Working with AgriInvest Accounts – Asset 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 asset method of AgriInvest, you need to ensure you have set up an asset 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 using this method of tracking AgriInvest, you will work solely in the transaction screen.  You can access this screen by clicking the orange + button and selecting Withdrawal.

To make your AgriInvest withdrawal, select the supplier and the bank account that the funds are coming from.  Also enter the date of the payment, and the reference if needed.

Set your line type to A+ and select your AgriInvest account.  Enter the total of the deposit you are making.  Save the transaction when the total is correct.

The government matching portion will need to be entered as well.  Enter your supplier, any bank account, and the date.

On your first line set your line type to A+ and select your AgriInvest account.  Enter the amount of the matching deposit made.  On your second line set your line type to EQ and select your AgriInvest Income account.  Enter the same amount as the first line.  Both lines should have positive numbers, and the total should equal 0.00.  Click Save.

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

When you withdraw funds from your AgriInvest account, you will want to make sure you are doing a deposit to the account the funds were moved to.  Enter the date of the transfer as well.

On your first line, set your type to A-.  Select your AgriInvest account and enter the total of your deposit as a positive number.

The second line will claim any income based on what was withdrawn from Fund 2 of AgriInvest.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.  Set your type to IN.  Select your AgriInvest Income account and enter the amount being withdrawn from Fund 2 as a positive number.

On the third line, set your type to EQ.  Select your AgriInvest account and enter the total of the fund 2 withdrawal as a negative number.

The total of your transaction should equal the total amount of the funds withdrawn from your AgriInvest account.

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