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Record keeping

by
Oluwasegun Ajayi
WHAT IS RECORD KEEPING
• The word record keeping is define as the
collation, preservation and evaluation of the
operation and performance of a farm ,it could
be done daily ,weekly, monthly and finally
annually (yearly).

• It as played a prominent role in farm


management for it aids in effective farm
management and is the backbone of a farm
enterprise aiming at profit maximization.
TYPES OF FARM RECORDS
• There are a number of ways of categorizing farm
records. Broadly farm records could be put into 4
classes:-
1. Inventory records:-
• refers to the complete count and evaluation of all
assets and liabilities on the farm at a specified date
“Assets” in this context refers to all materials ( i.e.
goods and services ) owned by the farmer and
used in the production process , liabilities on the
other hand refer to goods and services which the
farm owes to others .
TYPES OF FARM RECORDS
IMPORTANCE OF INVENTORY RECORDS IN A FARM
It shows the net worth of the farm
It shows the amount of materials in stock in the
farm
It also records the expenses due to depreciation.
2. Expenditure and income records:
Are derived from production records of which
they are money value; they comprise purchases
and wages (expenditure) and sales (income).
Expenditure and income records together with
production records normally form the basis of
day- to –day management decision.
TYPES OF FARM RECORDS
3. Special or supplementary records
• are records which are very essential for the
farm but which do not fit into any categories
discussed above.

• they include both the farm (layout) map


which can change over time and the soil
map as well as the legal documents
pertaining to the farm.
TYPES OF FARM RECORDS
4. Production records
this is also known as physical records and it’s the
major record that really concerns the production
aspect directly. They are records of quantity of
inputs used in the farm and output obtained from
it. Production records include livestock feed in-
take, feed in stock, mortality rate, weight, drug
medication, cull rate, and finally the number of
livestock in stock.
It should be mentioned that these records are
taken daily, weekly, monthly and yearly. Labour
input is usually recorded for each enterprise in
either man days or man hours.
DESIGNS OF PRODUCTION RECORD.
There are different ways of designing
production records, this depends on the
farmer and the format he/she wants
considering the information most essential to
him these are the various design used in ota
farm.
1. Daily report: this consist of the house
number. age of the birds the opening stock
the number of birds culled , the mortality rate
, the percentage mortality rate chicken chop,
number of birds processed, number of birds
received, the closing stock, the feed
consumption and feed in stock
DESIGNS OF PRODUCTION RECORD.
HSE AGE OP.STOCK CULL MORT MORT. % C/CHOP PROC REC C.STOCK FEED FEED
(kg) STOCK
(kg)
IMPORTANCE OF FARM RECORD
KEEPING
1. It helps to evaluate the farm enterprise
performance within a given period
• Since there is a need to take stock of any farm, in
order to determine how well it has done towards
achieving the aims of the farmer within a given
period of time, physical records and their
corresponding accounting records are important in
determining this.
• because this aids easy evaluation and one is sure
of progress of the farm enterprise over a period of
time.
IMPORTANCE OF FARM RECORD KEEPING
2. It helps in taking farm management decisions
In taking day- to- day decision on the farm one
finds farm records most useful. The records show
the strong and weak points in management
A farm enterprise may not be doing well because
of a particular factor in production but such a
factor can not be identified easily without good
records but if there is appropriate documentation
these will show which factor is contributing to
lower profit.
IMPORTANCE OF FARM RECORD
KEEPING
3. For credit purposes : Almost all banks will only
give credit if a farmer can produce adequate
physical record with the corresponding accounting
records as well as the overall farm plan, this is
necessary and beneficial to both the bank and the
farmer for the good use of loan which most be
repaid with interest.
4. Taxation and insurance purposes
5. National agricultural and economic planning
purposes
CONCLUSION
• Therefore we can see that a farm
without records is like an hunter
going for his hunting exercise without
his gun. This tells us how important
farm record keeping is to a farm