MySF Forums / MySF - The Application / Help - I've got a problem!

'In-specie' transfer of ASX-listed shares

grisspension — Sat, 27 Feb 2010 19:17:31 GMT

What is the correct method of transferring listed shares in specie from private account into SMSF using MySF taking into consideration market value of the share and future CGT.

Tax assessment amendments

chaudhri — Wed, 20 Jan 2010 13:40:17 GMT

For amended tax assessments of previous years, I made general ledger entries for shortfall in tax paid and some tax refunds. I used the bank account and liability account 2120 (Income tax payable). Now these amounts are included in the balance sheet under tax payable. My fund's auditor requires these to corrected.

Could you advise how amended tax assessment amounts (refunded or paid) should be treated in MySF.

Thanks

asset movement report lists historical assets

sjcarlsen — Tue, 26 Jan 2010 21:38:58 GMT

When I print an asset movement report for the period 1/7/08 to 30/6/09 it lists all the shares ever owned, including shares sold years ago. How do I list only shares owned during the particular period?

Segregated Assets

atkins12 — Sun, 02 Mar 2008 00:01:40 GMT

Hello

I am just about to switch one of our fund members into pension mode and want to segregate the assets to avoid the expense of an annual actuary's certificate. This is easy for the Financial Assets, but the fund has some fixed interest deposits which were set up as additional bank accounts.

How is it possible to segregate "cash" assets and then ensure that the income is treated as non-taxable to benefit from the pension status. The pension member is the major contributor to the fund.

Regards ....... Ron

EOY rollover and Bank Reconcilations

coronelsuper — Sat, 11 Apr 2009 21:48:23 GMT

I was getting efficient and doing the rollover earlier than I normally do, and with 2 property trust distributions (which are nortorious late) were not yet banked until months after end of June. I did bank rec for 30 June 08 and both distrubutions were left unticked ie with 'no' on the reconc. Do the EOY rollover and do next bank rec and the distributions are no longer there, thus bank rec does not rec.

I guess the solution is to unwind the EOY rollover and do the bank rec 1st ? but looking at the housekeeping - reverse end year process. It states reversal is permanent and cannot be undone - does this mean I cannot do another EOY process ? that would really screw things up.

please advise which way to go ? thanks

ps . I note once I have done EOY rollover and go to P&L or B/S one cannot see (compare with last year's balances) anymore. It seems the EOY process wipes all records for compartive purposes.

Sending information to accountant

mhill1 — Sat, 14 Jun 2008 07:11:38 GMT

How do I package up the information to send to my accountant? You answered this in another question, and provided a link from which the accountant can download the disabled software, but that link doesn't appear to be working. I can't find it anywhere on the website

Regards

M Hill

More than 10 bank accounts

ywilson — Sat, 12 Dec 2009 19:47:34 GMT

Over the years the super fund has opened more than 10 bank accounts. I note that MySF does not allow more than 10 such accounts. There are several older accounts that have were closed in previously financial years.

I initially thought deactivating old accounts may allow the addition of new accounts. Is this so? I have just tried to deactivate one old account through the Manage bank accounts facility, but am getting the message "cannot deactive this account, there are one or more system references"

I can find not references in forums to this situation, but I note that your notes do not recommend deleting accounts.

What do you recommend be done to ensure all current bank accounts are listed?

Your assistance/recommendations would be appreciated.

equity doesn't equal member balances

katfish2 — Fri, 06 Nov 2009 17:56:54 GMT

My end of year balance sheet has more $$$ in the member's equity than i have in the account balance. The difference appears to be that ($1707) appears under "Profit and Loss" and this amount is equal to the amount I depreciated the company's computer this year. If this amount either didn't appear here or if the member's accounts was reduced by this amount it would all balance. What have i done wrong? Kat

Allocate share of profit

remp — Sat, 07 Nov 2009 14:14:11 GMT

Hi
When processing my Year end roll over, the allocated share of the profit does not balance' the split is 1 cent out to 3505 P&L account and a dialog box appears ' Please edit allocated amounts so that they add up to the amount debited from 3505 P & L '.
When i try to change the allocation a previous report error comes up (post #4384)
'an error has been encountered, shut down MySF '.

