Books That Follow the Crop Year
A South Plains farm spends heavily in spring, waits through a summer of weather and markets, and is paid in the fall or the following year. Gins and dealers follow the same cycle. Lubbock businesses need books that match this calendar and keep records ready for lenders and taxes. BOMCAS keeps monthly books for Lubbock farms and businesses remotely.
The routine monthly process is on the Texas bookkeeping page. This page follows the crop year in Lubbock.
Farm Records
We track income and expenses by farm, field or crop where useful, including seed, fertiliser, chemicals, irrigation, fuel, custom hire and labour. Crop sales, government programme payments, crop insurance proceeds and CCC loans are recorded separately because each has its own tax treatment. Lenders often ask for balance sheets, cash flow projections and inventory of stored crops, which we prepare from the books.
Government Payments
Farmers receive payments from USDA programmes, including price loss coverage, agriculture risk coverage, conservation programmes and disaster assistance. These are reported on Form 1099-G or CCC-1099-G and must be matched to the books. Payment limits and eligibility rules may require records of each partner's share.
Gin and Warehouse Records
Gins track bales ginned, seed sold, fees charged and payments to growers. Warehouses track bales stored, warehouse receipts and storage charges. Cooperative gins also track patronage by member for year-end allocation.
Dealers
Equipment dealers need inventory by serial number, floor plan financing, trade-in values and manufacturer incentives. Parts and service departments need their own reports. We reconcile floor plan statements and inventory monthly.
Medical Practices
Practices need insurance payments, patient payments and adjustments reconciled to the practice management system, with collections reported by provider. Many Lubbock practices see patients from New Mexico and smaller Texas towns, with a mix of private insurance, Medicare and Medicaid.
Student Rentals
Many investors own houses and apartments rented to Texas Tech students. Books track rent by unit, deposits, repairs and turnover costs each August. Security deposits are held as liabilities, and damage deductions are recorded as income when kept.
Hail and Insurance
After hailstorms, businesses and farms receive insurance payments for buildings, equipment and crops. We record claims, payments and repair costs separately so gains or losses are calculated correctly.
Property Renditions
Businesses file business personal property renditions with the Lubbock Central Appraisal District by April 15. Farm equipment used for agriculture may be exempt from property tax, which requires an application. Accurate asset records support both.
Landlord and Tenant Shares
Much farmland around Lubbock is rented on crop-share terms, where the landowner pays part of the inputs and receives part of the crop. Each party's share of seed, fertiliser, insurance and government payments must be recorded so that both returns are accurate. We set up the share percentages for each farm and allocate costs and income automatically.
Stored Cotton and Marketing
Cotton is often stored in warehouses and sold through pools, merchants or forward contracts long after it is ginned. The books track bales in storage, warehouse receipts pledged to CCC loans and pool advances received, so the farmer knows what is sold, what is pledged and what is still at risk to price changes.
Each Month
- Reconcile bank and loan accounts.
- Record crop sales and programme payments.
- Track inventory and floor plans.
- Prepare lender reports.
- Update rental and practice reports.
Lubbock Bookkeeping Questions
Why separate crop insurance from crop sales?
They have different tax rules, including the option to defer insurance proceeds.
Do you prepare lender reports for farms?
Yes, including balance sheets, cash flow projections and crop inventory.
How should student rental deposits be recorded?
As liabilities until returned or kept for damages.
When are property renditions due?
By April 15 to the Lubbock Central Appraisal District.
Talk to BOMCAS About Bookkeeping in Lubbock
Crop-year books feed sales tax, payroll, business returns and families' personal returns, and give planning reliable figures. Missing years go to back taxes and foreign interests to cross-border tax. From the Panhandle to the coast, our Texas pages on business and farm returns, personal returns, sales tax, payroll, planning, late filing and cross-border tax set out the statewide rules, gathered in the Texas overview.
Whether it is a section of irrigated cotton, a shop on 34th Street or a household near campus, a short description is enough for BOMCAS to suggest a starting point and list the records a quote would need. Reach us on the contact page or the form below, call 780-667-5250 or email info@bomcas.ca. Each Lubbock service is linked from the Lubbock overview. Nothing here is advice for a particular farm, business or family.