Farm Accounting Workbook

Ontario Farm Accounting Workbook MAIN MENU Cover Page Introduction General Notes and Suggestions CAPITAL ASSETS AND INVENTORIES Guidelines and Examples Table 1- Capital Additions and Disposals for the year 20__ Table 2 - C.C.A. Schedule - Straight-Line Table 3 - C.C.A. Schedule - Declining Balance Table 4 -Eligible Capital Property - Quotas Table 5 - Permanent Record of Capital Items Table 6 - Rates of Capital Cost Allowance (Depreciation) EMPLOYEE PAYROLL RECORDS Table 15 - Employee Record Table 16 - Payroll Record Table 17 - Casual Payroll Record FARM EXPENSES AND OTHER CASH OUTFLOW Guidelines and Examples of Farm Expenses Table Table 18 - Farm Expenses and Other Cash Outflow Table 19 - Summary of Farm Expenses OTHER RECORDS Table 7 - Estimated Fair Market Values Table 8 - Inventory of Livestock and Poultry Table 9 - Feeder Stock Table 10 - Monthly Count of Livestock Table 11 - Crop Record Table 12 - Feed Allocation Guidelines and Examples of Other Records Table Table 20 - Record of Accounts Payable, Loans, Notes and Mortgages Table 21 - Record of Accounts Receivable, Loans, Notes and Mortgages Table 22 - Non-Farm Business Receipts and Expenses Table 23 - Goods and Services and Tax Summary FINANCIAL STATEMENTS AND ANALYSIS FARM REVENUE AND OTHER CASH INFLOW Guidelines and Examples of Farm Revenue Tables Table 24 - Cash Flow Budget and Monitor Table 13 - Farm Revenue and Other Cash Inflow Table 25 - Farm Balance Sheet Table 14 - Summary of Farm Revenue and Other Cash Inflow Commodity List and CCRA Line Codes Table 26 - Income Statement (Accrual Basis) Table 27 - Change in Owners Equity and Business Analysis Table 28 - Income Statement (Cash Basis - Tax Purposes) Metric Conversions Guidelines Ontario Farm Accounting Workbook for the fiscal year: for the period: * Required Fields to complete links in later Tables 2004 * Beg Month: January 1 End month: December 31 * * * * Farm Name: Name: Address: County: Township: Lot: Concession: Your Farm Jolene Farmer R.R. # 3, Crops Lane, Rural Town INTRODUCTION Ontario Ministry of Agriculture and Food Resources NAVIGATING THE WORKBOOK This workbook contains 36 worksheets. All attempts have been made to link information across the worksheets to limit the amount of times the same information would need to be inputted more than once. There are 3 main ways to navigate your way through this workbook: 1) The 'Main Menu' selection on the top of each worksheet will bring you back to the 'Main Menu' worksheet where you can select the next Table or area you wish to view; 2) Each Worksheet is labelled in the Sheet tabs at the bottom of the Worksheet. You can scroll through the Sheet tabs and Click the worksheet you wish to view or 3) Gray Link buttons have been inserted throughout the Workbook. Clicking these Link buttons will navigate you to the areas labelled. INPUT CELLS vs TEXT or CALCULATED VALUES Two main colour shadings indicate the information contained in the shaded area. The areas in the Tables shaded light blue are input cells. Your information would be inputted into these cells. Yellow shaded areas are non input cells. They either contain text such as the information in this Introduction Section or are calculated values with formulas using the information you input into the light blue areas. DESCRIPTION OF INPUTS Several of the cells have a red diamond in the upper right hand corner of the cell. By moving your mouse cursor over this diamond, a brief description of the input will be displayed on the screen. PRINTING The 'Print' selection on the Standard Toolbar is the simplest method of printing any or all of this Workbook. The Print Menu provides options to print the Entire Workbook (Caution - This Workbook is 108 pages) or to print selected pages. Simply select the pages you wish to print and Click Print. When the print job is completed, click 'Done' to return to the Workbook. The default print page setup is on Legal Size paper (8.5 x 14) Landscape Orientation. Publications This farm accounting workbook has been prepared to help you do a better job in the business of farming. Other publications of the Ontario Ministry of Agriculture and Food are also available to help you. A full listing of publications and order forms are available on the Ministry’s Web site at www.gov.on.ca/OMAF/english/ products/product.html. Publications can also be ordered from the Publications Office by calling 1-888-466-2372. Ontario Farm Management Analysis Program (OFMAP) Once you have completed and summarized your farm records, you have the opportunity to compare your figures with those of other farmers through the OFMAP. OFMAP presents financial and physical information for several farm types in Ontario. The primary objective of the OFMAP is the preparation of computerized business reports for Ontario farmers. The second objective is to prepare group summaries for use by farmers, staff and agri-business personnel for comparative analysis and budgeting information. Anyone wishing to participate in OFMAP will be given a free copy of the program in return for sharing of the data for the provincial report. This software is available from the OMAF Web site at the address: www.omaf.gov.on.ca Search for “Ontario Farm Management Analysis Program”. OFMAP forms are also available by calling the Publication Order Centre at 1-888466-2372. Samples of the type of data and analysis reports you would receive by participating in OFMAP are provided on the following page. The actual summary and individual producer reports would provide a comprehensive enterprise analysis of your operation and comparative benchmarks for your sector. Farm Business Management Analysis Tools and Information OMAF has some excellent tools and information to assist in the development of your rural business at the Business Development Web site – www.omaf.gov.on.ca search for “Business Development” For further information on Programs and Services available to assist Rural Ontario businesses, please contact the Agricultural Information Contact Centre toll free at 1-877424-1300 or email: ag.info@omaf.gov.on.ca. Other Farm Business Management Resources The Canadian Farm Business Advisory Services (CFBAS) is the cornerstone of the programs and services being offered through Renewal. Through the CFBAS, eligible producers - those with at least $10,000 in annual gross farm sales and beginning producers - will have access to a range of services; Farm Business Assessment and Action Plan, Specialized Business Planning and Planning and Assessment of Value-added Enterprises Contact toll free at 1-800-452-5558 or visit CFBAS's website for more details: www.agr.gc.ca/renewal Benchmark for Success is a free, easy-to-use electronic form created by Agriculture and AgriFood Canada in which Canadian producers can input basic financial information on their farming operations to obtain a benchmarking report. The reports allow producers to compare their operation to other similar Canadian farm businesses. Contact toll free at 1-800-452-5558 to order your free CD-ROM version or complete the online form at: www.agr.gc.ca/compare EXAMPLES of ONTARIO FARM MANGEMENT ANALYSIS SUMMARY REPORTS SUMMARY OF ONTARIO DAIRY FARMS 5 Year Summary Years Farm Income Statement NET FARM INCOME 1998 $61,031 1999 $56,671 2000 $60,411 2001 $72,570 2002 $75,008 SUMMARY OF ONTARIO DAIRY FARMS FARM INCOME STATEMENT Revenue Total Farm Revenue Total Variable Expenses Contribution Margin Total Farm Expenses NET FARM INCOME Low 68 Farms $212,869 $134,047 $78,822 $185,869 $27,000 Avg 205 Farms $314,612 $174,632 $139,980 $239,604 $75,008 High 68 Farms $457,172 $240,713 $216,459 $324,288 $132,884 PHYSICAL SUMMARY FOR THE DAIRY ENTERPRISE Average Number of Cows Total hectolitre Milk Sold Milk Sold Per Cow (litres) 44.8 3,122 6,968 59.1 4,562 7,719 80 6,630 8,287 Farm Business Analysis Section Return on Investment Capital Turnover VFP (years) Cost Control Index Current Ratio : 1 Working Capital Debt Services Capacity Term & Operating Interest Paid Livestock Enterprise Report Value of Enterprise Prod'n / hL Feed Cost / hL Average Number of Cows Litres of Milk Sold Milk Sold Per Cow 1998 1.8% 5.0 24.5% 1.2 $10,740 $36,664 $18,587 1999 1.3% 5.7 21.3% 1.0 ($159) $35,647 $20,496 2000 1.3% 6.4 21.5% 1.1 $3,537 $32,853 $19,394 2001 2.3% 6.0 24.1% 1.1 $5,090 $49,858 $23,614 2002 2.1% 7.0 23.8% 0.8 ($17,452) $49,527 $24,725 $63.55 20.06 49.2 347,050 7,054 $62.69 22.03 53.7 382,460 7,122 $61.75 23.57 55.3 407,790 7,374 $62.16 21.43 57.4 438,370 7,637 $62.78 20.68 59.1 456,220 7,719 GENERAL NOTES AND SUGGESTIONS -- Financial Records There is no substitute for using the right tool for the right job. This farm accounting workbook is the most valuable tool you can use in helping to make sound financial and other management decisions. It will show you the results of your management in dollars and cents. Maintaining, questioning and using accurate farm business records will yield high returns for the time spent. Your farm profits are earned by good management of high producing crops and livestock. When you receive your bank statement and cancelled cheques once per month, spend an hour or two (or more) to ensure complete, accurate, up-to-date records. This will minimize the job to do at the end of the year. Proper use of credit depends on the use of accurate farm business records. To measure your farm business credit needs,lenders need cash flow projections, net worth statements, and measures for crop and livestock production rates. Money management is the "lifeblood" of your business. USE OF YOUR FARM CHEQUING ACCOUNT A chequing account is one of the very best methods of keeping track of