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Re: Non-cash income

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To record Patronage Divdend Income:

1. Go under Accounting to Income, Sales and Deposits and select Record Income or Sales.
2. In the Income, Sales and Deposits box select the co-op that you are working with and enter a description and date.
3. Select the Sales Option for Other Sales and expense Reductions.
4. Enter the total amount that you will be taxed on (the amount that will be reported on your 1099-PATR) and select a Revenue account such as "Patronage Dividend Income". In the Enterprise area select your "Overhead" enterprise. Select the OK button.
5. Go back to the Other Sales and Expense Reductions box and select Other Accounts and select an asset account such as "Stock in Co-op". Enter the amount that you received in equity as a negative number (if you received any cash this will be the difference in the amount entered in Step#4 and the amount of cash received). Select the OK button.
6. If you received any cash use the Deposit Now button to deposit it.

If you don't have a Stock in Co-op account you can set it up in the Chart of Accounts under the Other Long Term Assets heading. When setting it up be sure to select None for the Offsetting account.

I hope that this helps!

R. Scott Nusbaum CPA
Farm Works Software

Non-cash income

Chris Dundmore June 01, 1997 12:00AM

Re: Non-cash income

R. Scott Nusbaum - Farm Works Software June 02, 1997 12:00AM

Re: Non-cash income

Chris June 01, 1997 12:00AM

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