The software has come up with this imbalance and goes to error when trying to edit ?

How do get around this issue?

Regards

Can't add a new stock purchase properly

scott — Fri, 30 Oct 2009 05:07:17 GMT

When adding a new stock purchase through the add/manage box the bank account selected and transaction to generate grey out and remove any entry as soon as I enter a date. If I try to push ahead I get a box telling me to load opening balances. I had been entering a number of trades successfully when this started to happen. I don't know if I have done something or the program is just having a wobbly. How do I work out what's happening?

Regards

Dividend transaction - how to edit memo

PP Super — Thu, 03 Jan 2008 00:00:07 GMT

I've been using the quick add dividend feature to input dividends.

The fund bought several packets of shares from the members by off-market transfer. I picked up a previous forum post about using a clearing account to enable the proceeds to be recontributed by the member - so that went fine.

One slight complication was that some of these were bought cum dividend (ie the ASX market value for the sale date was cum div) but the transfer didn't get processed by the record date - so the dividends were paid to the previous owner (ie the member). The member then paid the dividend back to the fund (direct deposit to the fund bank account) - so the only real difference is that the date and payment advice on the bank statement are different.

I have been covering this by a memo on the transaction which (I now know) is no problem if I use the cash receipt - dividend approach. However for the first one I just included it as one of the quick add dividends - which automatically added a short memo. At the time i wasn't worried because I thought the memo field was just a "minor edit" using the transaction reporter.

Unfortunately, when I went to do this I found that if the transaction selected is a dividend, the edit box disappears!!

Is there any way to just add some text to this memo box now - I really don't want to have to reverse the transaction just for a paragraph of explanation.

How do you override Members allocation percentage

remp — Fri, 25 Sep 2009 23:31:11 GMT

Hi
I'm doing a year end rollover and trying to override the members Allocation percentages. The software will not save the any change to members Allocation during the year end process.
So I tried to change it in "system setup menu" at the over ride box and saved the change, but when I do a year end roll over the entry is still the software calculated and entry not the one i saved.
I've even tried saving the entry in the " system setup menu", override box, then closing the software and still it will not override the calculated entry.
Can you suggest a solution ?

Also during the year end roll over when i select the share "change allocation" link the software goes into error and wants to be closed down.
Any solution for this one?
Regards

How do I edit the cost base for a commercial property to undo a mistake

scott — Tue, 22 Sep 2009 06:21:54 GMT

I notice when I look at my aset listing summary that the cost base of my commercial property doesn't reconcile to my trial balnce value for the same property. The trial balance is correct but I think I made some stuff ups when I first tried to add a physical asset and the cumulative mistakes are still showing up in the asset listing summary. How do I edit my mistakes to get the right values so my commercial property asset listing reconciles to the correct trial balance number?

Regards

How to enter deemed acquisition date for CGT purposes

PP Super — Thu, 01 Oct 2009 22:36:00 GMT

Hi,

Sometimes with shares and rights, the deemed acquisition date (for CGT purposes) is different (earlier) than the actual acquisition date.

Examples would be rights and options where the ATO says, for Rights and options issued directly to you for no cost from a company or trust in which you are a shareholder or unit holder:
[quote]You are taken to have acquired the rights and options at the same time as you acquired the original shares or units.[/quote] Ref:[url]http://www.ato.gov.au/individuals/content.asp?doc=/content/36720.htm&pc=001/002/026/017/009&mnu=&mfp=&st=&cy=1[/url]

Now, I can see that I can treat the rights acquisition as a purchase of the rights at zero cost, but I see problems with entering the purchase date:

• If I put in the date of acquisition of the original shares, any subsequent CGT calcs will be correct - but the assets will show up on asset reports/balance sheets that predate the actual rights issue.

• If I put in the actual rights issue date as the purchase date, the asset reports/balance sheets will be OK but the CGT calcs will be wrong if I sell the rights within a year of issue.

How do I process the rights issue so that the issue date is used for asset holding reporting purposes but the deemed acquisition date (as per original shares) is used for CGT purposes.