the financial transactions of your farm business. Select a farm chequing account that provides: Write cheques for all expenses and farm payments. Your cancelled cheque and monthly statement becomes a record of payment and helps to reduce the chance of some expenses not being recorded. Have a system for handling cash purchases. Cash payments should be kept to a minimum, but many occasions arise where paying cash is the most practical. Usually a cash payment is made for small items. One way to handle these items is to keep the receipts or another record of all cash purchases for a period (eg. a month), and then write yourself a cheque from the farm account for the total of all cash purchases for that period. Keep farm and personal funds separate. Keeping personal funds separate from the farm business funds can be of great help in improving the accuracy of your farm records. With only farm business in the farm account you then have a complete record of all farm transactions separate from personal. It is desirable to make regular withdrawals from the farm account for personal use. Have a convenient and separate location for your farm office activities. This farm accounting workbook is designed to meet the needs of commercial farms. It is simple, yet complete enough to provide details for tax purposes, for credit and for an analysis of your farm business. Adjust column headings to suit your needs. This workbook will work best when you: - have a convenient and organized farm office. - use a farm chequing account for all farm revenue and expenses; - use a line of credit, if required, from your bank, credit union, etc. to cover production expenses, instead of dealer credit or charge accounts. - numbered cheques - monthly statements and returns cancelled cheques (Insist that the statement be returned at the end of each month.); - a record of deposits Deposit all farm revenue. It is best to deposit the entire amount of the cheque(s) into the farm account, recording on the deposit slip (in duplicate) the source and explanation of the funds (eg. Schneiders 33 hogs) 1. CAPITAL ASSETS AND INVENTORIES Guidelines Capital Purchases – Record all purchases during the year of capital assets, including quotas, in Table 1. Indicate any Investment Tax Credit in col. 4. Transfer total amounts by tax class to Table 3, C.C.A. Schedule – Declining Balance, col. 2. Assets acquired after Dec. 31, 1971 must be depreciated for tax purposes using the declining balance method (Part XI). Rates of Capital Cost Allowance – for tax purposes can be found in Table 6. Eligible Capital Expenditures (Quotas) -- The purchase of quotas can be recorded in Table 1. The Eligible Capital Account appears in Table 4. Examples of this type of expenditure are the purchase of milk quota or tobacco quota. Expenditures that qualify are called eligible capital expenditures. In general, an eligible capital expenditure is an outlay or expense after 1971 that is not an allowable deduction from income. To calculate the deduction from income, a person can establish a Cumulative Eligible Capital Account. Starting in 1988, ¾ of eligible capital expenditures is entered in this account and when the asset (eligible capital amount) is sold, ¾ of the proceeds is deducted from the balance of the account. Note that different rules may apply if business is being discontinued. Depreciation Schedule – Straight Line. Those assets acquired on or before Dec. 31, 1971 may continue to be depreciated using the straight-line method (Part XVII) and may be recorded for tax purposes in Table 2. Depreciation Schedule – Declining Balance and Eligible Capital Account. Use Table 3, for calculating the amount of C.C.A. (Part XI), and Table 4, for the allowance on the Eligible Capital Property Account. Table 2 and Table 3 refer to Part XVII and Part XI respectively. These are sections within the Regulations of the Income Tax Act that set out the two distinctly different methods of calculating the Capital Cost Allowance Deduction. For more details on the regulation or the Act, contact your tax services office. A Permanent Record of all capital items and eligible capital property (quotas) on hand at the beginning of the year is provided in Table 5. Record the date of sale and sale amount for any capital items sold. At year end add to this list any capital purchases and eligible capital expenditures (quotas) acquired during the year (from Table 1). Record the business portion cost of the asset. Note that the Investment Tax Credit and government grants can reduce the capital cost base of capital assets to which they are applied. Table 1. CAPITAL ADDITIONS AND DISPOSALS FOR THE YEAR 2004 Buildings, Machinery, Equipment* Additions Kind of Asset (1) Total Cost** Personal Portion (2) Business Portion Col. (1) less Col. (2) 15,000 950 2,000 (3) Investment (4)*** Tax Credit Net (If Applicable) Business Portion on Business Portion Col. (3) less Col. (4) @ 7% - 1,050 13,950 950 @ 7% - 140 1,860 (3) (2) Personal Portion (if applicable) Business Portion Col. (1) or Col. (2) less Col. (3) 4,050 (5) Tax Class No. 6 Tax Class No. 8 13,950 950 1,860 (4) 6 8 10 12 Tax Class No. 10 Tax Class No. 12 Tax Class No. Plough Grain Auger Bale Wagon Disposals - New - Used - New 15,000 950 2,000 Buildings NIL NIL NIL Kind of Asset Plough Other Assets (1) Proceeds of Disposal Proceeds of Disposal (Amount not to exceed Capital Cost) 4,500 NIL 4,500 *Indicate whether new or used Table 3. CAPITAL COST ALLOWANCE SUMMARY* - DECLINING BALANCE (PART XI) (1) Class No. UCC* at Beginning of year Col. (12) of last year's Schedule (2) Investment Tax Credit Earned in Prior Years and Claimed This Year (3) Col. (2) minus Col. (3) (4) (5) Cost of Additions This Year (Additions Col. (5)) (6) Proceeds from Disposals This Year (Disposals Col. (4)) Undepreciated Capital Cost After Additions and Disposals (Col. (4) plus Col. (5) less Col. (6)) 11,900 18,500 (7) Deduct ½ of amount if any by which Col. (5) exceeds Col. (6). If Col. (6) exceeds (Col. (5) enter NIL 350 0 - 30 0 0 2 = 25 0 (8) Col. (7) minus Col. (8) (9) (10) Rate CCA** for % this year Col. (10) x Col. (9) (11) UCC at end of year Col. (7) minus Col. (11) (12) 8 10 11,400 20,500 NIL NIL 11,400 20,500 3,500 6,500 3,000 8,500 11,650 18,500 20 30 1,165 3,700 10,735 14,800 NIL Table 5. PERMANENT RECORD OF CAPITAL ITEMS Year Acquired Buildings, Machinery, Equipment, Quota Description Tractor Cultivator Disk C.C.A. Cost Tax Class or Rate Total Cost 15% 4,000 8 3,000 8 2,500 Capital Sales Business Portion 4,000 3,000 2,500 Year Sale of Sale Value 81 2000 79 79 Year Acquired Buildings, Machinery, Equipment, Quota Description Truck Swather - S.P. C.C.A. Tax Class or Rate 10 10 Cost Total Cost 7,000 8,000 Capital Sales Business Year of Portion Sale 7,000 7,600 Sale Value 70 73 76 Table 1. CAPITAL ADDITIONS AND DISPOSALS FOR THE YEAR 2004 Buildings, Machinery Equipment Total Cost ** Kind of Asset Additions (1) (2) (3) Investment (4) Personal Portion Business Portion Tax Credit Col. (1) less Col. (2) (If Applicable) on Business Portion (5) Net Tax Class Business Portion No. 6 Col (3) less Col (4) Tax Class No. 8 Tax Class No. 10 Tax Class No. 12 Tax Class No. Total Buildings (1) Kind of Asset Disposals Proceeds of Disposal Other Assets Proceeds of Disposal (2) (Amount not to exceed Capital Cost) Personal Portion (3) Business Portion Col. (1) or Col. (2) less Col. (3) (4) Total ** If you receive a grant to purchase an asset, you must reduce the cost of the asset by the amount of the grant *** Include investment tax credit earned in current year but applied to tax payable in prior years. Additions Real Estate Additions Total Cost Cost Land Portion House Farm Buildings Acreage Total Eligible Capital Expenditure Total Cost Cost Three-quarters Total Cost Tillable Kind of Quota Total Disposals Eligible Capital Amount Total Total Total Table 2. CAPITAL COST ALLOWANCE SCHEDULE - STRAIGHT LINE (Part XVII) Note: Record only capital items purchased before December 31, 1971. See Table 6, Rates of Capital Cost Allowance. Year Acquired dd/mmm/yy Description Buildings, Machinery & Equipment Total Cost Cost Business Portion CCA Class Rate % Allowance This Year Capital Cost Allowance Allowance Previous Years Total Allowance Year and Month of Sale Sale Value Total 0.00 Table 3. CAPITAL COST ALLOWANCE CLASS SUMMARY - DECLINING BALANCE (Part XI) (1) Class No. UCC* at beginning of year Col. (12) of last year's Schedule 1 2 3 6 7 8 9 10 10.1 12 16 17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 For current information to calculate capital cost allowance refer to most recent issue of Canada Customs and Revenue Agency Farming Income Guide *UCC - Undepreciated Capital Cost ** CCA - Capital Cost Allowance (2) Investment Tax Credit Earned in Prior Years and Claimed This Year (3) Col. (2) minus Col. (3) (4) Cost of Additions this Year (Additions Col. (5)) (5) Proceeds from Disposals this Year (Disposals Col. (4)) (6) Undepreciated Capital Cost After Additions and Disposals (Col. (4) plus Col. (5) less Col. (6)) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (7) Deduct ½ of amount if any by which Col. (5) exceeds Col. (6). If Col. (6) exceeds Col. (5) enter NIL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4% 6% 5% 10% 15% 20% 25% 30% 30% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (8) Col. (7) minus Col. (8) (9) (10) Rate CCA ** for % this year Col. (10) x Col. (9) (11) UCC at end of year Col. (7) minus Col (11) (12) 0.00 100% 0.00 0.00 0.00 0.00 0.00 40% 8% Total C.C.A. on Part XI Assets Total C.C.A. on Part XVII Assets (from Table 2) Total C.C.A. for 2004 Total Transferred to $0.00 $0.00 $0.00 Table 28 - Income Statement (Cash Basis - Tax Purposes) TABLE 4. ELIGIBLE CAPITAL PROPERTY - QUOTA 1 Kind Eligible Capital Account Beginning of Year 2 Three-quarters of Eligible Capital Property Expenditures 3 Three-quarters of Eligible Capital Property Sales 4 Cumulative Eligible Capital Account (Col. 2 plus 3 less Col. 4) 0.00 0.00 0.00 0.00 0.00 0.00 5 Maximum Rate % 7 7 7 6 Maximum Allowance for this year 7 Eligible Capital Account End of Year (Col. 5 less 7) 8 NOTES TOTAL ALLOWANCE THIS YEAR 0.00 Table 5. PERMANENT RECORD OF CAPITAL ITEMS Year Acquired yyyy Description Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value yyyy Description Cost Capital Sales Year Acquired Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value Cost Capital Sales Table 5. PERMANENT RECORD OF CAPITAL ITEMS Year Acquired yyyy Description Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value yyyy Description Cost Capital Sales Year Acquired Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value Cost Capital Sales Table 5. PERMANENT RECORD OF CAPITAL ITEMS Year Acquired yyyy Description Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value yyyy Description Cost Capital Sales Year Acquired Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value Cost Capital Sales Table 5. PERMANENT RECORD OF CAPITAL ITEMS Year Acquired yyyy Description Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value yyyy Description Cost Capital Sales Year Acquired Buildings, Machinery, Equipment, Quota C.C.A. Tax Class or Rate Total Cost Business Portion Year of Sale Sale Value Cost Capital Sales Table 6. RATES OF CAPITAL COST ALLOWANCE (DEPRECIATION) In this list, you will find the more common depreciable properties a farming business may use. The CCA rates appear at the end of the list. (For details on the CCA rates for classes 13, 14 34, and part XVII of the Income Tax Act, contact your tax services office). Class Depreciable Property Aircraft - Acquired before May 26, 1976 Aircraft - Acquired after May 25, 1976 Automobiles Bee equipment Boats and component parts Breakwaters Cement or stone Wood Brooders Buildings and component parts Wood, galvanized, or portable Other: Acquired after 1978 and before 1988* Acquired after 1987 Fruit and vegetable storage (after Feb. 19, 1973) Casing, cribwork for waterwells Chain saws Cleaners - grain or seed Combines Drawn Self-propelled Computer hardware and systems software See also "Special rate for changes to the year 2000" on page 31 of the Farming Income Guide. Coolers - Milk Cream separators Cultivators Dams Cement, stone, wood, or earth Diggers - All types Discs Docks Drills - All types Dugouts, dikes, and lagoons 1 8 8 3 8 6 8 8 8 8 10 10 3 1 8 8 10 8 6 3 6 8 No 16 9 10 8 7 Depreciable Property Electric-generating equipment (not more than 15 kW) Acquired after May 25, 1976 Acquired before May 25, 1976 Electric motors Elevators Engines- Stationary Fences - All types Forage harvesters Drawn Self-propelled Graders - Fruit or vegetable Grain - drying equipment Grain loaders Grain separators Grain-storage building Wood, galvanized steel Other Greenhouses (all except as noted below) Greenhouses of rigid frames covered with replaceable flexible plastic (this applies to taxation years after 1988 for greenhouses acquired after 1987) Grinder Harness Harrows Hay balers and stookers Drawn Self-propelled Hay loaders Ice machines Incubators Irrigation equipment - Overhead Irrigation ponds Leasehold interest Manure spreaders Class No Depreciable Property Class No Depreciable Property Class No 8 9 8 8 8 6 8 10 8 8 8 8 6 1 6 Milking machines Mixers Mowers Nets Office equipment Outboard motors Passenger vehicle(s) Piping - Permanent Planters - All types Ploughs Pumps Rakes Roads or other surface areas - Paved or concrete Silo fillers Silos Sleighs Sprayers Stable cleaners Stalk cutters 8 8 8 8 8 10 10/10.1 2 8 8 8 8 17 8 8 10 8 8 8 8 10 8 8 8 12 8 10 10 10 16 10 Water towers Weeders Welding equipment Well equipment Wharves Cement, steel, or stone Wood Windcharges Wind-energy conversion equipment acquired before February 22, 1994 acquired after February 21, 1994 6 8 8 8 3 6 8 34 43 8 8 10 8 8 10 8 8 8 8 6 13 8 Swathers Drawn Self-propelled Threshers Tile or concrete draining system - Acquired before 1965 Tillers - All types Tools Less than $200 $200 and more Tractors Trailers Trucks Trucks (freight) Wagons * You may add to or alter a class 3 building after 1987. In this case, there is a limit on the amount you can include in class 3. The most you can include in class 3 is the lower of $500,000 or 25% of the building's cost on December 31, 1987. In class 1, include any costs you incur that are over this limit. Class 1 Class 2 Class 3 Class 6 Class 7 Class 8 4% 6% 5% 10% 15% 20% Class 9 Class 10 Class 10.1 Class 12 Class 16 Class 17 25% 30% 30% 100% 40% 8% Table 7. ESTIMATED FAIR MARKET VALUES Your Farm This Date Real Estate Land 2004 Date __________________ 2004 Last Statement 20___ Buildings Subtotal Machinery & Equipment Cars Trucks Tractors Self-Propelled Machs. Tillage Machines Harvesting Machines Barn Equipment Other Subtotal Quotas 0.00 Subtotal 0.00 0.00 Subtotal 0.00 Subtotal Total 0.00 $0.00 Subtotal Total 0.00 $0.00 Table 8. INVENTORY OF LIVESTOCK AND POULTRY Beginning Inventory Type of Livestock or Poultry # HD Average Weight Total Weight 0 0 Breeding Stock 0 0 0 0 0 0 0 0 Market Stock 0 0 0 0 Total Beginning Inventory Purchases Born Total Sources 0 Total (a) $0.00 0 Average Value Total Value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Subtotal Total Ending Inventory Sales Died Total Dispositions 0 Total (b) Change in Inventory Value (b-a) Total (b) Less total (a) Inventory Change for all Livestock $0.00 $0.00 $0.00 $0.00 0 0.00 Subtotal Type of Livestock or Poultry Ending Inventory # HD Average Weight Total Weight 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Average Value Total Value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Subtotal 0.00 Subtotal Weight and Value of Beef or Pork Produced For feeder enterprises, the weight of beef or pork produced is calculated by adding the "Sales for the year" and "Ending Inventory" in lb (or kg), and from this subtracting "Purchases for the year" and "Beginning Inventory" in lb (or kg). Calculate the value of meat produced in a similar manner. Production Factors Dairy Milk sold ÷ ave. no. of cows = milk sold per cow Pork lb (kg) End inv. Sales (A) A - B = wt. of meat produced 0 lb (kg) minus 0 $ Value Purchases Beg. Inv. (B) lb (kg) $ Value No. of pigs weaned No. of mkt. hogs sold ÷ ave. no. of sows ÷ ave. no. of sows = = pigs weaned per sow market hogs sold per sow 0 0 (a) 0 0 (b) Poultry lb(kg) = 0 lb(kg) of meat produced No. of eggs sold ÷ ave. no. of hens = eggs sold per hen a - b = value of meat produced $0 (a) minus $ 0 (b) = $ 0 value of meat produced Beef No. of calves weaned ÷ ave. no. of cows bred x 100 #DIV/0! Table 9. FEEDER STOCK Purchases Type of Stock Date Day Mo. # of Head Total Cost Per Hd. Per Cwt Weight Total Per Hd. Type of Stock Sales Date Day Mo. # of Head Total Cost Per Hd. Per Cwt Weight Total Per Hd. Date January 1 to December 31, 2004 LIVESTOCK COUNT 1. Record number on hand the first of each month. 2. Type of Stock refers to cows, sows, heifers, steers, gilts. 3. For breeding herds, use "on hand" section and "born" and "died" columns. 4. For feeder enterprises, use all three sections. Table 10. MONTHLY COUNT OF LIVESTOCK ENTERPRISE On Hand Type of Stock (hd) Month Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Dec. 31 Hd. In Purchases Wt. Value Born Hd. WT. UNIT Out Sold or Used Wt. Value Died Hd. Hd. NUMBER OF LIVESTOCK KEPT 1. The number of livestock kept is simply the average number of head kept per month. 2. For Dairy, Beef Cow-Calf, Sow Farrowing and Farrow-to Finish, the number of cows or sows is calculated by adding the monthly count and divided by 12. 3. Total number: ö12 = number kept Total 0 0 0 0 0 0.00 0 0 0 0.00 0 Date: Jan. to Dec. 2004 Table 11. CROP RECORD RECORD LAND USE - ACREAGE AND YIELDS # of Total Value Description Acres (Hectares) Yield Per Acre (Hectare) Total Yield INVENTORY OF HOMEGROWN CROPS (eg. corn, barley, oats, hi-moist corn, hay, haylage, apples, etc) Beginning Inventory Ending Inventory Description Quantity Unit Value Per Unit Total Value Quantity Unit Value Per Unit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals xxxxx xxx $0.00 xxxxx xxx 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 0 0 0 0 0 0 0 0 0 0 0 0 CHANGE IN INVENTORY VALUE (Ending Value Less Beginning Value) INVENTORY OF PURCHASED FEEDS, SUPPLIES (e.g. protein supp., fertilizer, pesticides, fuel) 0.00 0.00 0.00 0.00 0.00 0.00 Totals xxxxx xxx 0.00 xxxxx xxx 0.00 0.00 0.00 0.00 Tillable Land Left Idle 0.00 Tillable Land in Pasture 0.00 Rough Pasture 0.00 Other Land $0.00 Total Land to Account For 0 This total includes land owned, rented and share-cropped, but excludes land double cropped (like beans after hay) and any land rented out. 0 0 0 CHANGE IN INVENTORY VALUE (Ending Value Less Beginning Value) Table 12. FEED ALLOCATION Description Crop Unit Feed Sources Beginning Amount Total Inventory Harvested 1+2 (1) (2) (3) 0 0 0 0 0 0 0 Amount Sold (4) Feed Not Fed Ending Inventory (5) Total 4+5 (6) 0 0 0 0 0 0 0 Feed Allocated Total Feed Amount Amount to Allocate to…..(8) to…..(9) (3-6)=(7) 0 0 0 0 0 0 0 Value of Feed Allocated Price Value Fed Value Fed per unit (10) to..…(11) to…..