I have a question for any fellow owners/breeders out there-
Would anyone be willing to share some info on how they set up their P&L for horse expenses?
I am working with a non-horsey bookkeeper who has been doing her best to code a slew of horse bills for a breeding AND racing operation. We're in pretty good shape, but some things are getting muddled up that I think we could clarify if I had some actual examples of others' line item categories - specifically racing nominations, breeding registrations/nominations, sales commissions, sales nominations, racing commissions, etc, are getting conflated.
Here are our current line item categories:
Horse Sales Expense
Any advice, suggestions, or examples that others are willing to share?
I've always broken down mine into seperate catagories:
One example would be keeping sales (and all that goes with it, commisions, consigment fees, vet fees, farrier, transportation, etc) seperate from the farm expenses for broodmares. Another catagory would be strictly for breeding. One for racing, you get the picture. Just makes it easier at the end of the year to see what expense went to what sector of the operation.