What the intent will be is to share the definitions and give some examples and answer questions that may arise during your reading of this course. Jot down your questions on paper so that they are not forgotten and make certain the answers are to your satisfactions so that the information can be utilized to the fullest when you complete the work. *6) It's Howdy Doody time!* All the data in the world will not do anybody any good if it cannot be assimilated where it can be put to use. Remember, this seminar is designed to bring information for you that will aid you in preparing the necessary financial papers for your given operation.
The key areas of discussion will be:
- Cash vs Accrual
- Balance Sheet
- Statement of Cash Flow / Cash Flow Statement
- Income Statement
- Statement of Owner’s Equity
- Valuing Inventory
- Chart of Accounts
- Production History
There are certain sets of Financial Papers that we generally turn in at the beginning of each year at our lending institution. When we pick up our "loan packages" from the lender generally there is a general sinking feeling and those papers are automatically tossed on the dashboard of the pick-up, they’re to get crimped, crumpled, soiled and still blank. Finally, they are retreated brought inside and the agonizing process begins. Being a Guaranty Loan Packager myself since 1989, I have seen most of all the stories any of the Ag producers would care to share with me. I have seen the pitiful looks, the total despair and the oh woe is me’s that each one of you have had. So when we begin our journey down the paper path, try to stay positive because this is the backbone of what you are doing.