(12) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2. FARM REVENUE AND OTHER CASH INFLOW Guidelines Customize this section to suit your individual farm needs. Revenue from livestock, crops, poultry and other enterprises may be kept separate by using the Enterprise columns (col. 9-16) of Table 13, Farm Revenue and Other Cash Flow. Decide on the categories you wish to keep for the year and then fill in the column headings. There is a column to include the Canada Custom and Revenue Agency (CCRA) line code. The codes are listed in the commodity list and the program payment lists included in CCRA’s “Farming Income and the CAIS Program” guide. Note that the headings of columns 1 to 6 inclusive in Table 13 are similar to most chequing account deposit slips. Your entries in this farm record may then match and be copied from your deposit slips. A simple and accurate way is to record all the receipts and the cash inflow in the Gross Sale Value column (col. 1). From this amount any marketing costs and other deductions (col. 2 and 3) may be subtracted. This gives you income after deductions (col. 4). From this, deduct cash received when deposit is made (col. 5) to give you the net bank deposit (col. 6). Transfer the bank deposits for each month to the bank deposit column (col. 27) in Table 18, Farm Expense and Other Cash Outflow, for that particular month. This provides you with the opportunity to maintain a running bank balance each month and to be able to reconcile your farm bank account each month. Enter the total value of all produce, livestock and other farm receipts, when payment is received, under Gross Sale Value or Other Inflow (col. 1). This amount is then allocated to the appropriate enterprise or cash inflow area, (col. 7 to 23). Descriptive Notes. Space to note names, descriptions, quantities, or other information of each item, including weights, number of head, etc., for crops and livestock. Gross Sale Value or Other Inflow (col.1) Record the total amount received, in cash, by cheque or by bank transfer, for items sold or funds coming into the farm business. Marketing Costs, Other Deductions (col. 2 and 3). Amounts for hauling, yardage fees, marking board fees, etc. At year end you must transfer these amounts to the Expense section of Table 26, page 99 and Table 28, page 101, when calculating Net Farm Income. If Other Deductions include items such as F.C.C. payments or payment for Quota, do not include the capital or principal portion of the deduction as a farm expense. For F.C.C. payments, make an entry in Table 20, Record of Accounts Payable, Loans, Notes and Mortgages when the statement is received from F.C.C. Also enter quota purchases in Table 1, page 7, Capital Additions and Disposals for the Year. Enterprises. Fill in the headings of columns 9 to 16, Table 13, to suit your needs. The federal GST (Goods and Services Tax). Three columns are available in Table 13 to record any GST: 1. paid on deductions at source. (col. 4) 2. collected on sales, e.g. wood,(most farms sales are zero rated) (col. 7) 3. refunds received from Canada Customs and Revenue Agency (col. 8) There are similar GST-associated columns in the Table 28, Farm Expenses and Other Cash Outflow. Check with Canada Customs and Revenue Agency for further details on the GST. Other Farm Receipts. (col. 17 to 20) Farm receipts that are considered as income for tax purposes. Note that some grants and rebates are not considered as taxable income and thus should not be included when figuring taxable income. Rebates. (col. 19) Rebates may be received for prompt payment, good bargaining, etc. and thus may be considered as reducing expenses. One approach to recording, is simply to reduce the amount of the expense at the time of recording. Other Cash Inflow.(col. 21 to 23) Sources of funds that are not income for tax purposes. Capital Sales refers to the sale of capital items listed on inventory. Record this sale in the farm inventory section of Table 5. Proceeds from insurance claims on capital items are also to be recorded in Table 13, column 21. Money Borrowed included all money borrowed for farm business purposes and could include repayment of monies loaned out by the farm business. Personal Contributions include funds put into the farm business by the owner and family members. This could be from savings, inheritance and gift. Check accuracy of the entries for each month by comparing the total for all entries in column 1 (A) with the total for all entries in columns 7 to 23 (B).Total A shoudl be the same as Total B. If Total A is not the same as Total B then check for figures that may have been recorded in column 1 but not recorded under enterprises, or other receipts or cash inflow; check for figures that may have been transposed ($23 instead of $32), and check your addition. Record any sales made on account in Table 21, Record of Accounts Receivable. When payment is received on the account, record the payment in col. 1, Table 13 as well as in col. 2, Table 21. Record sales of capital items in Table 5, and enter when paid for in Table 13 (col. 21). Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Quantity Unit 1 Gross Sale Value (before deductions) + Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 27 in Table 18) 6 GST Collected on Sales 7 GST Refunded From CCRA 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Sample Entries Wood Milk Cheque & FCC Assign Sold Heifers to Smith (2 hd) Sold 2 Furrow Plow GST Rebate from Previous Period Grain Corn Demand Loan - Borrowed Sold Steers 2 t 17,400 2,050 L LBS 1,070.00 5,220.00 1,500.00 321.00 180.00 380.00 4,000.00 10,000.00 200.00 14.00 9.34 0.66 600.00 14.02 700.15 0.01 0.98 1,070.00 3,919.00 1,485.00 321.00 180.00 370.00 4,000.00 9,786.00 21.00 180.00 70.00 Transfer Totals to Table 14 A 22,671.00 823.36 700.15 15.65* *Transfer GST Totals to Table 23 21,131.84 B 91.00* 180.00 $22,671.00 $22,671.00 Enterprises NISA Qualifying Commodities 9 10 11 12 13 NISA Non Qualifying Commodities 14 15 16 Custom Work Other Farm Receipts 17 Rent Share Income 18 Rebates Grants 19 Misc. Receipts 20 Capital Sales Other Cash Inflow 21 Money Borrowed 22 Personal 23 Contributions 1 Dairy 2 Stock 3 Sales 4 5 6 7 8 9 10 11 12 13 14 15 1,500.00 1,500.00 Crop Sales Steers Milk 1,000.00 5,220.00 300.00 380.00 4,000.00 10,000.00 380.00 10,000.00 5,220.00 1,000.00 300.00 4,000.00 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 Month of _________________ January 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 Cranberries 68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 January 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ February 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 February 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ March 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 March 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ April 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 April 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ May 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 May 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ June 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 June 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ July 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 July 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ August 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 August 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ September 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 September 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ October 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 October 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ November 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 November 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 13. FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Line Code (CRA) dd/mmm Month of _________________ December 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qty Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (transfer to col. 29 in 6 GST Collected on Sales 7 GST Refunded From CRA 8 Table 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments 9 10 11 12 13 14 15 Other Program Payments Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 December 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.00 15 16 Custom Work, Equipment Rental CAIS Ineligible Farming Income 17 Rent, Share Income 18 Rebates, Grants 19 20 Capital Sales Misc. Receipts Other Cash Inflow 21 Money Borrowed 22 Personal Contributions 23 Table 14. SUMMARY OF FARM REVENUE AND OTHER CASH INFLOW Date Descriptive Notes Quantity Unit 1 Gross Sale Value (before deductions) and Other Inflow inc. GST if applicable Marketing and Transportation Costs 2 Other Deductions 3 GST Deducted 4 Less Cash Not Deposited 5 Equals Net Bank Deposit (Transfer to Col. 27 in Farm Expenses) 6 GST Collected on Sales 7 GST Refunded From CRA 8 Monthly Summary 1 2 3 4 5 6 7 8 9 10 11 12 13 January February March April May June July August September October November December 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 *Transfer GST Totals to Table 23 B $0.00 Enterprises CAIS Eligible Commodity Sales and Program Payments Enterprise headings are transferred from Columns 9 - 15 of Table 13 9 0 10 0 11 0 12 0 13 0 14 0 15 Other 0 Program Payments 16 Custom Work, Equipment Rental 17 Rent Share Income 18 Rebates Grants 19 Misc. Receipts 20 Capital Sales 21 Money Borrowed 22 Personal Contributions 23 CAIS Ineligible Farming Income Other Cash Inflow Monthly Summary 1 2 3 4 5 6 7 8 9 10 11 12 13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1 2 3 4 5 6 7 8 9 0.00 10 0.00 11 0.00 12 0.00 15 COMMODITY HORTICULTURE EDIBLE HORTICULTURE Apples and by-products Berries Black/red currants Blackberries Blueberries Cranberries Gooseberries Loganberries Raspberries