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Receipt Type: Distribution Expand / Collapse
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Posted 17/04/2007 4:10:39 AM
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Last Login: 30/03/2011 10:00:08 PM
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Could you provide on the above screen for:-

Interest
Rent & Other Income

I know these amounts could be entered as Unfranked or the income from the Distribution Statement could be broken into two parts and the Interest & Rental & Other Income entered as a separate receipt, But the Income Tax Return requests a break up of these components, and it would be nice to be able to enter everything from a Distribution Statement on the one screen.
Post #3238
Posted 7/06/2007 9:45:29 PM


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Last Login: 19/06/2015 3:22:19 AM
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Hi,

The reason that those and other categories often used on distribution statements (such as 'Australian Income') have not been added is that they are some of the hundreds that may be used.

Another of our products, Manage Invest (www.manageinvest.com), uses a dividend / distribution screen where you can type in any name, but then you also need to select an account. We have looked at modifying MySF Manager to use a screen like that, but it may lead to too many complications if users select the wrong account.

Regards,

MySF
Post #3239
Posted 7/06/2007 9:45:30 PM
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Last Login: 30/03/2011 10:00:08 PM
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My preference would definitely be to have the type of screen you suggest. I don't see a problem in selecting the right account - we already have to do that on many transactions now.

My experience has been that there are not hundreds, maybe half a dozen more than you already cater for, but in the end all I am looking for is a break-up into the label categories required on the ATO's Fund Income Tax & Regulatory Return.
Post #3240
Posted 12/06/2007 4:36:01 PM
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Last Login: 13/08/2008 4:56:57 PM
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Hi again,

I concur with a field for Interest in the Distribution panel. I have however experimented with entering the Interest Received in the Cash receipts panel before selecting the Receipt Type which then takes me to Distributions. I then input the balance of the income there.

Is this a correct work-around?

Colin
Post #3296
Posted 13/06/2007 5:27:49 PM


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Last Login: 26/07/2017 11:15:18 PM
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Hi,

Recording part of the distribution as interest will not normally affect the taxable income of the fund so in that sense this approach is acceptable. However, audits and reconciliations may be made more difficult if you separate a single event into two.

The interest component of a distribution is still classed as a distribution receipt as far as the fund is concerned. Therefore, even if a separate field was added for interest, it would still end up being posted to the same account as franked and unfranked income. (The only difference between franked and unfranked are associated franking credits which are calculated based on franked income and franking percentage, but end up being posted to a different account.)

Having said that, we will continue to evaluate alternatives and modifications to the dividend and distribution processing screen that allow improved processing. Unfortunately changing to a Manage Invest style dividend / distribution processing screen does not look likely, as that would not be compatible with existing data in MySF Manager fund files.

Regards,

MySF
Post #3306
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