Welcome to the Farm Accounting 101 presentation on opening a farm checking account. The following video will explain the importance of opening a farm checking account.

If you already have a personal checking account, why should you open a second account? The answer is because your farm is a business, assuming that you are farming to make a profit rather than just farming as a hobby. If you are farming with the intent to make a profit, then you have to have a farm business which needs a separate bank account to track farm income and expenses.