AgExpert Analyst > Set up and creating data files > Setting up AgriInvest (Asset method)

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Setting up AgriInvest (Asset method)

1. Ensure the following accounts are set up in AgExpert Analyst in your Chart of Accounts:

  • AgriInvest Account (asset account)
  • AgriInvest Income (equity account)
  • AgriInvest Income (income account)

2. Making an AgriInvest deposit

  • Set up the AgriInvest account as an Asset Account.
  • Create a Transaction Entry.
  • Change the Transaction Type to Withdrawal.
  • Enter a date, total, reference and description.
  • Change the Type from EX to A+.
  • Select the AgriInvest account, and verify the Amount.
  • Click Record.

 

 

3. Recording the government matching portion
  • Create a Transaction Entry.
  • Change the Transaction Type to Deposit. 
  • Enter the date, reference number and description. 
  • Leave the Total as 0.00.
  • Change the Type from IN to A+. 
  • Select the AgriInvest account, and enter the Amount.
  • Tab to create a second line and change the Type from IN to EQ.
  • Select the AgriInvest Income equity account, and ensure that the Amounts match.
  • Click Record. 

 

4. Recording AgriInvest interest

Interest is recorded the same as the government matching portion. (See above.)

 

 

5. Withdrawing funds

 

  • Create a Transaction Entry.
  • Change the Transaction Type to Deposit.
  • Enter the date, total, reference number and description.
  • Change the Type to A-.
  • Choose the AgriInvest account and ensure that the Amount matches the Total.
  • Click Record.

6. Recording the income claimed

  • Create a Transaction Entry.
  • Enter the date.
  • Leave the bank account as it is. The Total should stay as 0.00.
  • Enter a Reference number and Description.
  • Leave the Type as IN.
  • Select the AgriInvest Income account.
  • Enter the amount of the withdrawal.
  • Tab to create a second line and change the Type to EQ.
  • Select the AgriInvest equity account.
  • The Amount will auto-populate, and should be the same.
  • Click Record to post the transaction.

7. If nothing remains in the Equity account, no income is going to be claimed and you only need to be concerned with the bank transfer.

 

 

Last updated on February 6, 2013 by FCC AgExpert