Saskatoon berries Strawberries Tame elderberries Fruit Fruit juice (except apple) Grapefruit Grapes Kiwi fruit Lemons Oranges Watermelons Wine (except apple) Fruit – Tender Apricots Cherries (sweet, sour) Nectarines Peaches Pears Plums Prunes Herbs and Spices Anise Basil Carawayseed Chives Cilantro Comfrey Coriander Dill Evening primrose Fennel Fenugreek Fresh herbs Garlic Ginseng Marjoram Mint Monarada Oregano Parsley Pepper Rosemary Sage Salsify Vegetable marrow Wax beans Weeds (edible) Witloof chicory Zucchini Vegetables – Field processing Adzuki beans CODE COMMODITY EDIBLE HORTICULTURE cont'd CODE 60 65 66 67 68 69 70 71 72 73 74 81 82 83 84 85 86 87 88 91 92 93 94 95 96 97 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 209 210 211 212 213 216 Scorzonera Summer savory Tarragon Thymol Watercress Medicinal herbs Borage (herb) Mushrooms (including spawn) Nuts (all) Potatoes and by-products Potatoes (for potato chips) Potatoes (feed) Vegetables – Field fresh Artichokes Asparagus Beets Bok choi Broccoflower Broccoli Brussels sprouts Cabbage (green, red) Cantaloupe Carrots Cauliflower Celery Chinese cabbage Chinese vegetables Collards Cucumbers Eggplant Endive English cucumbers Fiddleheads Flowers (edible) Horseradish Kohlrabi Leeks Lettuce Melons Mustard leaves Onions Onions (yellow seeded) Onion sets Parsnip Peppers (red, green, or sweet) Pumpkins Radish Rhubarb Rocket Romaine lettuce Rutabagas Shallots Snap beans Spanish onions Spinach Squash Sweet corn Sweet peas Sweet potatoes/yams Swiss chard Tomatoes Turnips 124 125 126 127 128 145 146 131 140 147 148 149 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 EDIBLE HORTICULTURE cont'd Baby carrots Broad beans Cabbage (for coleslaw only) Cabbage Carrots Cauliflower Chick peas/garbanzo beans Cucumbers Gherkins Green beans Green peas Jacob beans Lima beans Mung beans Okra Peppers Pumpkins Red beets Snap beans Soldier beans Squash Sweet corn Stevia Tomatoes Wax beans Vegetables – Greenhouse Cherry tomatoes Cucumbers Lettuce Peppers Tomatoes 217 218 297 298 219 299 220 300 221 222 223 224 225 226 227 301 302 303 228 229 304 305 230 231 306 233 234 235 236 237 COMMODITY NON-EDIBLE HORTICULTURE Bedding plants Flowers and ornamental foliage Fruits and vegetables (non-edible) Seeds and bulbs Shrubs Sod (peat-moss-based) Sod (mineral-based) Trees (cultivated Christmas) Trees (fruit and ornamental) CODE 132 133 134 135 136 137 141 138 139 COMMODITY GRAINS, OILSEEDS, AND SPECIAL CROPS Barley (seed) Barley (feed) Beans (dry edible) Borage Buckwheat Canadian Wheat Board payments Canary seed Canola Chick peas/garbanzo beans Corn (seed) Corn (feed) Faba beans Field peas (seed) Field peas (feed) Flaxseed Forage (including pellets, silage) Forage seed Grain (pellets, screenings, silage) Hemp Khorasan wheat/kamut Lathyrus Lentils Lupins Millet Mustardseed Oats (seed) Oats (feed) Oilseed radish Prepared feed and protein supplements Quinoa Rice Rice, wild Rye Safflower Soybeans, including canatto, nato (seed) Soybeans, including canatto, nato (feed) Spelt Straw Sugar beets (including molasses) Sunflowers Tobacco Triticale Vegetable seed (seed production only) Wheat (seed) Wheat (feed) CODE 3 18 4 6 7 2 8 10 23 11 19 12 13 22 14 264 15 39 30 36 40 41 42 43 44 45 20 38 46 47 48 270 49 50 53 57 37 267 268 54 269 55 51 56 21 COMMODITY LIVESTOCK POULTRY Chickens Pullets for meat production Broilers Roasters Pullets for egg production Chicken eggs Chicken eggs for consumption Broiler chicken hatching eggs Commercial game birds Ducks (including eggs) Geese (including eggs) Turkeys Turkey eggs CODE 360 361 362 365 343 344 336 332 333 334 342 COMMODITY CATTLE AND CALVES (including hides) Slaughter cattle Cattle raised from birth Cows and bulls Grain-fed veal Purchased cattle Feeder cattle Cattle raised from birth Purchased cattle Calves Calf sales (excluding purebreds) Bull semen, cattle embryos Non-purebred breeding stock (sold for breeding purposes) Purebreds Purebred cattle Cattle and calf purchases Bull semen and cattle embryo purchases CODE 702 706 704 700 710 708 712 712 712 718 762 762 SHEEP AND LAMBS (including hides) Slaughter lambs Ewes and rams Lambs raised from birth New crop lambs (less than 85 lbs) Purchased feeders Feeder lambs Purebreds Purebred sheep and lambs Sheep and lamb purchases 734 730 732 728 736 742 763 350 351 352 353 370 355 354 356 341 OTHER RED MEATS (including hides, velvet, pelts) Buffalo/bison Commercial game animals Deer Elk Alpacas Llamas Goats (including milk) Rabbits Swine/hogs COMMODITY OTHER COMMODITIES Bee by-products Leaf cutter bees Honey Honey bees Dogs Donkeys/mules Dulse Exotic birds/game Pheasants (including eggs) Ostriches Rheas Emus Fish meal Groundhogs/hedgehogs Horses (including hides) Pregnant mare urine (PMU) Kenaf Maple products Milk and cream (cattle) Wool Ranch fur Peat moss Manure Wood CODE 375 312 129 374 313 367 314 368 338 371 372 373 263 369 316 322 317 130 319 328 238 321 318 259 PROGRAM PAYMENT Bovine Spongiform Encephalopathy (BSE) Recovery program Canadian Food Inspection Agency (CFIA) Compensation Crop/Hail insurance Grains, oilseeds, and special crops Edible horticulture crops Non-edible horticulture crops Other commodities, including livestock Insurance proceeds for allowable expense items Livestock Feed Insurance Program Waterfowl/Wildlife Damage Compensation Grains, oilseeds, and special crops Horticulture Other commodities Program payments received from the following list of payments as compensation for commodity income or loss are NOT included in calculating your CAIS program year production margin. CODE 468 469 401 402 470 463 406 412 418 419 425 PROGRAM PAYMENT Canada–Ontario Grain and Oilseed Payment Canada–Ontario Grain Stabilization Payment Dairy subsidies Green Plan, Farm-Based Program Permanent cover practices Industry Transition Production Assistance Program Market Revenue Insurance (MRI) Grains, oilseeds, and special crops Edible horticulture crops Non-edible horticulture crops Transitional Financial Assistance Program (TFA) CODE 410 410 435 466 478 410 411 474 427 3. EMPLOYEE PAYROLL RECORDS Table 16, Payroll Record,provides for a complete record of wages and deductions for employee's as well as employer's contributions. To assist in reconciling your monthly chequing account statement, enter the wages paid in col. 12 of Table 18, Farm Expenses and Other Cash Outflow. Table 15. EMPLOYEE RECORD For CCRA's purposes: Initials or Number Arms' length or NonArm's Length Salary CCRA Line Code Net Claim Name Address Social Insurance Number Code Per TD1 Table 16. PAYROLL RECORD Date Employees Initials or Number CCRA Line Code Pay Period Ending Day Mo. Pay Rate Wage Calculations Hrs. days, etc. No Unit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Taxable Total Wages Benefits Total Earnings CPP E.I. Deductions Income Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other Board Chq No. Net Pay C.P.P. Employer Contributions E.I. Other dd/mmm 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Table 17. CASUAL PAYROLL RECORD Employee 1 Name Address 2 For CCRA's purposes: Arm's Length or Non-arm's length CCRA Social Insurance Line Code Number 3 Pay Period Ending 2 Days Worked 3 # of Units ( ) 4 Rate per Unit ( ) Cash 5 6 Other ( ) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Earnings 7 Total 8 Total 0.00 0.00 0.00 4. FARM EXPENSES AND OTHER CASH OUTFLOW Guidelines This section corresponds as closely as possible with the expense items contained in Table 26, Table 28 and Canada and Customs Revenue Agency(CCRA) Tax Forms. However, it can be adjusted to suit your individual needs. Headings may be changed. Decide on the categories of expenses that you wish to keep for the year and adjust the column headings. In Table 18, Farm Expenses and Other Cash Outflow,add entries when you make a payment. One suggestion is to make the entries monthly from your chequing account statement and cancelled cheques. This will simplify reconciliation of your records to your bank statement. (See last paragraph). Record expenses for a non-farm business in Table 22, NonFarm Business Receipts and Expenses, page 93. Do not record household expenses in this table. They are covered by personal withdrawals. Principal Payments include all repayments of the principal amount for loans, notes and mortgages and could include monies loaned out by the farm business. Record payment on account for purchases previously charged under the appropriate farm expense column. Personal Withdrawals are all monies withdrawn from the farm business, including monies for personal use, for savings, for payment of personal income tax and for non-farm investments. Check the entries on each page for correctness by comparing the total entries in the Payment column (A) with the total for all columns 1 to 28 (B). Total (A) should be the same as Total (B). If they are not the same then check for figures that may have been recorded as payments but not recorded in an expense or other outflow column, and for figures that may have been transposed ($23 instead of $32), and check your addition. Reconciliation of this record book to your bank statement depends to a degree on your method of recording. If you record entries monthly from your bank chequing account statement, reconciliation may be made entry by entry as shown in the shaded columns 29 and 30 or by totals as shown in Method 2, on page 45. If you do not record from the bank statement, reconciliation will require adjustments for outstanding cheques or deposits, bank service charges, etc. Instructions for Table 18 Descriptive Notes. Space to note names, descriptions, quantities or other information for each