Entering a co-op equity statement

All of the figures you'll use are in the Equity column

Use the figures in the Equity column in the following example to learn how to enter a co-op equity statement.

There should be a deposit to the bank account for $17.00.

1. Select Transaction Entry from the Transaction menu. The Transaction Entry dialogue box appears.
2. Select Deposit from the Transaction type drop-down menu.
3. Enter the transaction Date or click the arrow to select it from the calendar.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst. For example, CO-OP.
6. Enter a Description or click the arrow to choose a previously entered description.
7. Total all of the purchases and declare the amount as income to the Patronage Dividends account, selected from the Account drop-down menu and Income (IN)Type. Pumps/Farm Fuel/Lubes ($61.77) + Gas Bars ($2.77) = $64.54         
8. Enter the GST ($2.39) in the GST/HST Collected account, selected from the Account drop-down menu and Debt (Liability) (D+) Type.
9. Enter the food ($1.24) in the Personal Groceries account, selected from the Account drop-down menu and Personal Draw (PD) Type. Note: Enter this amount as a negative.
10. If there's an amount for income tax on the equity transaction, enter it as a Personal Draw (PD) from the Type drop-down menu.
11. Subtract the ending equity from the starting equity (Equity at January 1, 2011 in the example) and enter the amount in the Co-op Equity Asset account, selected from the Account drop-down menu and Asset Purchase (A+) Type. Ending equity ($120.55) - Equity at Jan. 31, 2011 ($69.38) = $51.17
12. Click Record. 

Last updated on February 6, 2013 by FCC Management Software