Transactions > Transactions - Examples > Recording UFA Equity Statements
Recording UFA Equity Statements
When entering a UFA Equity Statement, look at each number individually to help you build your entry. Each number on your statement is an important component of the entry.
|
Patronage |
Member Share Equity |
Cash |
Opening Position |
|
2,463.57 |
|
Patronage Allocation (per Patronage Dividend Statement) |
604.25 |
362.55 |
241.70 |
Subtotal |
|
2,826.12 |
241.70 |
Withholding Tax 15% |
|
|
(75.64) |
Member Share Equity Purchased |
|
|
|
Cash Below $50 Accumulated |
|
|
|
Total |
|
$2,826.12 |
Payment 166.06 |
You will create the following transaction to make the entry required for this statement if you are a sole proprietor or partnership:
You will create the following transaction to make the entry required for this statement if you are a corporation:
Your patronage allocation in excess of $100 is subject to withholding tax. A T4A will be issued for tax purposes.
Cash payments of less than $50 after tax are used to purchase additional member share equity. These payments will accumulate until you reach the member equity share cap of $30,000, at which point all allocations will be paid out, regardless as to the amount.
Last updated on January 20, 2020 by FCC AgExpert