS LIABILITIESFixedLong Term Farmland (3.0 ha@P500,000) 1,500,000.00Farm Real Estate350,000.00 Buildings & Improvements 650,000.00 Building Depreciation280,000.00 Other facilities 210,000.00 Total Fixed630,000.00Total Fixed 2,360,000.00 IntermediateIntermediateMachinery Depreciation 50,000.00 Poultry-2,000 hds@P100 200,000.00 Vehicles Depreciation 68,000.00 Machinery & Equipment800,000.00 Equipments Depreciation 42,000.00 Vehicles 400,000.00 Total Intermediate 160,000.00Total Intermediate1,400,000.00 CurrentCurrent Accounts payable250,000.00 Cash, savings account700,000.00Bank notes 65,000.00 Supplies 150,000.00Loans 122,000.00 Securities marketable100,000.00Accrued taxes76,000.00 Cash value of insurance200,000.00 Total Current513,000.00 Accounts receivable350,000.00Total Current 1,500,000.00 Total Liabilities 1,303,000.00Total Assets5,260,000.00 Net Worth 3,957,000.00 Total Liabilities and Net Worth 5,260,000.00 26. VIII. Balance Sheet Depreciation means loss of value; refers to capital goods or investments; due to the fact that capital goods (orproduction goods) do not last forever butwear out, deteriorate and finally becomeuseless; not only wear and tear, but also age maycause depreciation - something maybecome what is called obsolete, when it isoutmoded. 27. VIII. Balance Sheet Depreciation there are various methods of calculatingdepreciation; most common method is the straight linemethod, in situations with no or littleinflation.; this method is commonly used in farmaccounting; depreciation is calculated as if the valuedecreases by the same amount eachyear. 28. VIII. Balance Sheet Depreciation a capital good still has some value after itis worn out; this value is called residual, salvage, restor scrap value; the scrap value has to be subtracted fromthe original or initial value of the capitalgood before one starts to calculate thedepreciation. 29. VIII. Balance Sheet Straight Line Depreciation Formula:Purchase Value ScrapAnnual Depreciation = ValueUseful life in years 30. VIII. Balance Sheet Inventory and Valuation of Resources valuation is the estimation of the value ofeach asset or item; inventory is a list of all possessions orassets item by item, at their present value; in making valuations, the value of farmproduce can be based either on its cost ofproduction or on its market value; 31. VIII. Balance Sheet Inventory of Resources Land: does not deteriorate under goodhusbandry practices and keeps thesame value; may even become more valuable withtime; value entered is the purchase price orthe estimated price, based on the valueof similar land in the area at the time. 32. VIII. Balance Sheet Inventory of Resources Buildings: stone or brick may last 25 to 40 years; depreciation is between 4% and 2.5%per year; wooden buildings depreciate at about10% per year. 33. VIII. Balance Sheet Inventory of Resources Machinery: Non-motorized machinery (ploughs,harrows and carts) depreciate at about10% per year; Motorized machinery (tractors,harvesters and diesel pumps)depreciate at 20% per year or more,depending on maintenance and numberof hours which they are operated peryear. 34. VIII. Balance Sheet Inventory of Resources Small tools: Includes hammers, pliers, shovels, buckets,etc., with small purchase values and written offimmediately at purchase (which means thattheir depreciation is 100%); on a large, modern farm there may bethousands of such small tools; some mightbe new and some nearly worn out; a suitable method is to calculate the newvalue of all small tools and to enter them onthe Balance Sheet for half that value onceand for all. 35. VIII. Balance Sheet Inventory of Resources Livestock: listed by kind, age and sex; each group of animals is valued bymultiplying the number in that group bya fixed price; this fixed price would be the cost ofbreeding a representative animal of thatgroup; a standard value may be applied forinventory/valuation purposes. 36. VIII. Balance Sheet Valuation of Resources There are many methods for valuing farmassets. Commonly used methods are asfollows: 37. VIII. Balance Sheet Valuation of Resources The market cost method: values assets at their purchase price; use this method for recently purchasedassets that will be used in a relativelyshort time (i.e., feed, fuel, fertilizer, andseed); must be used to value inventories for taxpurposes. 38. VIII. Balance Sheet Valuation of Resources The net market price method: uses the market cost less transportationand marketing charges; It is the money the farm would have leftafter selling a product and can be usedwhen liquidity estimates are needed; net market price could be used forlivestock and farm produced crops. 