Get P&sp-7001 - Gipsa Usda

Filling out the P&SP-7001 - Gipsa Usda form online is a crucial step for ensuring compliance with regulations regarding custodial bank accounts for shippers' proceeds. This guide provides clear and detailed instructions to help you navigate each section of the form with confidence.

Follow the steps to complete the P&SP-7001 form successfully.

1. Click 'Get Form' button to obtain the form and open it in the editor.
2. In Section 1, provide general information including the date of the report, legal business name, and business name (dba). Make sure to complete the mailing and physical addresses accurately.
3. In Section 2, input the bank information. Enter the name and mailing address of the bank, along with relevant contact information such as the bank's telephone number and contact person.
4. For Section 3, designate the title of the custodial account as it appears on the bank statement and on any checks issued. Ensure these titles are correct to avoid discrepancies.
5. In Section 4, analyze the custodial bank account. Fill in the bank statement balance, deposits in transit, and any CDs or savings accounts designated as custodial funds. Record proceeds on hand and proceeds receivables, and summarize outstanding checks, expenses, and total debits/credits.
6. Proceed to Section 5, where you document the proceeds receivable. Enter the date of sale, name of the buyer, and amount of proceeds receivable for each transaction. Sum the total proceeds receivable and enter this figure on line 405 of the previous section.
7. In Section 6, certify the report by providing your printed name, signature, date, and title. Ensure that this section is signed by an authorized person from the bank contact list.
8. Once all sections are completed and verified, save your changes, and consider downloading or printing the completed form for your records. You may also share the form with the appropriate P&SP regional office.

Compete the P&SP-7001 form online today to ensure your compliance and timely processing.