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Just wondering how to record SDRM transactions. Each partner made a payment (deposit to SDRM) in Jan, and the deposit and matching govt amount was returned in Feb (so is a deposit in our bank account.
Hi Fruit Wagon!
SDRM (Self Directed Risk Management) is a program that is very similar to AgriInvest in nature, and is for residents of Ontario. The cycle, as far as I can tell, is as follows:
1) The producer makes a deposit to their SDRM account based on their deposit notice. In AgExpert, you would do a withdrawal from the chequing account and do an A+ (asset purchase) to the SDRM account.
2) The government matches the deposit made by the producer. In AgExpert, you would do a zero-dollar withdrawal (leave the total at 0.00). First line is an A+ (asset purchase) to the SDRM account. Second line is IN (income) classed as SDRM income. This is where the real difference between SDRM and AgriInvest lies. SDRM matching portions are taxable when received, not when withdrawn.
3) The producer makes withdrawals from the account as necessary. In AgExpert, you would do a deposit to the chequing acount and do an A- (asset sale) to the SDRM account.
I don't see that we have done anything in our Knowledge Base yet for this program, but keep your eyes open. It's on my radar now, so there will be one done up for you all soon!
Thank-you very much! I hope this helps!