39. VIII. Balance Sheet Valuation of Resources Farm production costs method: determined by the cost of producing acommodity on the farm; It is useful for farm producedcommodities that in turn will be used inother farm enterprises; 40. VIII. Balance Sheet Valuation of Resources cost-minus-depreciation method: applies to investments that have auseful life longer than a year; capitalization method : uses the time value of money toestimate current asset value; based on an annual income stream thatan asset can produce in its present use. 41. VIII. Balance Sheet Valuation of Resources replacement cost for equivalentfunction method : considers the changing function of someassets over time; replacement cost considered should berelated to its current use. 42. IX. Cash Analysis Book Cash Book, Petty Cash and Diary cash book is what it says, namely arecord of all changes in cash and a recordof all cash transactions; each transaction starts with a new line inthe cash book; farms use a petty cash book in whichexpenditures and receipts for cash inhand are recorded when they occur; once a week or once a month the totalsare entered in the cash book. 43. IX. Cash Analysis Book Cash Book, Petty Cash and Diary; A diary is a book of events, transactionsor observations recorded daily or atfrequent intervals; Large farms which keep a complete set ofaccounting books may use a diary for nonfinancial records, such as work performedby laborers, fertilizer applications onspecified crops and fields, dates of sowingand harvesting, servicing, yields, feedgiven to animals, etc.. 44. IX. Cash Analysis Book The design and use of the Cash AnalysisBook it is not possible to calculate the Net FarmIncome from the cash book as such; receipts and expenditures have to besorted out, kind by kind. To be able to manage the farm in such away that the most profitable use is made ofthe farm resources, the farmer must: 45. IX. Cash Analysis Book The design and use of the Cash AnalysisBook distinguish receipts for farm produce from other receipts, such as sales of capital goods and loans; expenditures for production purposes from expenditures for other purposes, such as investments and repayments; calculate the costs and revenues of his separate farming activities (also called enterprises); compare the output and costs of each activity with the results of previous years and also with the results of other farms. 46. IX. Cash Analysis Book The design and use of the Cash AnalysisBook it is not possible to calculate the Net FarmIncome from the cash book as such; receipts and expenditures have to besorted out, kind by kind. To be able to manage the farm in such away that the most profitable use is made ofthe farm resources, the farmer must: 47. IX. Cash Analysis Book Cash Analysis Book an extension of the cash book; the Cash Analysis Book adds severalcolumns to the total +receipts and totalexpenditures columns of the cash book; In these columns receipts andexpenditures of one and the same kind arerecorded a second time; 48. IX. Cash Analysis Book Different columns in the Cash AnalysisBook columns in which the output and costs areentered for each activity (enterprise oroperation) for which separate informationis wanted; examples: maize, poultry, citrus,milk, cattle, woodlot; a column other output on the receipts sideand a column overhead costs (or generalcosts) on the expenditures side, in whichoutput and costs are entered whichcannot be allocated to a specificactivity; 49. IX. Cash Analysis Book Different columns in the Cash AnalysisBook a column for livestock sales on thereceipts side and a column for purchaseson the expenditures side; a column for non output receipts and acolumn for non cost expenditures on theexpenditure side; a column for receipts from thehousehold (private) and a column forexpenditures for the household; other columns. 50. Cash Analysis Book - All Organic G.M.O. Farm, San Ildefonso, Bul., January December 2010Receipts MachineDate Description Total CropsLivestock OthersPrivateRentals1/6/10Cash in Hand 9,0009,0001/19/10 1 Organic GMO Cow 15,000 15,0001/30/10 1 Organic GMO Pig6,0006,0006/1/10Landprep rentals12,000 12,000Summary for the rest ofthe year:Crops sold 5,0005,000Animals sold 3,0003,000Machine rentals4,500 4,500Other sources2,0002,000 Total Receipts56,500 5,00024,00016,00011,000 -Expenditures Crops Vet.Serv./ Overhead Date DescriptionTotal Other Exp. Private Supp.Purch. costs1/12/10Fertilizer 5,400 5,4001/20/10Veterinary services2,000 2,0001/25/10Wages5,000 5,0001/31/10Building Repair 15,00015,0007/25/10Private drawing1,000 1,000 Summary for the rest of the year: Crop supplies4,000 4,000 Fuel & Oil 3,600 3,600 Vet. Serv. & Supp. 2,000 2,000 Wages8,000 8,000 Private drawings 2,000 2,000 House repair 6,000 6,000 Cash Balance 2,500 2,500 Total 56,500 9,400 4,00016,60023,500 3,000 51. X. Income Statement / Profitand Loss Statement the second important financialstatement; summary of receipts and expenses andthe resulting profit or loss during anaccounting period, usually a year; for purposes of estimating profit orloss, the accrual system presents amuch better estimate of businessperformance; 52. X. Income Statement INCOME STATEMENTAll Organic G.M.O. Farm, San Ildefonso, Bul.January 1, 2010 to December 31, 2010FARM RECEIPTSFARM OPERATING EXPENSESCrop Products sold 41,000.00 Organic GMO Seeds1,800.00Organic GMO Cows sold15,000.00 Feeds 