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Junior Member
Group: Forum Members
Last Login: 2/06/2009 6:42:02 PM
Posts: 2,
Visits: 111
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I recently sold several share holdings 'at market' price, and consequently sold various parcels of the complete holding for a range of discrete prices. The contract not for these sales showed the average sale price displayed to 6 decimal places. Beacuse MySF rounds to 4 decimal places, the journal entry created for the sale posts incorrect amounts to the bank account and profit/loss.
Is there some way around this, other than to create an additional journal transaction to adjust the (incorrect) sale entry? This approach leads to a lot of small entries in the bank account that never match any real transaction on the bank statement!
While you get to view the details of the sale entry to be recorded, there is no way to alter it at that time. I attempted to manually adjust the general journal after it was saved, but this fails becuase the share (asset) has been sold and MySF will not permit changes to transactions on assets that are no longer current.
This leads to a second issue ...
If a dividend payment is received after a share has been sold, the cash receipt cannot be recorded against it because it is no longer an asset - there needs to be a way to enter these dividends/distributions without having to reverse the sale first.
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
We have made a change to MySF Manager which will allow you to override the number of decimal places for number and currency fields. This will be included in the next update.
When the sale of shares occurs in several smaller parcels it is usually best to record those sales separately, as averaging out the sale consideration may not always lead to accurate results.
The only way to change the accounting entries created by a sale is to post adjusting entries, or edit the journal created by the sale. The editing of these transaction is possible through Reporting > Transaction Reporter.
Regarding the recording of dividends against assets after the sale has already been recorded, this is already allowed. If the asset has been sold prior to the date of the dividend, MySF will warn you that this is the case and ask if you wish to record the dividend anyway. If you choose to continue the dividend will be recorded as normal.
If you would like any additional information or assistance with the above, please let us know.
Regards,
MySF
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Junior Member
Group: Forum Members
Last Login: 2/06/2009 6:42:02 PM
Posts: 2,
Visits: 111
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Can I ask if you actually tried to do this before you posted the response?
"The only way to change the accounting entries created by a sale is ..., or edit the journal created by the sale. The editing of these transaction is possible through Reporting > Transaction Reporter."
The sale journal can be edited as you say, but the changes cannot be saved using the same date as the original sale entry. The only way I have been able to make this work is to create the first sales journal on the day after the actual sale (on the ASX) then edit the journal, as you state, through the Transaction Reporter, and change the date to that of the real sale date. It will not let you save the edited journal using the original date.
Is there an anticipated release date for the next version?
My apologies, the recording of dividends does work after sale of the share.
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
Yes, the approach was tested before the response was posted.
The test was done in the following manner:
(The sale of CML shares recorded on 20/06/2004 modified to increase the transaction total, including non taxable capital gain by $0.01)
1) Use the MySF Sample Fund. Click on File -> Refresh Sample Fund to revert to the original MySF Sample Fund if you have modified the fund.
2) Open the MySF Sample Fund
3) Go to Reporting -> Transaction Reporter
4) Select GJ0006, "Sale of 500 units of CML Shares"
5) Click on Edit Transaction
6) When prompted, choose "Major Edit" and click on Continue
7) In the screen that appears, change the "Amount" (near the top left of the screen) from $3,752.00 to $3,752.01
8) In the lines that appear in the middle of the screen, find the one that has "1101 CBA..." as the account (CBA is the bank used in the sample) and change the amount shown from $3,749.70 to $3,749.71
9) In the lines that appear in the middle of the screen, find the one that has "4500-011 Capital Gains/(Losses) Non Taxable for Shares" as the account with an amount of $250.40 next to it. Change this amount to $250.41.
10) Click on Save. When asked if you wish to process the transaction, click on Yes.
11) You should see a message box stating that the original transaction has been reversed
12) When the screen closes, you will be taken back to the Transaction Reporter screen. On this screen select "Whole Fund" from the "Report on:" field near the top left. From the selection box directly under that, select "All Transactions".
13) The transactions will be listed and if you scroll down, you should find that there is a transaction (GJ0008) for the 20/06/2004. This is the edited transaction on the same date as the original sale.
Please note that if you are adjusting the capital gains/losses as in the example above, you should also modify the sale record. Sale records can be modified under Housekeeping -> Utilities -> View and Edit Sale Records.
If this is not the result that you get, or if this approach does not work in your fund, please let us know.
Regarding the timing of the next update, we do not have a specific release date set at this point.
Regards,
MySF
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Junior Member
Group: Forum Members
Last Login: 2/06/2009 6:42:02 PM
Posts: 2,
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There is a minor difference in what you have demonstrated and what I was trying to achieve.
The general journal you edit is for the partial sale of the full CML share holding. After processing this sale, there are still 2555 CML shares remaining (I think), and you are indeed able to adjust the journal amounts as you describe.
However ...
If you sell an entire holding (say all 1000 BHP shares, for example), you are not able to edit the general journal, and you receive the error message/notification of "the asset ... is either sold or does not exist on the date provided", as I have reported.
I am also curious as to why the sale of the CML parcel of shares does not appear under the 'List of Assets' expandable tree in the 'Sold' branch ,whereas the sale of the BHP shares that I processed does!
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
You are correct that the software will not allow you to edit those transactions where the asset has been completely sold. We will make a change in the next update to allow editing of these transactions.
In regards to your other question, the reason that partial sales of an asset do not appear under the "Sold" heading is that an asset is considered sold when all of the units have been sold.
Regards,
MySF
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Junior Member
Group: Forum Members
Last Login: 2/06/2009 6:42:02 PM
Posts: 2,
Visits: 111
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| Am I correct in observing that the ability to edit the journal of a sold asset is still not yet fixed under MySF 3.2.5?
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
Yes, this is correct. The modification was somehow missed when the update was being checked.
Note that you can process these transactions if instead of the asset you select '-None-' from the asset selection box on the journal editing screen. This will affect the yield records as the income will no longer be associated with the asset, but your edit will be processed without a problem.
The possibility of processing a separate, adjusting transaction is also still open, though you did point out that you didn't want this to happen.
Please provide some information on how you still get these rounding errors. The sale screen now provides a 'Total amount banked' information label next to the bank account selection box which displays the total amount banked if you proceed with the sale. Additionally, you can can type in a theoretically unlimited number of decimal places in the 'Sale price' field. (If the total amount banked is still out then you can adjust the brokerage fields to make it tick up or down by 1c.)
Regards,
MySF
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