How To Complete Agri-Invest Transactions
What you need to know:
AgriInvest is designed to help you manage small declines in farm income while building financial flexibility for future investments. Your account grows through annual contributions based on a percentage of your Allowable Net Sales, with matching deposits from federal, provincial, and territorial governments. When you withdraw funds, any amount received from government matching contributions is treated as income.
What you need to do:
Have your AgriInvest statement available.
Ensure you have four accounts set up to track transactions:
Asset account for personal contribution.
Asset account for the government contribution.
Equity account for offsetting government contributions.
Income account for recording income upon withdrawal.
How to (Step by Step):
Entering personal AgriInvest deposits:
Click the orange plus sign.
Select Withdrawal.
Use the drop-down menu to choose Supplier. If you don’t have AgriInvest as a supplier in your books, click Add new supplier and fill out the company name in the slide-out, and click Save.
Note: Only Company name is required to be entered, but it is required to also check both boxes so that the contact is both a Supplier and a Customer.
Enter the Date of your deposit by using the calendar or manually entering the day, month, and year.
Select the appropriate Bank account. If the wrong payment source appears, click ‘x’ and Choose the correct bank account or credit card.
Enter a Withdrawal total for the AgriInvest deposit.
Add a Reference (optional).
Note: This could be a cheque number, invoice number, or any other way you want to help identify the transaction. This field is searchable from the Transactions page.
If you wish to add Attachments to the transaction, click Add and browse your computer to select a file, then click Open.
Use the drop-down menu to select Asset purchase (A+).
Select your AgriInvest personal portion account.
Enter the Amount of the AgriInvest deposit.
When the transaction shows as Balanced, you can:
Click Save and close to record the transaction and take you back to the last screen you were viewing, or:
Click Save and new to record the transaction and open a new Withdrawal screen.
Entering the government matching deposits:
Click the orange plus sign.
Select Withdrawal.
Use the drop-down menu to choose Supplier. If you don’t have AgriInvest as a supplier in your books, click Add new supplier and fill out the company name in the slide-out, and click Save.
Note: Only Company name is required to be entered, but it is required to also check both boxes so that the contact is both a Supplier and a Customer.
Enter the Date of the matching deposit by using the calendar or manually entering the day, month, and year.
Select the appropriate Bank account. If the wrong payment source appears, click ‘x’ and Choose the correct bank account or credit card.
Note: The bank account is not relevant as it is not affected by this transaction.
Enter a Withdrawal total of $0.
Add a Reference (optional).
Note: This could be a cheque number, invoice number, or any other way you want to help identify the transaction. This field is searchable from the Transactions page.
If you wish to add Attachments to the transaction, click Add and browse your computer to select a file, then click Open.
Use the drop-down menu to select Asset purchase (A+).
Select your AgriInvest government personal portion account using the drop-down menu.
Enter the Amount of the government matching deposit.
Click Add a row.
Use the drop-down menu to select Equity (EQ).
Select your AgriInvest government portion account using the drop-down menu.
Enter Amount equal to the Asset purchase line.
Tip: Both lines should be a matching positive amount.
When the transaction shows as Balanced, you can:
Click Save and close to record the transaction and take you back to the last screen you were viewing, or:
Click Save and new to record the transaction and open a new Withdrawal screen.
Entering the government interest deposits:
Click the orange plus sign.
Select Withdrawal.
Use the drop-down menu to choose Supplier. If you don’t have AgriInvest as a supplier in your books, click Add new supplier and fill out the company name in the slide-out, and click Save.
Note: Only Company name is required to be entered, but it is required to also check both boxes so that the contact is both a Supplier and a Customer.
Enter the Date of the interest deposit by using the calendar or manually entering the day, month, and year.
Select the appropriate Bank account. If the wrong payment source appears, click ‘x’ and Choose the correct bank account or credit card.
Note: The bank account is not relevant as it is not affected by this transaction.
Enter a Withdrawal total of $0.
Add a Reference (optional).
Note: This could be a cheque number, invoice number, or any other way you want to help identify the transaction. This field is searchable from the Transactions page.
If you wish to add Attachments to the transaction, click Add and browse your computer to select a file, then click Open.
Use the drop-down menu to select Asset purchase (A+).
Select your AgriInvest government personal portion using the drop-down menu.
Click Add a row.
Enter the Amount of the government interest deposit.
Use the drop-down menu to select Equity (EQ).
Select your AgriInvest government portion using the drop-down menu.
Enter Amount equal to the Asset purchase line.
Tip: Both lines should be a matching positive amount.
When the transaction shows as Balanced, you can:
Click Save and close to record the transaction and take you back to the last screen you were viewing, or:
Click Save and new to record the transaction and open a new Withdrawal screen.
Withdrawing funds from your AgriInvest fund:
Click the orange plus sign.
Select Deposit.
Use the drop-down menu to choose Customer. If you don’t have AgriInvest as a customer in your books, click Add new customer and fill out the company name in the slide-out, and click Save.
Note: Only Company name is required to be entered, but it is required to also check both boxes so that the contact is both a Supplier and a Customer.
Enter the Date of the funds withdrawal by using the calendar or manually entering the day, month, and year.
Select the appropriate Bank account. If the wrong payment source appears, click ‘x’ and Choose the correct bank account.
Enter Deposit total equal to the amount being withdrawn from your AgriInvest fund.
Add a Reference (optional).
Note: This could be a cheque number, invoice number, or any other way you want to help identify the transaction. This field is searchable from the Transactions page.
If you wish to add Attachments to the transaction, click Add and browse your computer to select a file, then click Open.
Note: When withdrawing funds from your AgriInvest accounts, you will always take it from the government portion first, and then from your personal portion once the government portion is depleted.
Use the drop-down menu to select Asset sale (A-).
Select your AgriInvest government portion account using the drop-down menu.
Enter the Amount being withdrawn from the government portion account.
If the personal portion is also being withdrawn from, click Add a row.
Use the drop-down menu to select Asset sale (A-).
Select your AgriInvest personal portion account using the drop-down menu.
Enter the Amount being withdrawn from the personal portion account.
Click Add a row.
Use the drop-down menu to select Equity (EQ).
Enter Amount equal to the amount being withdrawn from the government portion account.
Click Add a row.
Use the drop-down menu to select Income (IN).
Select your AgriInvest account using the drop-down menu.
Enter Amount equal to the amount being withdrawn from the government portion account.
Tip: The last two lines should be positive and equal.
When the transaction shows as Balanced, you can:
Click Save and close to record the transaction and take you back to the last screen you were viewing, or:
Click Save and new to record the transaction and open a new Deposit screen.
References and Additional Resources
Still have questions? Contact support
Contact us at 1-800-667-7893 or email support@fccagexpert.ca if you require additional support. You can find other help options under the Question Mark Icon in the top right of AgExpert Accounting at any time.