16,000.00Machinery income 30,000.00 Labor5,000.00Misc. income2,000.00 Repairs & Maintenance3,500.00Organic GMO Pigs sold12,000.00 Property taxes 900.00Gross Farm Receipts100,000.00 (1)Insurance650.00 Supplies 2,000.00 Chemicals3,000.00 Fuel (Gas, Diesel & Oil) 5,500.00 Waste disposal & Compost 1,200.00 Miscellaneous650.00 Interests2,100.00Total Farm Cash Operating Expenses 42,300.00 (2)Net Cash Operating Income (1-2) 57,700.00 (3) 53. X. Income StatementADJUSTMENT FOR INVENTORYCropAccounts Supplies & AccountsLivestock Prodn.ReceivableMaterialsPayableEnding Inventory 300.00 1,500.002,000.00 400.00-Beginning Inv. 250.00 2,000.003,164.00 200.00-Net Adjustment50.00 500.00 -1,164.00 200.00- -414.00 (4) Net Operating Profit (3 +/- 4)57,286.00 (5)ADJUSTMENT FOR CAPITAL ITEMS Machinery & EquipmentsBuildings & ImprovementsEnding Inventory 21,000.0060,000.00Plus sales500.00Sub-total (6)21,500.0060,000.00Beginning Inv. 22,650.0057,000.00Plus purchases600.00Sub-total (7)23,250.0057,000.00Net Capital Adjustments (6- -1,750.00 3,000.00 1,250.00 (8)7) Farm Profit or Loss (58) 53,536 (9) Net Non-Farm Income 7,000.00 (10) Total Farm & Non-Farm Income (9+10) 60,536.00(11) Income & Security Taxes 1,650.00 (12) Net After-tax Income (11-12) 58,886.00 54. X. Income Statement Profit and Loss StatementComponents: Receipts gross returns from the sales of farm products and the value of farm products used in the home; receipt section of the income statement assigns a value to gross farm production; to accurately state gross income, receipts must be adjusted for inventory changes; receipts should also be adjusted for purchases of livestock, feed, and supplies. 55. X. Income Statement Profit and Loss StatementComponents: Expenses the outlays for items paid for and used during the time period covered by the income statement ; include all the cash operating expenses as well as the fixed expenses incurred during the accounting period; cash operating costs are Farm Operating Expenses, and fixed expenses are considered under Adjustments for Capital Items.; 56. X. Income Statement Profit and Loss StatementComponents: Inventory adjustments for prepaid operating expenses such asseed, chemicals, and insurance; necessary for capital assets such asmachinery and building improvements; reflect purchases and sales that occurredduring the year. 57. X. Income Statement Measures of Business Performance: Net cash operating income determined by subtracting the cashoperating expenses from gross receipts; can be used to compare operatingefficiencies across farms with differentdebt structure; its primary use is related to cash flow andto estimate cash returns when taxes arecalculated on a cash basis. 58. X. Income Statement Measures of Business Performance: Net operating profit obtained by adjusting cash operatingincome for accounts receivable, payable,and inventory changes; the purpose for making theseadjustments is to determine an accruedaccounting of income produced duringthe period. 59. X. Income Statement Measures of Business Performance: Farm Profit or Loss results from adjusting net operating profit forNet Capital Adjustments; to compute net income on an accrued basis,adjustments must be made for capitalassets; the bottom line profit or loss is the before-tax return to the operators management,capital, risk, and unpaid family labor.; the trend of the receipts, expenses, andprofit over time is valuable in analyzing thefinancial progress of the farm business. 60. XI. Enterprise Accounting can help you make decisions aboutparticular components of your farmbusiness; used to pinpoint sources of profit in the farmbusiness and factors affecting profitability focus only on the most meaningful data; rule of thumb in collecting and recordingenterprise data or farm records in general isto ask whether the information value in termsof improved decision making equals orexceeds the cost of data collection andanalysis. 61. XI. Enterprise Accounting three enterprise classifications: Production Enterprises - these are crop andlivestock enterprises that produce marketablecommodities. Service Enterprises - include machinery andequipment services, an on-farm retail market, andthe farm shop. These enterprises are internal tothe farm business and provide services notdirectly marketed. Holding Enterprises - these are storage facilities,buildings, capitalenterprises that hold the inputsor farm-produced commodities until they areready for use in a particular enterprise or areready for sale. 62. XI. Enterprise Accounting factors to consider in evaluating crop and livestockenterprises : Livestock enterprises: Returns per hundred price of feed fed Feed costs per kg of meat or milk produced Feed efficiency, kg of feed per kg of product Total enterprise profits per head or per unit Other factors that might include such things as pigs weanedper litter, percent calf crop, kg of milk produced per cow, etc. Crop enterprises: Yield per hectare Returns above cash hectare Net enterprise profit per hectare Gross value of crop produced per hectare Machinery and power costs per hectare Fertilizer costs per hectare 63. XII. Cash Flow Statement know the flow of income and expensesduring the accounting period to ensure youcan meet your financial obligations on time; helps you assess your ability to pay bills ontime; can be completed on an annual, semi-annual, quarterly, monthly, or bimonthlybasis depending on the size and type ofbusiness; the larger the business and the more capitalinvolved, the more important cash flowplanning becomes. 