The Ordway new era., 1921-12-09
Yearly Inventory
Should Be Made

Farming is a business, and like
should make a yearly inventory, and
many of them do make one.
To gauge progress by an increase
in cash in hand or to measure loss by
additional debts incurred without
taking into account decreases or i'll
creases in the value of all property
owned, often leads to false conclus-
ions. The storekeeper is well aware
of this, and his annual "stock taking
is nothing more or less than the max
ing of an inventory or list of proper
ty, without which he lacks accurate
information concerning his profits
and losses. Inventories are not diff
ficult to make, and the United States
Department of Agriculture has found
that they are of great value to any
farmer who is striving to better his
condition. They overcome obstacles
and place his business affairs on a
secure basis.
There is no best time of the year to
make an inventory for everybody and
under all circumstances. Each one
must decide for himself the date most
convenient. In deciding. however,
the most important consideration is
to select time of the year before the
seasons work in the field begins.
1t will save estimating large quanti-
ties of farm produce on hand if the
inventory is taken as late in the
spring as possible before field work
begins.
Although any day will do, it is gen
orally found best to select the first
day of some month. and a fairly good
guide in any section will be the date
upon which tenants customarily
change farms. The best inventory
date may vary from January l in the
cotton belt to April l in New Eng
land and other Northern States. and
! for special farms special dates are
often required
If no list of the farm property has
ever been made, it is we'll to start
preparations by going over the farm,
field by field. and building by build
ing, taking each item as it is found.
| In this way nothing is missed. The
! listing can be done in any memoir
! andum book or on loose sheets of
| paper. Two persons can do this bet
ter than one, especially in harms,
| tool houses, and places where many
articles are found. One person can
search out the various pieces of prop
erty, calling each item in turn to be
set down on the list by the other The
classifying and appraising can be
done at the same time, if desired, by
listing the item coming under each
class of property on separate pages
or sheets. but for the most part they
can be best done within doors as the
items are being copied into the prop
erty book, if one is used.
All property owned comes under
the head of resources or assets. These
tangible property. and financial, or
intangible. The value of the phys
| ical property must be estimated and
appraised. The financial property
has face value. which under any
conditions ordinarily met with on the
farm needs no appraisal. The phys
ical property may be grouped under
the following heads: Land, build
ings, other permanent improvement,
work stock, cattle, swine. sheep. poul-
try. machinery and tools, farm pro-
duce. farm supplies, growing crops.
| The financial items include cash on
hand, cash in bank. accounts receiv-
able. and notes receivable. BY re-
ceivable is meant debts owing to the
farm.
In no case should a list of liabilit-
ies-bills and accounts owed by the