To Tish
From Gene
SUGGESTIONS ON CHARTS OF ACCOUNTS
| # | Comment |
| 106 | B will never have a savings account, no banks in area; delete |
| 108, 109 | Should be “cash account” |
| 111 | Too general. What would they be? |
| 112 | We need a separate accounts receivable for each operation: boat, eggs, dairy, cattle, farm, mill, cassava plant, so we can review each one separately |
| 113-116 | Does this include “goods on hand”?, “Work in progress”?. How to handle half grown crops – are they an asset? At what stage of maturity? |
| 123 | Need a separate account for each building – maybe not in Georgetown – what do you think? Example: vegetable market, lumberyard, office/home, church |
| 140 etc. | No account for cleared land per se – is it an asset? I think so, nor an expense account for the cost of land clearing |
| 141-165 | Need a separate account for each finished structure, and a work in progress or construction account for each structure during construction. Otherwise we will be able to show cost for depreciation. See comment to #112. Also for unallocated construction supplies & equipment. |
| 194-5 | How and when do you make entries? When a calf is born or a tree planted? Both valued much higher 4 years later. |
| 200 Series | There should be one set up for each business from the start – we will have to do it here anyway. |
| 281-297 | Irrelevant, Delete |
| 311 | Should refer to A only |
| 312 | Separate account for each business |
| 412 | Should be NIS |
| 411 | Should be Withholding income tax |
| 415 | Delete, no sales tax here, should be “Tax Stamps” |
| 420-29 Series | Add photo expense, equipment costs, secretarial supplies |
| 440 Series | Add on account for medical and drugs, this is a big item. I separated the housing & business functions on mine, it is a better way. |
| 450 Series | Should be a separate series for farm, pigs, dairy, cattle, cassava plant. Where do we put leasehold improvements such as fencing, pasture, etc. |
| 501 | Note most lease expense. Example: Survey should be capitalized. If they took the lease back (or part of it) they would have to pay us. They capitalize it. |
| 505 | Delete. None there, could replace with radio cost, mostly M&R |
| 508 | Severed account for residential and each business. |
| 510-512 | See comments on A. Also note: Most of our payment is to labor contractors, farm should have such an account |
| 516 | All exchange costs are borne by A |
| 514 | Separate account for each business |
| 532 | None, delete |
| 500-30 | One for each business |
| 540 Series | Add an account for chickens (we grow our own, but not mix in food), medical, allowances, each |
| 600-25 Series | We’ll probably end up with several boats of different sizes, two maybe “business” the others not. Each business boat will need its own accounting. |
| 750 etc. | We need a theft and casualty loss account |
| 766 | Where do we depreciate the sawmill buildings and equipment as a separate entity? |
| 776 Series | Separate set for farm, pigs, dairy, cattle, cassava plant |
Well, let me know. I may not have it understood, if so clarify. We buy pigs in March.
Love, Gene
Originally posted on September 2nd, 2023.