item, including weights, number of head etc. There is a column to include the Canada Custom and Revenue Agency (CCRA) line code. The codes are listed in CCRA’s “Farming Income and the CAIS Program” guide. Record the amount of payments made by cash or cheque. Record cheque number. This is a cash recording system. If a purchase is charged on account, enter the amount charged in Table 20, Record of Accounts Payable,Loans, Notes and Mortgages. When you make a payment on account for purchases previously charged, record the amount of the payment in Table 18 and Table 20. Take care to avoid entering a purchase in the expense section more than once. Record purchases of capital items in Table 1, Capital Additions and Disposals for the Year 20__, page 7 and when paid for, enter in col. 24, Table 18. Page total for expenses and other cash outflow should not be carried forward. Total each page separately and enter these total in Table 19, Summary of Farm Expenses and Other Cash Outflow, page 84. Two columns are available in the Expense Section of the Record Book to record: - the actual amount of GST paid to your suppliers; - and the amount of GST paid to Canada Customs and Revenue Agency Livestock, Crops and Other Farm Expenses Adjust the headings of columns 3 to 25 to suit your needs. These are the farm expense items needed to prepare your Income Statements. Some adjustments may need to be made at year end for the personal share of some items. Other Cash Outflow. Uses of funds that are not expense items on the Income Statement. Capital Purchases included items costing more than $200 on which capital cost allowance will be taken, land purchases and house renovations. Record Capital Purchases in Table 1 for capital cost allowance purposes and add to the permanent record of capital items. Table 18. FARM EXPENSE AND OTHER CASH OUTFLOW Date Descriptive Notes Line Code Cheq EXAMPLES 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Transfer Totals to Table 19 A 8,573.69 Protein Supplement Gas Hydro Vet Services Purchase Heifer Payment FCC Mortgage Bought Plow Personal Withdrawal Car Insurance Bank Serv. Charges Other Bank Debits 1 t No 22 23 24 25 26 27 28 29 30 Amount (incl. GST) 405.50 43.49 242.00 165.00 950.00 1,200.00 5,000.00 250.00 300.00 2.70 15.00 Qty Unit Payment GST Paid to Suppliers FARM EXPENSES 1 GST Paid to CCRA 2 Livestock Purchases 3 Feed Minerals, Salts 405.50 4 Veterinary, Breeding Fees Purchases Medicine 5 Other Livestock Expenses 6 Seeds and Plants 7 Fertilizer & Lime 8 Pesticides Other Chemicals 9 & Twine 10 Containers Storage/ Drying 11 2.85 15.83 10.79 7/107 x amount 154.21 950.00 29.47* * 950.00 405.50 154.21 $8,573.69 B $8,573.69 *Transfer GST Totals to Table 23 FARM EXPENSES (cont'd) 12 Labour (See Payroll (Records) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 40.64 300.00 226.17 867.70 Note: 300.00 2.70 15.00 850.00 40.64 226.17 Custom Work Equip. Rentals 13 Mach. & Equip. Fuel, Oil 14 Mach. & Equip. Repairs 15 Motor Vehicle Expenses 16 Building, Fence Repairs 17 Heating Fuel 18 19 Electricity & Telephone Office Expenses 20 Accounting, Other Farm Expenses 21 Interest Term & Operating 22 Rent / Leases Taxes, Insurance 23 OTHER OUTFLOW 24 Capital Purchases Principal Payments 25 Personal Withdrawals 26 BANK BALANCE 27 Bank Deposit Bank Balance 28 Opening Bank Balance = $100 1070.00 3919.84 764.50 4640.85 5883.85 6039.85 5269.85 4439.85 5439.85 12975.85 12675.15 12673.15 12658.15 Revenue from Table 13, also see paragraph 2 in 2. Farm Revenue and Other Cash Inflow 350.00 5000.00 250.00 1485.00 321.00 180.00 370.00 4000.00 9786.00 BANK RECONCILIATION METHOD 2 - (ref. 4. Farm Expenses and Other Cash Outflow) 100 00 Opening Monthly Bank Balance Total Bank Deposits Less cheques & bank charges 21231 8573 12658 84 69 15 Ending Balance Remember to account for any outstanding Cheques or Deposits 5000.00 350.00 250.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ January 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance * Expense column headings can be changed to suit your operation. To ensure that the CAIS calculations in Table 28 calculate properly, keep Allowable and Non-allowable expenses in the columns specified. Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments able and Non-allowable expenses in the columns specified. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Opening Bank Balance: 0.00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ February 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ March 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ April 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ May 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ June 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ July 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ August 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ September 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ October 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ November 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 18. FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Line Code (CRA) Qty Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers 7/107 x amount FARM EXPENSES CAIS Allowable Expenses 3 Feed Purchases, Minerals & Salts 4 Veterinary, Medicine, Breeding Fees 5 Other Livestock Expenses 6 7 8 Pesticides, Fertilizer & Other Lime Chemicals 9 10 11 12 2 GST Paid to CRA dd/mmm Month of _____________________ December 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Transfer Totals to Livestock Purchases Seeds and Plants Containers & Storage/ Twine Drying Production Insurance Table 19 A $0.00 0.00 B 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *Transfer GST Totals to Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 Labour (See Payroll Records) Month of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14 15 16 17 Custom Work, Equip. Rental 18 Mach. & Equip Repairs 19 20 Motor Vehicle Expenses Building, Fence Repairs 21 22 23 Telephone, Accounting, Office Expenses 24 25 26 27 Rent / Lease Payments 28 OTHER OUTFLOW BANK BALANCE 29 30 31 Personal Withdrawals Bank Deposit (from Table 13) Bank Balance Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Small Tools Other Farm Interest, Expenses Operating Interest, Term Taxes, Insurance Capital Purchases Principal Payments - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 0.00 0.00 0.00 Table 19. SUMMARY OF FARM EXPENSES AND OTHER CASH OUTFLOW 1 Date Descriptive Notes Quantity Unit Cheq No Payment Amount (incl. GST) GST Paid to Suppliers GST Paid to CRA Livestock Purchases 2 3 Feed Purchases, Minerals & Salts 4 FARM EXPENSES CAIS Allowable Expenses 5 Veterinary, Medicine, Breeding Fees 6 7 8 9 10 11 FARM EXPENSES 12 Other Livestock Expenses Seeds and Plants Pesticides, Fertilizer & Other Lime Chemicals Containers & Twine Storage/ Drying Production Insurance Monthly Summary 1 2 3 4 5 6 7 8 9 10 11 12 January February March April May June July August September October November December 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A $0.00 B $0.00 *Transfer GST Totals to Table 23 Table 23 FARM EXPENSES CAIS Non-allowable Expenses 13 14 15 16 17 Custom Work, Equip. Rental 18 19 20 21 22 23 24 25 26 27 OTHER OUTFLOW BANK BALANCE 28 Capital 29 Principal Purchases 30 Personal Withdrawals Payments 31 Bank Deposit 32 Bank Balance 33 Labour (See Payroll Records) Custom Feeding Freight & Shipping Mach. & Electricity, Equip. Fuel, Heating Oil Fuel Mach. & Equip Repairs Motor Vehicle Expenses Building, Fence Repairs Telephone, Accounting, Office Small Tools Expenses Other Farm Interest, Expenses Operating Interest, Term Rent / Lease Payments Taxes, Insurance Monthly Summary 1 2 3 4 5 6 7 8 9 10 11 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1 2 3 4 5 6 7 8 0.00 9 0.00 10 0.00 11 0.00 12 5. OTHER RECORDS Table 20, Record of Accounts Payable, Loans, Notes and Mortgages permits you to maintain a running balance on all monies owed by the farm business. Amounts paid on account are entered in col. 2. The balance on each account is maintained in col. 3. The amount paid on account should include principal only. Record all interest charges in Table 18, col. 22. Use Table 21, Record of Accounts Receivable, Loans, Notes and Mortages to record all accounts owing to the farm business for products sold, and services rendered, e.g. custom work and for monies loaned out by the farm. Enter amounts received in col. 2, amounts receivable in col. 1, the balance owing on each account is maintained in col. 3. Use Table 22, Non-farm Business Receipts and Expenses to record receipts and expenses associated with some non-farm enterprises. Such enterprises might include driving a school bus. Table 20. RECORD OF ACCOUNTS PAYABLE, LOANS, NOTES AND MORTGAGES DESCRIPTION OF DEBT AND TO WHOM OWED DESCRIPTION OF DEBT AND TO WHOM OWED Operating Loan DATE DESCRIPTION AMOUNT CHARGED & INTEREST Beginning Balance 1 AMOUNT PAID 2 $10,325.00 OUTSTANDING 3 BALANCE F.C.C. Mortgage DATE DESCRIPTION AMOUNT CHARGED & INTEREST Beginning Balance 1 AMOUNT PAID 2 $64,715.00 OUTSTANDING 3 BALANCE Jan 30 Feb 10 Mar 5 Borrowed Payment on Operating Loan Borrowed 4,000.00 2,500.00 1,600.00 14,325.00 11,825.00 13,425.00 June 1 Dec 1 June Payment Dec. Payment 1,210.00 1,420.00 63,505.00 62,085.00 Table 21. RECORD OF ACCOUNTS RECEIVABLE, LOANS, NOTES AND MORTGAGES DESCRIPTION OF RECEIVABLE AND BY WHOM OWED DESCRIPTION OF RECEIVABLE AND BY WHOM OWED J. Mountain - Custom Work DATE DESCRIPTION AMOUNT CHARGED & INTEREST Beginning Balance 1 AMOUNT RECEIVED 2 $3,320.00 OUTSTANDING 3 BALANCE D. Smith DATE DESCRIPTION AMOUNT CHARGED & INTEREST