Reporting methods for AgriStability 

If you’re an AgriStability participant, you must report your farming activities on a modified accrual basis. As such, if you file to CRA on a cash basis, you must complete the Deferred Income and Receivables and the Accounts Payable sections of the AgriStability supplementary report.

• Receivables - To set up AgExpert Analyst to accurately report receivables at the start of the fiscal year, enter all outstanding receivables at year-end. This information is reported on next year’s AgriStability supplementary report as opening receivables or income deferred from a previous year. The net change in deferred income and accounts receivable for the year are automatically calculated.
• To report income deferred to a future tax year or receivables not received by year-end, enter a receivable charge transaction via the Transaction Entry or Point of Sale window. Only income from the sale of an allowable commodity, not the entire receivable, is reported on the AgriStability supplementary report.
• Payables - To set up AgExpert Analyst to accurately report payables at the start of the fiscal year, enter all outstanding payables at year-end. This information is reported on next year’s AgriStability supplementary report as opening accounts payable (unpaid expenses). The net change in accounts payable for the year is automatically calculated.
• To report accounts payable (unpaid expenses), enter a payable charge transaction via the Transaction Entry window. Only expenses allowable for AgriStability, not the entire payable, are reported on your AgriStability supplementary report.
• Inventory tracking for AgriStability – You must track and report purchases and sales of inventory. You must complete the Crop and/or Livestock sections of the AgriStability supplementary report. AgExpert Analyst tracks purchases and sales by making automatic inventory updates as you enter income and expenses in Transaction Entry.

For example, to report a livestock purchase on your AgriStability supplementary report, post a transaction to record the expense. If the automatic inventory update has been enabled for the expense account, thequantity and value of your livestock inventory is automatically increased and the transaction is marked as a purchase. The quantity of cattle purchased is included in the commodity’s Purchased column on the Inventory valuation section of your AgriStability supplementary report. Sales are tracked the same way,except that you post a transaction to record the income from the sale.

Select Inventory Adjustment from the Inventory menu to change the quantity or value of a particular inventory account or record transfers between grades and accounts. 

Last updated on August 22, 2014 by FCC AgExpert