Join Date: Jan 2012
Location: Newdale, Manitoba, Canada
Mentioned: 0 Post(s)
Quoted: 187 Post(s)
Ours is March 31. Only reason is that when Dad started farming, he figured that he would have his grain from last year sold by then to pay the input bills.
However, now we generally do our NH3, and some granular, fert in the fall. Also carrying crop past Mar 31. So sales and expenses don't match the "year-end".
That's why we use accrual.
It's not a good year-end to have for the government programs though. ie: We've been done our 2016 year-end for 9 months, but most farms are just getting into their 2016 year-end. So most of the farm programs don't have final details worked out until well past our year-end.
The other issue we run into is that with our year-end being March 31, and you need to have your April bank statement to take to the accountant, so we are walking in their doors the start of May. Hmmm.... what other major time period just ended for accountants and they are now taking time-off due to overtime??? Then we hit June-Sept when staff are taking holidays. Seems to take a lot of unneeded phone calls to get them moving sometimes.
Last edited by Andrew_D; 01-08-2017 at 05:37 PM.