Beginning Balance 1 AMOUNT RECEIVED 2 0 OUTSTANDING 3 BALANCE Feb. 10 Mar. 10 Rec'd on account J. Mountain Rec'd on account 2,500.00 820.00 820.00 0.00 Jan. 10 Mar. 1 June 1 Sold corn - 500 bus. - Smith Rec'd on account - Smith Rec'd on account - Smith 1,200.00 600.00 600.00 1,200.00 600.00 0.00 Table 20. RECORD OF ACCOUNTS PAYABLE LOANS, NOTES AND MORTGAGES DESCRIPTION OF DEBT AND TO WHOM OWED DESCRIPTION OF DEBT AND TO WHOM OWED BEGINNING BALANCE BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF DEBT AND TO WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF DEBT AND TO WHOM OWED DESCRIPTION OF DEBT AND TO WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE dd/mmm DATE DESCRIPTION BEGINNING BALANCE AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF DEBT AND TO WHOM OWED DESCRIPTION OF DEBT AND TO WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE dd/mmm DATE DESCRIPTION BEGINNING BALANCE AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF DEBT AND TO WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF DEBT AND TO WHOM OWED DESCRIPTION OF DEBT AND TO WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE dd/mmm DATE DESCRIPTION BEGINNING BALANCE AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE Table 21. RECORD OF ACCOUNTS RECEIVABLE LOANS, NOTES AND MORTGAGES DESCRIPTION OF RECEIVABLE AND BY WHOM OWED DESCRIPTION OF RECEIVABLE AND BY WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE dd/mmm DATE DESCRIPTION BEGINNING BALANCE AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF RECEIVABLE AND BY WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF RECEIVABLE AND BY WHOM OWED DESCRIPTION OF RECEIVABLE AND BY WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE dd/mmm DATE DESCRIPTION BEGINNING BALANCE AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE DESCRIPTION OF RECEIVABLE AND BY WHOM OWED BEGINNING BALANCE DATE dd/mmm DESCRIPTION AMOUNT CHARGED & INTEREST 1 AMOUNT PAID 2 OUTSTANDING 3 BALANCE Table 22. NON-FARM BUSINESS RECEIPTS AND EXPENSES Date dd/mmm Non-Farm Receipts Description 1 2 3 Date dd/mmm Non-Farm Expenses Description 4 5 6 Table 23. GOODS AND SERVICES TAX SUMMARY 1 G.S.T. Collected (from Table 13, Col. 7) January February March 91.00 0 GST Paid (add Table 13, Col. 4 + Table 18, Col. 1) 45.12 150.00 2 ± Difference* (Col. 1 - Col. 2) - = refund + = remit Date 45.88 Feb. 14 - 150.00 Mar. 7 Cheque # 31 Amount Date Apr. 1 Amount 180.00 150.00 45.88 Jan. 12 3 Date forms and / or $ Sent to Canadian Government Refund Received from Canadian Gov't Note: The entries for January reflect the examples shown in the Revenue and Expense sections of the Record Book. Table 23. GOODS AND SERVICES TAX SUMMARY 1 Month G.S.T. Collected (from Table 13, Col. 7) GST Paid (add Table 13, Col. 4 + Table 18, Col. 1) January February March April May June July August September 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2 ± Difference* (Col. 1 - Col. 2) - = refund + = remit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Date dd/mmm Cheque # Amount Date dd/mmm Amount 3 Date forms and / or $ Sent to Canadian Government Refund Received from Canadian Gov't Two columns are available in Table 18 to record the actual amount of GST paid to your suppliers, and any amount of GST actually paid to the federal government. Similarly there are columns in Table 13 to record any GST you collect, record refunds of GST from Canada Revenue Agency and any GST paid on deductions at source. Summarize monthly totals in Table 23. Check with Canada Revenue Agency for further details on the GST. October November December 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Annual Totals **Note: 0.00 0.00 0.00 0.00 0.00 The calculated figure in Col. 3 will result in either a refund or a remittance. If the number is negative (-), then a refund is receivable from the government. If the number is (+), then a remittance is payable to the government. 6. FINANCIAL STATEMENTS AND ANALYSIS Guidelines Table 24, Cash Flow Projection & Monitor, allows you to show the projected revenue and expenses and personal information on a monthly basis. You can anticipate the size and time of cash shortages and surpluses, and plan operating and term-loan borrowings and payments. The operating loan on the year-end balance sheet and last year's ending cash flow becomes the starting point for next year's budget. The monitoring section allows you to compare your ACTUAL revenue and expenditures with your BUDGET. Table 26, Income Statement (Accrual Basis),is a summary of the sources of revenue and of the major expenses for the year. It is intended that items be recorded when payment is made. This income statement allows you to convert cash revenue and expenses to an accrual statement by making adjustments for changes in inventory, accounts receivable and accounts payable, and providing an allowance for depreciation. The resulting Net Farm Income is a good measure of the financial progress of the farm business for the year. Table 25, Farm Balance Sheet, is a summary statement of the ownership of the farm business. It is a listing of all assets and liabilities with values attached. To prepare a market value balance sheet, use conservative fair market figures for assets. If a balance sheet uses the cost value method, capital assets are listed at cost and accumulated depreciation is deducted. Some farm managers prepare both market value and cost value balance sheets. When preparing a balance sheet, the portion of term debt due within 12 months is deducted and inserted in a current liabilities' section. A balance sheet often contains footnotes to point out contingent liabilities such as taxes or loan guarantees and other explanatory details. Table 27, Change in Owner's Equity and Business Analysis Calculations, provide the opportunity to show where and how a change in equity occurred, and to figure some measures of profitability, efficiency and financial strength of the farm business. These indicators are most useful when a trend can be shown over several years. Table 28, Income Statement (Cash Basis - Tax Purposes) is intended to provide you with a statement for the purpose of filing an income tax return on the cash basis. Table 24. CASH FLOW PROJECTION & MONITOR Last Year Actual 2003 CASH INFLOW 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Other Program Payments Custom Work, Equipment Rental Rent, Share Income Rebates, Grants Misc. Receipts Money Borrowed Capital Sales Personal Contributions GST Collected on Sales GST Rebate from CCRA TOTAL CASH INFLOW Projected 2004 January Budget Actual February Budget Actual March Budget Actual Budget April Actual Budget May Actual Budget June Actual 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Table 24. CASH FLOW PROJECTION & MONITOR (continued) July Budget Actual Budget August Actual September Budget Actual October Budget Actual November Budget Actual December Budget Actual Total Actual 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Table 24. CASH FLOW PROJECTION & MONITOR Last Year Actual 2003 CASH OUTFLOW 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Livestock Purchases Feed Purchases, Minerals & Salts Veterinary, Medicine, Breeding Fees Other Livestock Expenses Seeds and Plants Fertilizer & Lime Pesticides, Other Chemicals Containers & Twine Storage/ Drying Production Insurance Labour (See Payroll Records) Marketing and Transportation Costs Custom Feeding Freight & Shipping Mach. & Equip. Fuel, Oil Electricity, Heating Fuel Custom Work, Equip. Rental Mach. & Equip Repairs Motor Vehicle Expenses Building, Fence Repairs Small Tools Telephone, Accounting, Office Expenses Other Farm Expenses Interest, Operating Interest, Term Rent / Lease Payments Taxes, Insurance TOTAL FARM CASH EXPENSES Principal Payments Capital Purchases Personal Withdrawals GST Paid to Suppliers GST Paid to CCRA Total Cash Outflow SURPLUS OR (DEFICIT) OPERATING LOAN BALANCE Beg. End. 55 ENDING CASH Projected 2004 January Budget Actual February Budget Actual March Budget Actual Budget April Actual Budget May Actual Budget June Actual 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Table 24. CASH FLOW PROJECTION & MONITOR (continued) July Budget Actual Budget August Actual September Budget Actual October Budget Actual November Budget Actual December Budget Actual Total Actual 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Table 25. FARM BALANCE SHEET estimated market value cost less depreciation Name Your Farm For the period ending December 31 ASSETS Ending Balance Beginning Balance CURRENT LIABILITIES $ $ Accounts Payable - from Term Interest Arrears Table 21 Bank Operating Loans (including Bank Overdraft) Term Principal Due within 12 months Term Principal Arrears Other __________________________________ TOTAL CURRENT LIABILITIES $ 0.00 $ Table 20 $ $ LIABILITIES & OWNER'S EQUITY Ending Balance 2004 Choose Asset Valuation Method Beginning Balance CURRENT ASSETS Cash on Hand & in Bank Short Term Investments Accounts Receivable - from Market Livestock Home Grown Crops - from Table 11 Table 11 0.00 0.00 0.00 0.00 Purchased Feed & Supplies from Other 0.00 TOTAL CURRENT ASSETS CAPITAL ASSETS $ 0.00 $ 0.00 TERM LIABILITIES (due over 1 year) Term Notes, Loans, Mortgages, etc. Breeding Livestock Market Quota Field Machinery Barn Equipment Buildings Land Other Less: Principal due within 12 months TOTAL TERM LIABILITIES TOTAL CAPITAL ASSETS TOTAL ASSETS $ $ 0.00 0.00 $ $ 0.00 0.00 TOTAL LIABILTIES OWNER'S EQUITY TOTAL LIABILITIES & OWNER'S EQUITY $ $ $ 0.00 0.00 0.00 $ $ $ 0.00 0.00 0.00 Values transferred from Table 7 - Estimated Fair Market Values if Estimated Market Value approach