You have two options as to how grain loan cashflows can be represented in the Full Budget.
- Correct Loan and Income Details: All loan drawdowns are shown as Wheat Transfers In and Wheat Transfers Out in the account balances section of the budget. Quarterly payments from all harvest years will be shown as income in the wheat code selected, as will the underwriting fee, levies and interest.
- Net Cashflows Only: Net cashflows are shown in the receipt section of the budget with no mention of loans, interest, levies or fees. The AWB bank accounts are not shown and there are no cash transfers. GST and PAYG is calculated on real income and added to the appropriate tax codes.
The system requires an extra code:
- "Wheat Net Cashflows"- with the GST category of "GST Free" and Instalment Tax Status of "Non-taxable"
This ensures that GST and PAYG are not calculated.
With the Grain Income Calculator, the budget can be switched between the format with full loan details and the 'cashflow only' format with a single click on the direct entry window. This means that a 'correct'' cashflow would be printed for one purpose followed by a 'cashflow only' version printed for a bank, for example.
Setting up the Cashflow Option:
The Grain Income Calculator must be set up prior to setting up this option.
- Click Budget
- Click Full Budget
- Click Change Budget Setup
- Click the budget to setup
- Click Showing cashflows only to display two drop down lists
- Click Code Setup to enter a new code-named "Wheat Net Cashflows" which must be GST Free and non-taxable. Save and return to the change budget setup window
- Select Wheat Net Cashflows in the top dropdown list
- Select the cheque account into which wheat cashflows will be deposited
- Save to continue to the full budget
Important: If the cashflow option is selected as the default then Grain Income Calculator data will be included in the budget even if no worksheets for wheat are included.
The Cashflow Option in the Full Budget:
You should leave the Net Cashflow option setup even if it defaults to the other setting, this will allow you to toggle between the two formats.
The Cashflow Option Full Budget will look similar to this
While in the full budget, a square label is situated at the bottom right-hand corner.
Click Grain In Cashflow Format to change the format of the budget from "Cashflow Format" to "Loan Format".
Click to preview the cashflow in the selected format.