Regards

Brokerage refund - how to enter

wilsonsuper — Sun, 13 Sep 2009 16:59:48 GMT

I recently signed up with NAB Online Trading. They have an introductory offer that refunds brokerage for the first two months. I.e. they charge brokerage with the share purchases and refund it later.

I've now received a refund but don't know how to enter it into the system. It does not seem like income, or any of the options under "cash receipt"?

Should this be done as a journal, and if so, what accounts so the correct value of the share investment is calculated?

Thanks,

Chris

Printing not working

wilsonsuper — Fri, 04 Sep 2009 23:15:01 GMT

I can't print from MYSF. I open a report and hit the print button, but nothing happens. I can save the file to .pdf format and then print it, but this is cumbersome.

Anyone else seen this problem?

My system is Windows VIsta 64-bit.

Thanks,

Opening Balances from previous auditor's accounts

katfish2 — Wed, 05 Aug 2009 00:43:24 GMT

Dear MYSF,
I have started using MYSF (again, after 4 years) and am entering opening balances from the 07/08 audited accounts and then all the transactions from 08/09 chronologically.

However i have come across a few issues.

1. the 07/08 accounts show a Tax refund due of $12619 and a deferred tax liability of $12576. In fact, i actually received a refund of 12365.36. If i use the accountant's figures, the accounts will never balance. If i put the refund due as an asset, then the member's accounts won't balance. Do these figures go in the opening balances and if so, is the transaction of receipt of the funds then entered against that opening balance?

2. I purchased a computer for the fund in 07/08 but it is obviously not an asset of the fund available for distribution but is a depreciable asset. how do i enter it in the opening balances without it being balanced against the member's accounts?

3. I have dividend residuals from previous years that were not taken into account by the auditor in 07/08. One has now been paid out and another was added to the next dividend and subsequent drp issue leaving a smaller dividend residual balance. where do i put these residuals given, again, they won't balance against the accountant's member's balances.

Thank you for your assistance on these.
Kat

DRPs not matching dividends

katfish2 — Wed, 05 Aug 2009 00:50:04 GMT

Dear MYSF,
I've read your "fix it" re dividends over / under but these don't quite fit in.

Share 1. Received a dividend of $4.44 but was DRP'd a share at $5.53. There was no residual left over from a previous dividend - it was just the company being generous (surprise!).

Share 2. David Jones very kindly make a decision for me and donate any left over dividend from my drp allowance to a charity of their choosing.

How do i enter these two transactions?

Kat

Year End

brown — Wed, 22 Jul 2009 19:50:08 GMT

Recently ANZ made a retail offer to sell shares. The offer opened in June 2009 with payments required by end June. Offer acceptances advised in early July 2009 and shares listed on 13th July 2009. How do I treat this transaction to balance at year end?

If shares are treated as purchased in 2008 F/Y the year end asset revaluation will be incorrect (share offer price $14.40 and actual price at end June $16+). If July purchase then how to reconcile bank statement with asset purchase?

Ray Brown

Bank Reconciliation with June & July Transaction

bdsf — Tue, 21 Jul 2009 16:48:24 GMT

Hi there

I've received a bank statement with transactions from mid June to mid July, how do I reconcile these transactions given they span over 2 financial years? Doing a bank reconciliation only shows half of the transactions, either the previous or current financial year depending on the fund settings.

I tried changing the financial year to this calendar year but I couldn't save the changes as it's not a valid financial year.

Cheers, Scott

Correct entry of a tax Expense

remp — Sun, 28 Jun 2009 00:17:55 GMT

Hi,
I have just reviewed my accountants audit of the our 07-08 return, Under liabilities it shows income tax payable,This seem to be a running total of the 06-07 and 07-08. Since income tax for 06-07 and 07-08 has already been paid I don't understand where I have gone wrong.

I entered the tax expense under Cr 5220 and Dr 1104, why doesn't the total liability for tax payable reduce in the balance sheet.

