Set-up and creating data files > Chart of accounts > Setting up AgriInvest (Bank method)

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« AgExpert Analyst Knowledge Base

Setting up AgriInvest (Bank method)

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

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

2. Making an AgriInvest deposit

Set up the AgriInvest account as a Bank Account.

  • Open the Transaction Entry screen.
  • Change the Transaction Type to Bank Transfer.
  • Enter a date, total, reference and description.
  • Leave the Type as BK.
  • Select the AgriInvest account, and make sure the Amount is correct.
  • Record the transaction.

 

 

3. Recording the government matching portion

  • Create a Transaction Entry.
  • Change the Transaction Type to Deposit.
  • Enter the date.
  • Change the Bank Account to the AgriInvest Account.
  • Enter the total, reference number and description.
  • Change the Type from IN to EQ. 
  • Select the AgriInvest Income equity account, and ensure that the Amount matches the Total.
  • Click Record.

 

4. Recording AgriInvest interest

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

5. Withdrawing funds

When withdrawing AgriInvest funds, always take the taxable portion first (the balance in the equity account).

  • Create a Transaction Entry.
  • Change the Transaction Type to Bank Transfer.
  • Enter the date, and change the bank account to the AgriInvest account.
  • Enter the Total, Reference number and Description.
  • Leave the Type as BK.
  • Select the Chequing Account (if that's where you moved the funds).
  • Ensure that the Amount matches the Total.
  • Click Record.
    •  

6. Recording the income claimed

  • Create a Transaction Entry.
  • Change the Transaction Type to Deposit.
  • 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 August 23, 2016 by FCC AgExpert