Farm Credit Canada is a third-party financing company for Canadian customers. Customers can apply and, if approved, Farm Credit Canada is responsible for paying the customer Invoices to the approved fertilizer, chemical, and seed dealers, which reduces the amount of Finance Charges dealers carry. Farm Credit Canada provides the customer with a statement. Payments can be made directly to Farm Credit Canada or on the Farm Credit Canada accounts at the approved dealer locations.
Set up an FCC Customer Classification on the Customer tab at Hub / Setup / Company Preferences. Select Customer Classifications then Add. Name it FCC or Farm Credit Canada. If the Cust. Name heading is not displaying at the Customer Selection screen, right-click Cust. Id and choose to show the column.
Double-click to select multiple Customers for this Classification. Once established, it can also be selected by choosing Classifications on the Profile tab of the Customer file at File / Open / Customers. This Classification will be used to quickly select the FCC Customers for reports, such as the Aging report, to send to FCC.
While at the Company Preferences screen, in one of the Cross Reference fields, enter FCC. This label will display on the Customer file. Also select this cross reference in the Customer ID Source (Selecting) field.
At Accounting / File / Open / Customers, right-click Customer Name and use the Choose Columns option. Check the FCC option and close out of the Select a Customer screen.
Edit the Customer files for each participating Customer. The FCC cross reference heading should display on the Profile tab in the Customer ID Cross Reference section. Enter FCC (or an FCC account number if that information is available) in the designated cross reference. The FCC column should be visible when selecting Customers.
At Accounting / File / Open / G/L Accounts, add a new General Ledger account for FCC Clearing. This should be a Liability (current) type account.
From Accounting / Setup / Pay Methods, select Add Row to add a new payment method called FCC. This Pay Method should post to the new FCC Clearing Account created above.
Invoicing
Invoicing is not done any differently for FCC customers. When it is time to submit the amounts to FCC for payment, use the Aged Balances report found at Accounting Reports / Accounts Receivable / A/R Status / Customer Balances. Select the Classification and print the report to show the amount due. Be sure to keep a copy (either a hard copy or an electronic copy) of this report to be used when the payment from FCC is received.
FCC Payment Received
When a check is received from FCC, apply the payment to the individual Customer accounts using Check as the Pay Method. It is recommended to make a note in the Description area indicating the check was from FCC.
Customer Makes Payment on FCC Account
When a Customer writes a check to pay on the FCC account, use Check as the Pay Method to record the check and FCC as the Pay Method to offset and post into the FCC clearing account where the funds will be held until a payment is sent to FCC. Before saving this payment, choose Untag All to deselect any Invoices showing in the Invoice grid.
To determine the amount to be sent to FCC (from the Customer payments), use the Payment Register found at Accounting Reports / Accounts Receivable / A/R Status / Payment Register for the FCC payment method to find all of these payments.
