1. When entering a co-op equity statement into AgExpert Accounting always refer to the figures located under the equity column.

2. Click the orange quick action menu near the top right of the screen and click Deposit.

 
3. Click Choose to select a Contact. Select Co-op from the drop-down list or click Add a new customer to add the Co-op contact.

 
4. Click the calendar icon and select the Date you deposited the cheque or select the date of the statement period if no cheque was issued.  

 
5. Click Choose to select a Bank account.

 
6. Optional: Enter a Reference. The reference could be the cheque number or any keyword that helps you identify the transaction in AgExpert Accounting.

 
7. Click the drop-down menu under Type and select Income (IN). Click the drop-down menu under Account and select Patronage Dividends. Enter the total of the business-related purchases ($67.77) in the Total field.

 
8. Click Add a row or press the tab button on your keyboard until a new row appears.

 
9. Click the drop-down menu under Type and select Personal Advance (PA). Click the drop-down menu under Account and select Personal Groceries. Enter the amount ($1.24) in the Total field.

 
10. Click Add a row or press the tab button on your keyboard until a new row appears.

 
11. Click the drop-down menu under Type and select Debt Liability Addition (D+). Click the drop-down menu under Account and select GST/HST Collected. Enter the amount of the GST/HST collected ($2.39) in the Total field.

12. Click Add a row or press the tab button on your keyboard until a new row appears.

13. To enter Tax paid:

       a. If you are a corporation, click the drop-down menu under Type and select Debt Liability Payment (D-). Click the drop-down menu under Account and select Corporate Taxes Payable. Enter the amount of the Tax Paid ($6.00) in the Total field.

        b. If you are a sole proprietorship, click the drop-down menu under Type and select Personal Drawings (PD). Click the drop-down menu under Account and select Income Tax Paid. Enter the amount of the Tax Paid ($6.00) in the Total field.

14. Click Add a row or press the tab button on your keyboard until a new row appears.

15. Click the drop-down menu under Type and select Asset Purchase (A+). Click the drop-down menu under Account and select Co-op Equity. Referring to your statement, subtract the starting equity ($69.38) from the ending equity  ($117.78) and enter that amount ($48.40) in the Total field.

16. Optional: Enter a Description in each row.

17. Review the information.

18. Click Save.

Last updated on November 17, 2020 by FCC AgExpert