On 11/4/2019 11:18 PM, John Ralls wrote:
One thing I have done for years is enter into a deferred payment contract with the cooperative that buys my grain. In general the grain is sold as of a given date with payment at some future specified date.
As I see it, I have a sort of promissory note that doesn't pay interest, if that makes any sense, that in early January will be paid by the cooperative. It is future income but I don't want it listed as such until next year.
I think that is correct. You have traded an asset for an asset. But unfortunately I am not up on the tax rules for farming << this land was last commercially farmed circa 1930; Step by Step farm is wildlife habitat >> You'll have to look up WHEN the gov't considers it to become income. Future sales, deferred payment contracts, etc. are common in farming so there should be definite guidelines how you should treat it.
Anyone here with accounting for farming experience? Michael _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
