Create a GIC for Other Pool with Harvest Advance

Start a New GIC Worksheet for Other Pool with Harvest Advance 

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

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

·         Confirm that 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 to 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 name of the grain and type of income
3.    Select set format		Select Other pool with harvest advance
4.    Select Month of First Delivery		Choose the month of first financial or season’s activity – such as harvest, purchase or deposit (November shown here)

 

5.    Click on theg reen tick to OK

6.    Select the years when your 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 Pools Non-Loan column 

 

8.    Look at your Grain Pool 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 grain 

 

1.    Pool management fee % of EPR		Optional, leave blank unless your Pool has a management fee
2.    Levies as % of (EPR less S&H, freight)		Type the cost of percentage of the grain levies
3.    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
4.    Cheque A/c		Select the bank account that receives income from the Pool distributions
5.    Grain Income code		Select the Cashbook Code used to track income payments for the grain (CROPPING INCOME > Barley shown here)

  

6.    In the Monthly % Deliveries column, type the estimated percentage of grain that you will deliver by month

 

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

7.    In Later distributions, click on the months that you get paid

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

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

• Grain Grade – type one or more rows titles identifying your grain or grain-and-grade
• Qty% - 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 

9.    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%.

10.  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 the next year’s 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 type of grain are different.