How a market tracks the flow of money through the system becomes more complex as farmers markets add debit and credit card services to their food stamp services. With this complexity, some markets collect a convenience fee on debit transactions (no convenience fee is permitted for SNAP transactions) and/or charge a percentage of sales from vendors (on token sales only) to cover the cost of providing the service. These fees can offset operational costs. Many markets offer these services. Some lessons learned include:
The machines are simply a tool to operate the software program. It is important that market managers and board members understand the system they are buying which is often unique to the machine.
Well defined accounting procedures and adequate staffing is crucial to the program’s success.
Below are examples of accounting forms used by other markets. Please click on a link below to review key accounting forms to track the flow of dollars.
For more information about the accounting process and using excel, contact Suzanne Briggs of Collaboration (see Resources page)