is selected above $ 0.00 $ 0.00 FOOTNOTES Signature Table 26. INCOME STATEMENT (ACCRUAL BASIS) EXPENSES Name Your Farm For the Period January 1, 2004 to December 31, 2004 VARIABLE EXPENSES Livestock Purchases Feed Purchases, Minerals & Salts Veterinary, Medicine, Breeding Fees Other Livestock Expenses Seeds and Plants Fertilizer & Lime Pesticides, Other Chemicals Containers & Twine Storage/ Drying Production Insurance Labour (See Payroll Records) Marketing and Transportation Costs Custom Feeding Freight & Shipping Mach. & Equip. Fuel, Oil Electricity, Heating Fuel Custom Work, Equip. Rental Mach. & Equip Repairs Motor Vehicle Expenses Building, Fence Repairs Small Tools Telephone, Accounting, Office Expenses Other Farm Expenses Interest, Operating Total Cash Variable Expense + Ending Accounts Payable - Beginning Accounts Payable Total Variable Expenses Contribution Margin FIXED EXPENSES Interest, Term Rent / Lease Payments Taxes, Insurance Total Cash Fixed Expenses + Ending Interest Arrears - Beginning Interest Arrears Depreciation: Machinery & Equipment Depreciation: Buildings Total Fixed Expenses $ 0.00 Total Expenses - Personal Share 1 Expenses of TOTAL FARM EXPENSES NET FARM INCOME 1Deduct personal portion of expenses included above $ REVENUE CAIS Eligible Commodity Sales & Program Payments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other Program Payments Custom Work, Equipment Rental Rent, Share Income Rebates, Grants Misc. Receipts Other Farm Income Cash Revenue ADJUSTMENTS Change in Accounts Receivable + Ending Accounts Receivable - Beginning Accounts Receivable Inventory Change in Livestock + Ending Market Livestock - Beginning Market Livestock + Ending Breeding Livestock - Beginning Breeding Livestock Inventory Change in Crops, Feeds & Supplies + Ending Home Grown Crop - Beginning Home Grown Crop + Ending Purchased Feed & Supplies - Beginning Purchased Feed & Supplies Plus Cost of Saleable Products Consumed TOTAL REVENUE (A) $ 0.00 (B) 0.00 0.00 (C) (A - C) ± 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ± 0.00 0.00 0.00 ± 0.00 0.00 ± 0.00 0.00 0.00 0.00 0.00 (D) 0.00 0.00 ± 0.00 0.00 0.00 0.00 ± 0.00 0.00 ± 0.00 0.00 (E) (C + E) 0.00 0.00 (F) (A - F) 0.00 0.00 Table 27. CHANGE IN OWNER'S EQUITY AND BUSINESS ANALYSIS CALCULATIONS Your Farm OWNER'S EQUITY CALCULATIONS Based on Asset Valuation Method chosen in Table 25. BUSINESS ANALYSIS WORKSHEET Value of Farm Production Total Revenue Less Purchased Livestock $ 0.00 0.00 0.00 $ 0.00 Adjusted Production Cost Total Farm Expenses Less Purchased Livestock Less Purchased Feed Less Depreciation Adjusted Production Cost $ $ 0.00 0.00 0.00 0.00 0.00 Cost less depreciation value Beginning Owner's Equity + Net Farm Income + Owner's Contribution - Owner's Withdrawals = Ending Owner's Equity Less Purchased Feed Value of Farm Production Previous Years Measures Market Value Measure of Profitability NET FARM INCOME % RETURN ON TOTAL ASSETS (Net Farm Income + Interest Paid) x 100 Value of Total Assets PERCENT RETURN EQUITY Net Farm Income x 100 Owner's Equity Measures of Performance Efficiency CAPITAL TURNOVER Total Farm Assets Value of Farm Production COST CONTROL Net Farm Income x 100 Total Revenue COST/$ OF FARM PRODUCTION Adjusted Production Cost Value of Farm Production Measures of Financial Strength % OWNER'S EQUITY: Owner's Equity X 100 Total Assets CURRENT RATIO (Liquidity) Current Assets Current Liabilities WORKING CAPITAL Current Assets - Current Liabilities $0 2004 0.00 = 0.00 0.00 0.00 0.00 = 2003 2002 2001 Ending Owner's Equity - Beginning Owner's Equity = Change in Owner's Equity = = = 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 = yrs. = = =$ = = = =$ = - $0 =$ 0.00 Table 28. INCOME STATEMENT (CASH BASIS - TAX PURPOSES) EXPENSES Your Farm For the Period January 1, 2004 to December 31, 2004 R.R. # 3, Crops Lane, Rural Town CAIS Allowable Expenses * Livestock Purchases Feed Purchases, Minerals & Salts Veterinary, Medicine, Breeding Fees Other Livestock Expenses Seeds and Plants Fertilizer & Lime Pesticides, Other Chemicals Containers & Twine Storage/ Drying Production Insurance Arm's Length Salaries Marketing and Transportation Costs Freight & Shipping Mach. & Equip. Fuel, Oil Electricity, Heating Fuel CAIS Allowable Expenses * Small Tools Non-arm's Length Salaries Custom Feeding Custom Work, Equip. Rental Mach. & Equip Repairs Motor Vehicle Expenses Building, Fence Repairs Telephone, Accounting, Office Expenses Other Farm Expenses Interest, Operating Interest, Term Rent / Lease Payments Taxes, Insurance CAIS Non-allowable Expenses * Total Cash Expenses Capital Cost Allowance from Allowance on Eligible Capital Property (Quota) from Mandatory Inventory Adjustment (End of previous year) Optional Inventory Value End of previous year 0.00 Total Farm Expenses $ 0.00 $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Production Margin (for CAIS purposes) ** 0.00 CAIS Eligible Income * (b) cost of saleable products consumed (c) personal or non-business portion of expenses included above Net Income (loss) After Adjustments (transfer total to col. 3) deduct Allowable Expenses * Production Margin ** (before accrual and scale adjustments) Accrual Adjustments Change in Accounts Receivable Change in Inventory Change in Accounts Payable 0.00 0.00 0.00 ADJUSTMENTS Net Income (loss) After Adjustments (from column 1) (a) Mandatory Inventory Adjustment If Net Income after Adjustments is negative add the lesser of (i) required value of purchased inventory at end of current year (ii) Amount of Negative Net Income 0.00 Net Income (loss) After Mandatory Inventory Adjustment (b) Optional Inventory Adjustment add Optional Value of Inventory end of current year Net Income (loss) After Optional Inventory Adjustment (c) Business Use of Home Deduction If net income after optional inventory adjustment is positive you may deduct the lesser of (i) Business Use of Home (ii) Net Income after optional inventory adjustment Net Income (loss) $ 0.00 0.00 $ 0.00 $ 0.00 INCOME Canadian Agricultural Income Stabilization (CAIS) Eligible Commodity Sales & Program Payments * $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other Program Payments Custom Work, Equipment Rental Rent, Share Income Rebates, Grants Misc. Receipts Other Farm Income 0.00 Gross Farm Income Deduct Total Farm Expenses Net Income (Loss) before Adjustments $ 0.00 0.00 $ 0.00 Adjustments to Partnership or Proprietorship Income Add: (a) salary or wages and interest on partnership capital paid to self and/or partner(s) if included in expenses $ $ * The CAIS calculations in this table are assuming that the income and expense column names in Production Margin ** Table 13 and Table 18 were kept as allowable or non-allowable as specified in the Tables. If the columns were changed from (before scale adjustments) allowable to non-allowable or vice versa, these CAIS calculations will not calculate accurately. ** Production Margin calculation is an estimate based on the information in this workbook. The Production Margin used by the CAIS program will be calculated by CAIS administration. METRIC CONVERSION Metric Equivalents Length inch foot yard mile = = = = 2.54 cm 0.30 m 0.91 m 1.61 km millimetre centimetre metre kilometre = = = = 0.04 in 0.39 in. 3.28 ft. 0.62 mile square inch square foot square yard square mile acre Volume (dry) cubic inch cubic foot cubic yard bushel board foot = = = = = 16.38 cm 3 0.03 m 3 0.76 m 3 36.37 L 0.0024 m 3 Volume (liquid) fluid ounce (lmp) pint gallon (lmp) = = = 28.41 mL 0.57 L 4.55 L Weight ounce pound ton = = = 28.35 g 453.6 g 0.91 tonne Proportion 1 gal/acre 1 lb/acre 1 lb/sq in. 1 ton/acre gram = g kilogram = kg = = = = 11.23 L/ha 1.12 kg/ha 6.90 kilopascals (kPa) 2.24 metric tonne/ha metre = m kilometre = km centimetre = cm millimetre = mm 1 L/ha 1 kg/ha 1 metric tonne/ha 1 kilopascal hectare = ha litre = L = = = = millilitre = mL hectolitre = hL 14.25 fluid oz/acre 14.5 oz/acre 0.45 ton/acre 0.145 lb/sq in. gram kilogram tonne = = = 0.035 oz 2.20 lb 2205 lb litre hectolitre = = = 35.2 fluid oz (lmp) 26.42 gal (U.S.) 22.00 gal (lmp) cm 3 m3 m3 = = = 0.06 cu in. 35.31 cu ft. 1.31 cu yd = = = = = 6.45 cm 2 0.09 m 2 0.84 m 2 2.59 km 2 0.40 ha Area cm 2 m2 km 2 ha = = = = 0.16 sq in. 1.20 sq yd 0.39 sq mile 2.47 acres WEIGHTS AND MEASURES (METRIC) 1 litre = 1000 millilitres = volume of a cube, 10 cm x 10 cm x 10 cm 1 litre of water weighs 1 kilogram 1 tonne = 1000 kilograms = 1,000,000 grams 1 kilogram = 1000 grams 1 hectare = 10,000 square metres = area of a square 100 metres x 100 metres 1 centimetre = 10 millimetres 1 metre = 100 centimetres = 1000 millimetres 1 kilometre = 1000 metres 1 kilometre/hour = 16.6 metres/minute Revenue/Expense Summary (monthly) Revenue 1.00 Expenses 0.90 0.80 0.70 0.60 $ 0.50 0.40 0.30 0.20 0.10 0.00 - Cash Flow Summary - Yearly Cash Inflow Cash Outflow Surplus(Deficit) 1.00 0.90 0.80 0.70 0.60 $ 0.50 0.40 0.30 0.20 0.10 0.00 Last Year Projected Total Actual - Cash Flow Summary - Monthly Cash Inflow - Actual Cash Outflow-Actual Surplus(Deficit)-Actual Cash Inflow - Budget Cash Outflow-Budget Surplus(Deficit)-Budget 1.00 0.90 0.80 0.70 0.60 $ 0.50 0.40 0.30 0.20 0.10 0.00 Financial Measures Progress Graph 1 Net Farm Income Working Capital 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 $ 2001 2002 Year 2003 2004 Financial Measures Progress Graph 2 Return on Assets Return to Equity Percent Equity Cost Control 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2001 2002 2003 2004 Year Financial Measures Progress Graph 3 Cost/$ of Farm Production Current Ratio 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2001 2002 Year 2003 2004