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Create a GIC for other (Cash, Contracts. etc.)

Use the Agrimaster Grain Income Calculator (GIC) for non-wheat grains and seed. The GIC can connect up 18 months of financial activity across multiple budget years. 

The GIC feeds the financial data into the correct budget years and categories. If you do the same types of contracts, the GIC manages back-to-back years of the same cropping activity. 

Using the GIC keeps track of the remainders of grain (assets) to be sold or payments due (income) when the financial activity rolls-over into the next financial year.

 

Start a New GIC Worksheet for Other (cash, contracts, etc.) 

1.    Before you start a new Grain Income Calculator (GIC) 

·         Create and enter the grain or seed data into the Cropping Production Worksheet

·         Confirm your cropping activity will cross over 2 or more budget years from the date of the first purchase, delivery or payment to the last financial activity

·         Do not use the GIC if all of the transactions are within a single budget year. Instead, use the Cropping Pool Income Worksheet

2.     Print the Cropping Production Worksheet

3.     Click on the green tick OK and click on  to close

4.     Click on Home

5.     Click on Budget

6.     Click on Full Budget

7.     Click on Worksheets

8.     Click on Grain Income Calculator

1.    Action on Sets

 

Select New

2.    Enter name for NEW empty grain income set

 

Type a name that you recognize

Recommended, include the type of sale and name of the grain

3.    Select set format

 

Select Other (cash, contracts etc)

4.    Select Month of First Delivery

 

Choose the month of the first financial or season’s activity – such as harvest, purchase or deposit (November shown here)

5.    Click on the green tick to OK

6.    Select the years that your Oat cropping activity begins 

For example, if you begin the harvest and deliveries in November 2015 and receive the first payments for the deliveries in January 2016, choose 2015/2016 


7.    Look at your Cropping Production worksheet print out 

In Production (Tonne), type the tonnes for your “other grain” from the Non Pool column 


 

8.    Look at your Oats cash contract and enter the following 

 

1.    Freight (deducted)

 

Type the cost of freight that you pay as an expense

2.    Freight (billed)

 

Type the cost of freight that is billable upon sale of the grain

3.    Mths after delivery freight paid

 

Type the number of months after your grain is shipped that you pay for the freight

4.    Freight Code

 

Select the Cashbook Code that you use for freight *
Example, ‘Grain Freight’ from the sample Cashbook Codes

5.    Store and Handling (deducted)

 

Type the cost of storage and handling that you pay as an expense

6.    Store and Handling (billed)

 

Type the cost of storage and handling that is billable upon the sale of the grain

7.    Mths after delivery handling paid

 

Type the number of months after the grain is received that the storage and handling is paid

8.    Handling Code

 

Select the Cashbook Code that you use for storage and handling expenses *
Example, ‘Grain Selling Costs’ from the sample Codes

 * Hint: Press the first letter of the Cashbook Code’s name multiple times until the correct code is found. For example, push the g key several times to move through to ‘Grain Freight.’ 

9.    Continue entering information from your “other grain” 

 

1.    Levies as % of (EPR less S&H, freight)

 

Type the cost of percentage used to calculate the grain levies

2.    Levies code

 

Select the Cashbook Code to expense the levies

For example, the Grain Lev-GST Free from the sample Cashbook Code prevents GST from being added to the levy

3.    Cheque A/c

 

Select the bank account receive income into from the
Wheat Pool distributions

4.    Grain Income code

 

Select the Cashbook Code used to track income payments for the other grain (CROPPING INCOME > Oats shown here)

 5.    In Monthly % Deliveries column, type the estimated percentage of wheat you will deliver by month. The total Deliveries must equal 100.0



 

In this example 100% of the Oats are delivered in December 2015, but the payments are deferred to July 2016 and October 2016. 

6.    In Later distributions, click on the months that you get paid
In this example, the budget year might match the tax year of July to June. However, the cropping harvest and financial activity cross over into 2 budget years.

N = November 2015. The first J = January 2016. The last O = October 2017.
A GIC allows for financial and cropping activity to be completed a period as long as 18 months. The GIC sorts and shares the data into the correct budget years for analysis and reporting. 

7.    Estimate the payments to be received in the months you selected in step 6 

  • Grain Grade – type one or more row titles identifying your grains or grades of grains
  • Gty% - type the percent of grain you expect to match this type or grade
  • Qty Tonne - Agrimaster calculates the tonnes of grain by multiplying your estimated percent by the total Production Tonnes you entered
  • EPR (FOB) Exc. GST – type the estimated price per tonne you expect to receive, excluding GST
  • Dist 1 % - type the expected percentage of grain you expect to get paid for
  • Dist 1 $/t - Agrimaster calculates the dollars per tonne you will be paid for that sale 

8.    Continue to estimate the percent of grain you expect will sell in the next Dist %. Ensure the total percentage across all qualities and distributions totals 100%.

9.    Click on Calculate


 

Completing the Grain Income Calculation

Agrimaster will spread the income and expenses across the months by Cashbook Codes



 

Click on  3 times to return to the Full Budget Worksheets menu 

Your final step will be to connect (attach) this GIC to the 2 budget years of Cropping Worksheets.

 

Repeating the Grain Income Calculation for a New Season 

This one Grain Income Calculator can handle multiple years of the same type of activity with the same type of grain or seed. 

1.    To move between seasons with the same grain, click on the Year drop-down arrow. 



2.    If you are in a blank GIC and the previous season’s GIC had data, click Copy 

Agrimaster copies last season’s data into the next season’s blank GIC 

3.    Update any of the data in this next season’s GIC (production tonnes, sales prices, months, or percentages) 

Do not mix types of grains or mix contracts with different terms. Start a new GIC with a different name if the terms or grain types are different.

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