How to Enter a Co-op Equity Statement 

What you need to know: 

Co-op organizations often return earnings back to members on an annual basis, as cash payments and/or equity in the co-op.  You will need certain figures from the statement in order enter the earnings into AgExpert Accounting, including: 

  • Cheque amount.   

  • Added equity amount.   

  • Patronage dividends amount.   

  • Food or grocery amount.  

  • GST/HST amount.   

  • Tax paid amount.   

Reference the appendices below for a detailed description of these figures. 

What you need to do: 

  • Have your co-op statement and the above figures calculated. 

  • Ensure your chart of accounts has an income account for patronage dividends, a personal advance account for food, a liability account for corporate taxes payable, and an asset account for co-op equity. 

How to (Step by Step): 

1) Click the orange plus + sign and select Deposit. 

2) Use the drop-down menu to select the issuing co-op as your Customer. 

3) Click Choose to select the Bank account of the deposit. 

4) Enter the Deposit total. 

  • Note: If there was not a cheque issued, leave this field blank. 

5) Enter the Date of the deposit. 

6) Enter an Invoice/Reference number, if necessary. 

7) Use the drop-down menu to select Income (IN). 

8) Select your patronage dividends account using the drop-down menu.  Enter the allocation amount from the statement. 

9) Click Add a row. 

10) Use the drop-down menu to select type Personal Advance (PA). 

11) Select your food account from the drop-down menu.  Enter the food/grocery allocation amount. 

12) Click Add a row. 

13) Use the drop-down menu and select Debt Liability Addition (D+).   

14) Select your GST/HST collected account from the drop-down menu. 

15) Enter the GST/HST amount. 

16) Click Add a row. 

17) To enter tax paid: 

  • As a corporation: 

    • Use the drop-down menu to select Debt Liability Payment (D-). 

    • Select Corporate taxes payable from the drop-down menu. 

  • As a sole proprietor: 

    • Use the drop-down menu to select Personal Drawings (PD). 

    • Select Income Tax Paid from the drop-down menu. 

18) Enter the tax paid amount. 

19) Click Add a row. 

20) Use the drop-down menu to select Asset Purchase (A+). 

21) Select your co-op equity account from the drop-down menu. 

22) Review the information and click Save and close or Save and new. 

Appendices 

Use the detailed descriptions below to help you understand the figures on your co-op equity statement before entering the earnings into AgExpert Accounting. 

  • Added equity amount: This is determined by taking the ending equity amount and subtracting the opening equity amount.  Both the opening and closing equity amounts will be found in your statement. 

  • Patronage dividends amount: This is based on your farm-related purchases from the co-op such as fuels.  It is a percentage of your total purchases and often referred to as the allocation amount. 

  • Food or grocery amount: This is based on your non-farm-related purchases from the co-op. It is a percentage of your total purchases and often referred to as the allocation amount. 

  • GST/HST amount: This amount refers to the GST/HST returned by CRA based on your patronage allocation.  This will be included on your next return. 

  • Tax paid amount: On patronage allocations over $100, 15% is remitted to CRA on behalf of you by the co-op. 

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.