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Pool Distribution: Payment Advice & RCTI

When the lender makes a pool distribution a Payment Advice & Recipient Created Tax Invoice is received. These transactions must be entered into the relevant grain loan account to pay off the loan.

Gross figures must be entered, fees and charges will need to be deducted through subsequent splits in the cashbook. These entries will generate the GST to be included in your BAS. 

This will need to be done for each pool distribution until the debt in your grain loan account arrives at a nil balance. This may take up to eighteen months. For approximately four months of the year there may be two grain loan bank accounts in operation.

To Enter A Transaction:

  1. Click Transactions.
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  2. Click Add New.
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  3. select the required AWB Loan Acc from the bank account dropdown list.
  4. In the Date field, enter the date obtained from the Issued date. 
  5. In the Name field, enter the lender's name (e.g. Plum Grove). 
  6. Over three split lines enter the following:
    • Code: Wheat Income Code (a receipt code with a Standard GST category). 
    • Amount: The total under Total $ (GST incl).
    • Code: Grain Levies-GST Free (payment code with GST Free GST category). 
    • Description: Wheat levies with GST 
    • Amount: The amount in the right column of "less levies not subject to GST."
    • Code: Grain Levies-with GST (payment code with Standard GST category).
    • Description: Wheat levies with GST 
    • Amount: The amount in the right column of "less levies subject to GST."
  7. Once all splits have been entered, compare the totals displayed in the GST $ column on the Payment Advice & Recipient Created Tax Invoice to that in the Total GST in Agrimaster to ensure the correct GST has been calculated. 
  8. Click the green tick or press F10 to save the data. 
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