Really doesn"t matter- they are all legitimate expenses in the year of purchase. MN Farm Account book has a double entry page for that- main column and multiple other columns with various headings....some blank to make your own categories. Just bought my 40th copy for this year"s records. If you maintain computer records, like Finpac or? I"m sure it can be set up the same way. Main advantage is for enterprise analysis. I use some blank columns for tracking expense (repair) records for individual main tractors, truck, combine, etc. Larger expenses like equipment, tires, engine overhauls, are listed on Purchases page and can be expensed under section 179, or depreciated. I certainly wouldn"t waste the time to track year to year inventory of shop supplies. Besides, if you are on the cash acctg system, instead of accrual, you wouldn"t even do that for crop inventory. Year end purchases of next year"s seed, fert, feed, small stuff is advisable for tax reasons....certainly not inventoried unless you are on accrual.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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