Tracking business and personal expenses effectively is crucial for managing finances, especially for farmers who might have a business that doesn't need a Schedule F. FarmRaise offers a streamlined way to categorize and track expenses, ensuring you stay organized and maximize your financial health. Here’s a comprehensive guide on how to use custom categories on FarmRaise for businesses that do not need a Schedule F.
Access the Expense Tracker:
Navigate to the expense tracker tool. Tracks is designed to help you log and categorize various expenses.
Creating Custom Categories:
FarmRaise allows you to create custom categories for your expenses. This feature is particularly useful if you have an additional business where financial tracking does not align with the standard IRS Schedule F categories.
To create a custom category, go to the "Categories" of the expense tracker. Look for the "Add" button in the top right corner!
Click on "Add" and name it according to your specific needs. For example, you might create categories such as “(Name of Business) - Equipment Repairs,” “(Name of Business) - Feed and Seed,” “(Name of Business) - Labor Costs,”
Assigning Transactions to Categories:
When you enter a new transaction, you will have the option to assign it to one of your custom categories. Simply choose the appropriate category from the dropdown menu.
Reports
When you want to export these transactions, there will be an option to only include the revenues and expenses that you want. This is why we recommend adding the Name of the Business that doesn't need a Schedule F to make it easier to determine from the "Other / Personal" custom categories.