Most students need to borrow
money for their livestock projects.
This loan usually is from your
parents, with 0% interest. Some
students borrow money to finance
their project from a local bank.
This is an excellent way for
students to develop a credit history
(good or bad!!! You must pay the
bank back for the loan, it makes
them cranky when you don’t!)
The top of the loan page is filled
out when the funds are borrowed.
When ever a payment is made it is
recorded in the space provided.
Loan payments and interest are
also recorded in your journal
pages.
There are three inventory pages. All very confusing,
but once you understand, they are not that bad! All are
accessed under “record book”, “inventory”, and
another menu will appear to the right.
Current/Operating inventory (non-depreciable
property inventory) are items that will consumed:
feed, medicines, fertilizer, livestock for resale (market
animals purchased in 08 for 09’s fair) crops and
nursery stock.
Non-Current/Capital Non-Depreciable Inventory
(Non-Depreciable Property Inventory) includes only
TWO items! Breeding livestock raised and land.
Non-Current/Capital Depreciable Inventory
(Depreciable Property Inventory) are for items that
you will have for more than one year. Items such as
equipment, machinery, trucks, breeding animals
purchased, horses & tack, perennial crops, trees,
buildings are entered here.
Current/Operating inventory (nondepreciable property inventory) are items
that will consumed: feed, medicines,
fertilizer, livestock for resale (market
animals purchased in 08 for 09’s fair)
crops and nursery stock.
Information is entered ONLY at the
beginning and end of the year.
When you end a book and have
operating inventory left over it is listed
here under “End of year” ONLY. You did
not have it when you started this book!!!
You will bring this information forward to
your next book, the program will do it for
you and the information will appear under
“Beginning of Year” in your next year’s
book.
So, in December you will list what
operating inventory you have left over on
December 31st. Those items have a value
and will still have a value the next day,
which is January 1st. That value needs to
be recorded so that it does not fully show
up on your income summary page (no, we
have not done this page yet).
Current/Operating inventory items should
be entered in your journal pages when the
items were purchased. In this example
there is hay and grain left over from the
market animal, that will be used for the
next year’s project animal.
You typically have these items one year or
less before they are used.
Non-Current/Capital Non-Depreciable
Inventory (Non-Depreciable Property
Inventory) includes only TWO items!
Breeding livestock raised are entered
here. If you raise any species of
livestock and retain females or males
for breeding purposes only are
entered here. They have a worth and
increase the total value of your
enterprise project.
If you personally (not your family) own
land that is use for your enterprise the
value is entered on this page.
The information is only entered on
December 31st. It will be transferred to
your next record book automatically.
Non-Current/Capital Depreciable Inventory (Depreciable Property
Inventory) are for items that you will have for more than one year.
Items such as equipment, machinery, trucks, breeding animals
purchased, horses & tack, perennial crops, trees, buildings are entered
here. If you take care of these items they have a “useful life” of more
than one year, many lasting numerous years.
This items ARE NOT ENTERED IN THE JOURNAL PAGES!!!
Information is entered on the date of purchase. If an item is sold that
information is entered in the two far right columns.
“Description” enter a description of the items purchased. If you
bought several items together, you may enter the information
together for a total basis cost.
“Date of Purchase” enter the date the items were bought. Enter
in the format mm/dd/yyyy.
“Basis (cost)” is the amount you paid. Enter whole numbers only,
no decimals or cents.
“Class (Years)” is how long the useful life of the item is. The next
slide will tell you how to determine this! Once the useful life of an
item is determined, enter it into the space provided.
The rest of the calculations will be done for you.
Go up to “record book”, drop
down the menu, scroll down to
“weights & measures”, click
on this page.
Scroll down to the bottom of
the page and there is a
depreciation schedule for you
to use as a guide! Select the
appropriate number of years
and enter that into the “class,
years” column on your NonCurrent/Capital Depreciable
Inventory (Depreciable
Property Inventory)
If you do this, you will have to
go back to Inventory, noncurrent/capital depreciable
inventory page.
Enter your items as they are
purchased.