Can you please explain how I should correctly enter a Tax expenditure. Detailing the account codes I should use so I can reduce this Liability in the balance sheet.
Thanks.

rounding down by 1 cent

bruceb — Fri, 26 Jun 2009 14:27:04 GMT

I bought some shares in a SPP - it was $5,000 worth of 3c shares - which worked out to be 166,677 units

Trouble is that this works out to be $5,000.01 - but they rounded it down to $5,000.

How do code this ?

thanks

List of ASX codes

bruceb — Fri, 26 Jun 2009 14:29:08 GMT

Just wondering why there are so few ASX codes listed ?

Even after you click update listing, so many are missing (CBA for example !)

thanks
Bruce

Splitting Contributions

mgwebster — Fri, 12 Jun 2009 22:07:32 GMT

Hello, can anyone tell me the correct treatment to split contributions? My wife and I each have accounts in our SMSF, and I want to split 85% of my contributions across to her account.

Thanks,

Mark

Tax deferred liability calculation problems.

PP Super — Thu, 30 Apr 2009 22:37:08 GMT

There seems to be a problem with the way MySF is calculating the deferred tax liability.

Running MySF 7.0.1, I recently did the year end rollover for the 2007-2008 year.

Looking at the balance sheet, I see the increase in market value for shares is $43,654.81 - this agrees with my calculations as the difference between the total current market value for the shares and the total cost base of the shares.

However, the tax deferred liability is shown as only $2,697.05.

I understand that the tax deferred liability looks at the shares parcel by parcel to check eligibility for CGT discount. In my case the share parcels showing losses of $(219,950.34) is considerably greater than the non-discountable gains of $88,697.98 so after applying the losses to these and then to the discountable gains of $174,907.17 I arrive at a net capital gain of $43,654.81 (which agrees with the increase in market value) which is all discountable.

If I then apply the 1/3 discount, I get a future taxable capital gain of $29,103.21 - tax at 15% on this is $4,365.48.

There are no carried forward capital losses to offset against the future capital gain or carried forward tax losses to offset against income - so why is the tax deferred liability shown as only $2,697.05?

The liability of only $2,697.05 would equate to a taxable profit/gain of $17,980.33 and, even assuming maximum 1/3 discount (which should apply), this would only cover capital gains of $26,970.50 - a difference of some $16,684.31.

If I check account , I can only see one general journal entry with the comment:
[quote]Year End Rollover: Record tax deferred liability on change in market value of assets[/quote]

The transaction is just credit 2140 $2,697.05 and debit the members 3455 accounts for their proportions of this.

Could you please check/explain what is happening here as, to me, this figure is obviously incorrect.

Regards

Recording funds used to purchase Asset - rental property

chook — Sun, 24 May 2009 23:45:54 GMT

I purchased a rental property using funds from a solicitor's trust account and a temporary deposit account. When I added the asset, you are forced to select a bank account from which I used these funds. But the money did not come from my super fund's bank account so I had to make general ledger entries to this asset account. The problem is that when I run the reports, the asset does not accurately reflect the funds that were used to purchase it. How do I amend the asset so that when the reports are run it will show the correct purchase price? The ledger account for the asset gives the correct value.

Problem with a liability

lewisd — Fri, 08 May 2009 00:14:00 GMT

My accountant has just finished his audit of the 07-08 accounts, but wants a change made to the balance sheet as of 30/6/08. Under liabilities it shows income tax payable as $14917.52, which is a running total of the amounts for 06-07 and 07-08. Since income tax for 06-07 has already been paid on 14/5/08, he wants to see a smaller figure than this one in liabilites, thus reflecting the true liability as of 30/6/08. I have two questions:

1. When I entered the tax expense on 14/5/08 under item 5220, why doesn't the total liability for tax payable, automatically reduce in the balance sheet - excuse my ignorance!

2. What do I need to do to fix this up and hence satisfy the auditor?

How are vested benefits calculated

PP Super — Sun, 03 May 2009 20:58:00 GMT

Hi,

I've been trying to make sense of the "Vested Benefits" figure in Note 6 of the account notes. I thought the vested benefits were basically the members benefits.

