Working with AgriInvest Accounts – Bank Method

AgriInvest helps you manage small income declines and provides support for investments to mitigate risks or improve market income.  Your AgriInvest account builds as you make annual deposits based on a percentage of your Allowable Net Sales and receive matching contributions from federal, provincial, and territorial governments.

When you are working with the bank method of AgriInvest, you need to ensure you have set up a bank account to track your AgriInvest, an equity account called AgriInvest Income to track any governments contributions and interest, and an income account called AgriInvest Income to track the income incurred when withdrawing funds.

When you make your AgriInvest deposit, you will click on Banking, and select Bank Transfer.

Click on New Bank Transfer and select the bank account that the funds are coming From.

Select your AgriInvest bank account as the To account.  Enter the amount, memo, date, and reference.  Once the information is all present, click Save.

The government matching portion will need to be entered through the transaction screen.  Click the orange + button and select Deposit.

Or, you can click Income, and select Deposit under New transaction.

Enter your customer, your AgriInvest bank account, and the date.

Set your line type to EQ and select your AgriInvest Income account.  Enter the amount of the matching deposit made.  Click Save when your total is correct.

The same entry will be made when any interest is earned on your AgriInvest account.

Two entries will need to be made when withdrawing the funds from your AgriInvest account.  The first transaction will be a bank transfer to move the funds from the AgriInvest account into the bank account the funds were moved into.

Save this transaction.  The second transaction you will enter will claim any income based on what was withdrawn from Fund 2 of AgriInvest.  You will always withdraw Fund 2 first (government and interest), and then Fund 1 (your portion) once that has been used up.  You will need to go to the transaction screen and enter a withdrawal.

It doesn’t matter which bank account you choose, as no money will be withdrawn.

On your first line, select type IN, and select the AgriInvest Income account you have set up.  On your second line, select type EQ, and select the AgriInvest Income account you set up there.  Make sure the total on the first line is positive, and the total on the second line is negative.  The Total of the transaction should show as 0.00.

Save this transaction.  This should make sure the proper amount of income is being claimed for the year and can be reconciled with your AGR-1 slip once received.

Last updated on November 5, 2019 by FCC AgExpert