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Re: CCC Interest

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January 20, 2017 08:25AM
I am assuming you are selling grain and the CCC Loan and interest are being deducted from the grain check? If not, and simply writing a check you can follow these steps:

DEDUCTED FROM GRAIN SALE:

1. When going to the Record Income or Sales and enter the grain sale for the net gross before the CCC loan and interest deduction.
2. Then click on the Other Sales and Expense reductions button.
3. Enter a negative dollar amount just for the Principal payment going to the CCC Loan account.
4. Assuming the CCC Loan has been setup as an Other Liability, change account on left to Other Accounts. Highlight the correct CCC Loan account and click OK.
5. Click the same Other sales and expense button.
6. Enter a negative for the Interest amount only.
7. Change account on left to Expense.
8. Select the correct Interest Expense account. Allocations to Enterprises is optional. Click OK.
9. The Total Sale should now match the check amount received for deposit.
10. For the how you deposit, enter the appropriate form of deposit and click OK.
11. Record and Done.

RECORDING A CHECK PAYMENT

1. Go to the Record Payment/Purchase window.
2. After enter the Vendor - date and description, make the CCC Loan principal payment. Assuming it is setup as an Other Liability, click the other expense and payments button. Enter just dollar amount for the CCC Loan principal. Click the Other Accounts and select the correct CCC Loan. Click OK
3. Click same other expense button. Enter the dollar amount for just the interest and highlight the correct Interest expense account. (once again allocation is optional). Click OK.
4. Total purchase should now be the amount of the check.
5. Enter the correct check purchase and click OK.
6. Record and Done.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

CCC Interest

Brenda EfraimsonJanuary 19, 2017 01:21PM

Re: CCC Interest

KathyClineJanuary 20, 2017 08:25AM



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