64. XII. Cash Flow Statement Cash Flow is different from IncomeStatements: cash flow statement includes non-farm itemssuch as non-farm income, living expenses,and income taxes; cash flow also more fully reflects breedingstock and machinery purchases and a morecomplete accounting of principal paymentsand loans; the cash flow can be defined as the sourcesand uses of funds or a flow-of-fundsstatement; it summarizes all the transactions during a 65. XII. Cash Flow Statement Instructions for completing a cash flow statement:1. Complete the summary, column by column, starting with the column corresponding to the first period of the year.2. Total lines 1 through 12 to get Total Cash Available in the period. Place the result on line 13.3. Total lines l4 through 40 to get Total Cash Required for the period. Place the result on line 41.4. Subtract line 41 from line 13 and place the result on line 42. If the result is negative, place a minus sign in front of it or place the value in 66. XII. Cash Flow Statement Instructions for completing a cash flow statement:5. If line 42 is negative, show at least enough new borrowings (line 43) to cover the deficit.6. If line 42 is positive, show projected principal and interest payments on the operating loan(s) in lines 44 and 45.7. If line 42 is negative, subtract it from the amount of money borrowed (line 43) to get the ending cash balance (line 46). If line 42 is positive, subtract principal and interest payments (lines 44 and 45) to get the ending cash balance.8. Increase the operating loan balance (line 47) by the amount of new borrowings during the period, or decrease it by the amount of principal payments, whichever is appropriate. 67. XII. Cash Flow Statement Instructions for completing a cash flow statement: 9. Transfer the ending cash balance (line 46 for the period you have just completed) to the beginning cash balance (line l) for the next period.10. Repeat steps l through 9 for each period of theyear.11. One column should be completed for the totalyears operation. The figures in this columnreflect your total cash flow for the year. Eachfigure in this column is the sum of the figures inthe individual time periods for most of the lines.But, the figures in lines 1, 13, 42, 45, and 46 donot necessarily add across, due to the transferof cash balances from the end of one period tothe beginning of the next. If the beginning andending cash balances were all equal, these 68. XII. Cash Flow Statement CASH FLOW STATEMENTUse pencil round to PesosDate Completed: December 31, 2010 CASH INFLOWPeriodJan 1-15 Jan 16-31 1. Beginning Cash Balance 2. Crops 3. 4. 5. Livestock 6. 7. 8. Custom Work 9. Agricultural Program Payments 10. Patronage Dividends 11. Other 12. 13. Total Cash Available (Add lines 1-12) CASH OUTFLOW 14. Rents and leases 15. Gas, Fuel, Oil 16. Labor hired 17. Machinery repair 18. Machinery hire 19. Fertilizer and Chemicals 20. Seeds 21. Feed Purchased 22. Livestock expense (vet., breeding, etc.) 69. XII. Cash Flow Statement23. Building and Fence Repair24. Supplies25. Utilities26. Insurance (property, liability, etc)27. Real estate taxes28. Livestock purchased for resale29. Other30.31.32.CAPITAL EXPENSE OUTFLOW33. Machinery purchase34.35. Breeding livestock36. Other37. Family living expense38. Income & security tax39. Fixed loan payments principal40. Fixed loan payments41. Total cash required (Add lines 14-40)42. Cash available less cash required (13-14)43. Money to be borrowed (if 41 is negative)44. Debt payments (if 42 is negative)45. Ending Cash Balance46. OPERATING LOAN BALANCE 70. XIII. Field Records Field records for crop production mightinclude such items : field identification or description; parcel size; cropping history; crops grown, cultural practices used andyield information; current field activities; soil test data; labor hours by activity. 71. XIII. Field Records Livestock or poultry records also provideuseful information. Poultry records shouldinclude: chicken purchases and dates; mortality rates; feed records, quantities purchased, andquantities fed; production records, eggs per day; cull or damaged eggs; rodent control activities; sale of pullets or hens. 72. Thats it! Thankyou! References: Gletema, Bart. editor. Farm Accounting. Agromisa Foundation. Wageningen, The Netherlands, 2006 Carkner, Richard W., Farm Business Records: AnIntroduction. Washington State University,Washington DC, USA, 2000 RONEL DIMAYA CAAAgriculturist II Provincial Agriculture OfficeCity of Malolos, Bulacan791-0018/791-0008