Your Books: Family Beef, Egg & Hay Farm, January 2024 to February 2024
I sorted 23 transactions from January 3 to February 29, 2024. In total, $4,377.50 came in and $6,322.79 went out. After setting aside loan payments, a savings transfer, and two mixed store charges, the farm shows a net profit of $435.58 for the two months (a $835.40 loss in January and a $1,270.98 profit in February). 2 items need a quick look (Walmart and Amazon), and a few others are worth a glance. They're listed below.
1. Monthly Profit & Loss
| Category | Jan 2024 | Feb 2024 | Total |
|---|---|---|---|
| INCOME | |||
| Farmers Market Sales | $1,101.75 | $875.75 | $1,977.50 |
| Hay Sales | $0.00 | $2,400.00 | $2,400.00 |
| Total Income | $1,101.75 | $3,275.75 | $4,377.50 |
| EXPENSES | |||
| Feed & Seed | $1,325.60 | $1,102.15 | $2,427.75 |
| Farm Supplies | $84.17 | $0.00 | $84.17 |
| Fuel | $61.02 | $58.77 | $119.79 |
| Vehicle & Equipment Repairs | $0.00 | $186.45 | $186.45 |
| Vet & Animal Care | $0.00 | $310.00 | $310.00 |
| Farm Labor | $240.00 | $240.00 | $480.00 |
| Utilities | $214.36 | $0.00 | $214.36 |
| Phone & Internet | $0.00 | $95.40 | $95.40 |
| Bank & Card Fees | $12.00 | $12.00 | $24.00 |
| Total Expenses | $1,937.15 | $2,004.77 | $3,941.92 |
| Net Profit (Loss) | ($835.40) | $1,270.98 | $435.58 |
Numbers in parentheses are a loss. I left categories with no activity yet off the table to keep it easy to read.
Left out of the P&L (not profit or loss):
| Category | Jan 2024 | Feb 2024 | Total |
|---|---|---|---|
| Loan Payments (Farm Credit, hay barn) | $850.00 | $850.00 | $1,700.00 |
| Transfers Between Accounts (to savings x4471) | $500.00 | $0.00 | $500.00 |
| Uncategorized: Please Check (Walmart, Amazon) | $132.88 | $47.99 | $180.87 |
| Total held out | $1,482.88 | $850.00 | $2,380.87 |
Double-check: P&L expenses ($3,941.92) + held-out items ($2,380.87) = $6,322.79, which matches total money out. Your starting balance ($6,120.44) + money in − money out = $4,175.15, which matches the bank's ending balance. ✅
2. How I Read Your Bank File
- Columns: Date, Description, Debit (money out), Credit (money in), Balance. I made money in positive and money out negative.
- Date format: MM/DD/YYYY (US). Dates like 01/29 and 02/29 make this clear.
- Skipped: the "BEGINNING BALANCE" line, because it's not a transaction.
- Duplicates: none found.
- Large purchases: nothing over $2,500 that looks like equipment, a vehicle, or a building.
- Sales tax: none showed up separately in this account.
- Every row's running balance checked out, so nothing looks missing or garbled.
3. Your Category List
INCOME
- Farmers Market Sales (Square deposits: eggs and beef together)
- Hay Sales (check deposits from neighbors)
- Other Income
EXPENSES
- Feed & Seed
- Farm Supplies
- Fuel
- Vehicle & Equipment Repairs
- Vet & Animal Care
- Processing & Butchering (ready for when you pay for beef processing)
- Farm Labor
- Utilities
- Phone & Internet
- Insurance
- Market Fees (booth or vendor fees)
- Bank & Card Fees
- Miscellaneous
NOT PROFIT OR LOSS (these don't count as farm income or costs)
- Owner Draw / Personal: money you take out for yourself or the household. It's not a farm cost, so it doesn't lower your profit.
- Owner Contribution: your own money you put into the farm account. It isn't income from sales.
- Transfers Between Accounts: just moving your own money, like to savings.
- Loan Payments (Principal): paying back borrowed money isn't a farm cost. The interest part is, though. See the note below.
- Loan Proceeds: borrowed money coming in isn't income.
- Equipment/Asset Purchases: big items like a barn, tractor, or truck often need special handling at tax time.
- Uncategorized: Please Check: I'm holding these until you tell me what they were.
4. Categorized Transactions
You can copy this straight into a spreadsheet.
Date,Description,Amount,Category,Confidence,Note
01/03/2024,TRACTOR SUPPLY #1123 GREENVILLE,-84.17,Farm Supplies,Medium,Could be feed or include household items
01/05/2024,SQUARE INC DEPOSIT 240105,412.50,Farmers Market Sales,High,Per your note
01/08/2024,CASEYS #2231 FUEL,-61.02,Fuel,Medium,Gas station store; could include snacks or personal fuel
01/10/2024,FARM CREDIT SERVICES PMT,-850.00,Loan Payments (Principal),High,Hay barn loan; interest not split out
01/12/2024,ZELLE TO JAKE MILLER,-240.00,Farm Labor,High,Weekend help per your note
01/15/2024,MIDWEST FEED CO-OP,-1325.60,Feed & Seed,High,
01/18/2024,SQUARE INC DEPOSIT 240118,689.25,Farmers Market Sales,High,Per your note
01/22/2024,WALMART SUPERCENTER 0412,-132.88,Uncategorized: Please Check,Low,Mix of farm and household per your note
01/25/2024,TRANSFER TO SAVINGS X4471,-500.00,Transfers Between Accounts,High,Per your note
01/29/2024,RURAL ELECTRIC COOP,-214.36,Utilities,Medium,Does this bill also cover the house?
01/31/2024,MONTHLY SERVICE FEE,-12.00,Bank & Card Fees,High,
02/02/2024,DEPOSIT CHECK 1042,2400.00,Hay Sales,Medium,Checks are usually hay per your note
02/05/2024,NAPA AUTO PARTS,-186.45,Vehicle & Equipment Repairs,Medium,Farm truck/equipment or family car?
02/07/2024,CASEYS #2231 FUEL,-58.77,Fuel,Medium,Gas station store; could include snacks or personal fuel
02/09/2024,SQUARE INC DEPOSIT 240209,355.00,Farmers Market Sales,High,Per your note
02/12/2024,FARM CREDIT SERVICES PMT,-850.00,Loan Payments (Principal),High,Hay barn loan; interest not split out
02/14/2024,ZELLE TO JAKE MILLER,-240.00,Farm Labor,High,Weekend help per your note
02/16/2024,AMAZON MKTPLACE PMTS,-47.99,Uncategorized: Please Check,Low,Mix of farm and household per your note
02/20/2024,VERIZON WIRELESS,-95.40,Phone & Internet,Medium,Farm-only phone or family plan?
02/23/2024,COUNTRY VET CLINIC,-310.00,Vet & Animal Care,High,
02/26/2024,MIDWE