The program will not let you
enter information in columns 5
or 6. That information will be
in your next book when it is
brought forward.
Be sure you are entering the
information for the correct
enterprise project. There are
four locations to list inventory
information, double check that
you are using the correct
location!
The program will automatically calculate the depreciation and
total the columns. This information will be transferred to your
summary pages for you.
The reason we keep track of Non-Current/Capital
Depreciable Inventory (Depreciable Property Inventory) is the
items you purchased have a value for many years. By
depreciating their value over several years, the current value
is part of your financial statement. This way you are not
subtracting the entire value of the items in one year, but over
the life of the item. The depreciation, or value the item lost
each year, is calculated.
Purchase price
Depreciation for year Current value
If you sell a NonCurrent/Capital Depreciable
Inventory (Depreciable
Property Inventory) the sale
price is entered in the
appropriate column. The
program will calculate your
capital gain or loss for you.
Now, you need to change to
the “Income Summary” page.
We will come back to the
“Financial Statement” page.
This is the Income
Summary page.
Information from your
journal pages and
inventory pages has
been automatically
transferred for you.
Expenses are at the
top of the page.
The bottom of the page
indicates your total
income and hours for
each enterprise project.
This information is important
for the completion of the
financial summary page.
Change to the “Financial Statement”
page. Some information has been
transferred for you and reflects values
of inventory that you entered.
If this is your first year in FFA, the
column for “Beginning of year” will be
left blank. If you were in 4-H and had
livestock, equipment, etc. those items
need to be “purchased” from your 4-H
project by your FFA enterprise and
entered in the correct section of your
FFA record book.
Totals are calculated for you.
This top section is for enterprise assets
only. This does not include earnings
from non-agriculture areas.
1 a) indicates the amount of money
that you still have from the operating
income of your project.
IMPORTANT!!!
Line 2 on the Financial Statement page
CAN NOT EXCEED the amount on line
15 of your Income Summary page.
Personal Assets is money that you
have in a savings account,
checking account, etc.
It is not required that you enter this
information.
If you do not have any personal
assets, yet do not have a loan for
items purchased for your
enterprise project, where did the
money come from?
Enterprise Liabilities refers to money that
you owe to someone else. This includes
loans and accounts payable.
Personal liabilities might include the
balance owed for a vehicle used for nonagricultural purposes.
It is not required that you enter personal
liabilities.
Your Enterprise Net Worth and Total Net
Worth are calculated for you at the
bottom of the page.
There are three FFA Activities pages, each
will contain different activities that you have
participated in.
The first one listed “FFA Activities” is for
public speaking, parliamentary procedure,
offices held, committee work.
FFA Activities (2) is for chapter level
activities only. If only your chapter members
participated, it is listed on this page.
FFA Activities (3) is for activities above the
chapter level. Sectional, regional, state and
national activities are included here.
Put the date you received your Greenhand,
Chapter or State FFA degrees in the space
provided. Only list the degree that you received
covered by this record book.
If you passed a test on parliamentary
procedure in your agriculture class, indicate
the date you took and passed the test.
If you successfully performed proper
parliamentary skills, list them in the location
provided.
Speaking engagements are listed here. Only agricultural topics
are listed. The speech or discussion can be given to any group
or organization.
If you hold an FFA office during the year covered by this record
book, it is recorded here.
Any time you serve on an FFA committee, record the information
in this location.
On FFA Activities (2) page,
only chapter level activities
are listed. The date is
entered mm/dd/yy. Be sure
to indicate what activity you
attended and what your
responsibility or placing was.
FFA Activities (3) is for
activities above the chapter
level. Be sure to indicate
what level the participation
was at. Only list activities
that occurred during the year
that is covered by this record
book.
Community service and school activities are
listed on the same page, but are different
types of activities.
Enter the activities as they occur, they do not
have to be grouped together: community
service and then all school activities.
Hours are only listed for community service.
To earn your State FFA degree you must
have a total of 20 hours community service.
This is a total from all your record books, not
just one year. You must have a minimum of
two school activities to receive your State
FFA degree.