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  1. #1
    Join Date
    Apr. 7, 2003
    Location
    OR
    Posts
    356

    Default Accounting Question for Owner/Breeders

    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:
    Boarding Expenses
    Commission Expense
    Horse Sales Expense
    Insurance
    Jockey Fees
    Misc.
    Nomination Fee
    Racing fees
    Stud Fees
    Training Expense
    Transportation
    Veterinary

    Any advice, suggestions, or examples that others are willing to share?



  2. #2
    Join Date
    Feb. 13, 2007
    Location
    Down on the Farm
    Posts
    3,054

    Default

    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.



  3. #3
    Join Date
    Apr. 7, 2003
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    OR
    Posts
    356

    Default

    Thanks, that is a good suggestion, though I wonder if it would make more sense for us to lump breeding and sales together.

    Anyone else have input?



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