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I followed the instructions for "Recording a Canadian Canola Growers Association Advance" which I found on on the software website. Making the entries to the bank and the 3 accounts balanced of course but it tells you to put the loan in as $100,000. What about the admin fee they deducted. That shouldn't be included in the loan amount because you are never going to pay that back. So when the Canola growers think you are done paying, won't your L+ account will still have a balance outstanding of $150 or am I actually going to pay the full $100000 back although that not what I received. Are the instructions incorrect?
Hi Karen!
The instructions are accurate as they are listed in our Knowledge Base.
You are given a base amount from CCGA (in this case, $100,000). CCGA will then deduct both the admin fee and the holdback. If you didn't use the loan proceeds to pay the admin fee, you would have to write a cheque for it. So, yes, it is actually included as a part of the loan proceeds.
After all is said and done, you would receive $96,850 ($100,000 proceeds - $150 admin fee - $3,000 holdback).
Let me know if you have any other questions!