I missed it at the time, but for the 2006-2007 year (our first year) the year end balance sheet showed Members Equity of $1,720,955.18 whereas Note 6 said:

Vested Benefits $0.00

Now, for the 2007-2008 year, the year end balance sheet shows Members Equity of $1,914,303.04 whereas Note 6 says:

Vested Benefits $1,718,258.13

- which seems to be the 2007 Members Equity of $1,720,955.18 less the 2008 deferred tax liability of $2697.05.

This doesn't make sense to me. Either:

1) If the vested benefits show the members benefits at the END of the year (that the notes apply to) then I would see:

2006-2007 Vested Benefits $1,720,955.18
2007-2008 Vested Benefits $1,914,303.04

Alternatively:

2) If the vested benefits show the members benefits at the START of the year (that the notes apply to) then I would see:

2006-2007 Vested Benefits $0.00 (as WAS shown)
2007-2008 Vested Benefits $1,720,955.18

The 2007-2008 tax deferred liability of $2697.05 is already applied to the 2007-2008 Members equity (in Income Tax - Preserved) and is not relevant to the 2006-2007 members equity so, as I say, I cannot see where the Vested Benefits $1,718,258.13 figure (shown in Note 6 for 2007-2008) comes from.

I would have thought that 1) applied (in which case the note seems wrong for both years) but even if 2) applied the note seems wrong for the 2007-2008 year.

Could you please clarify how the "Vested Benefit" figure is calculated.

Regards

treatment of franking credit in profit and loss for pension mode

lulworth super — Thu, 07 May 2009 20:08:56 GMT

Hi,

My fund was put in pension mode after the beginning of the financial year, but all franking credits show as taxable income in profit and loss, rather than the pro rata amount for those dividends that were received during the taxable portion of the year.Dividends have been processed as dividends (non-taxable) for the fund when placed in pension modeand dividends (taxable) before pension mode.

The auditor is requesting a year on year comparison feature on financial statements. Is this feature available? Regards.

Current year liability for future year expense?

PP Super — Mon, 04 May 2009 22:42:07 GMT

Hi,

The ATO supervisory levy is a deductible expense to the fund. Up to the 2007 tax year this was a separate payment and so for the 2007 year I entered nothing for the 2007 $45 levy until it was paid (in the 2008 year) - which was fine.

From 2008 the $150 ATO supervisory levy is included in the Annual Return and forms part of the "Total Amount Due or Refundable" at Section D, item I, of the Annual Return.

It therefore seems to make sense to me to include it in the Current Liabilities of the fund, and therefore reduce the members balances accordingly. As this is likely to be ongoing, I would create a new Liability account: 2107 Supervisory Levy Payable to handle this.

Whilst this is similar to the issue of the PAYG installment [url]http://www.mysf.com.au/members/Topic4260-24-1.aspx[/url], it is different in that whilst I want to recognise the Liability in the 2008 year, the deductible expense needs to be recognised in the year that it is paid (2009).

What I am not sure about is which account to use against the levy in 2008 - it seems to me that it needs to be an expense account that gets taken into account by the profit split (so that the member balances are adjusted correctly) but a non-taxable account (so that the expense is not deducted in 2008). The levy would then be balanced from this account to the taxable expense account in 2009 when the actual payment is made. As this is just a temporary allocation, it seemed to me that the 5999 Expense suspense account would be suitable.

The transaction sequence would then be:

1) Create the liability for 30 June:

General Journal Type: neither
CR 2107 Supervisory Levy Payable
DR 5999 Expense Suspense

Which should have the Liability correctly recognised in 2008 without affecting the 2008 tax calculation. Then when the payment is made (in July):

2) Pay the amount due:

Cash payment to ATO:
CR 1101 Bank Account
DR 5115 Administration Costs

3) Clear the liability:

General Journal Type: neither
CR 5999 Expense Suspense
DR 2107 Supervisory Levy Payable

Which clears the liability. The net expense doesn't change since the DR 5115 and CR 5999 balance out but the deduction is recognised in the 2009 tax calculation.

So, my query is:

1) Is this a correct and sensible approach to recognise the liability for the levy whilst preserving the correct tax treatment?

2) Is the 5999 Expense Suspense the correct account to use?

Regards

Member Allocation Tab;e

lewisd — Wed, 29 Apr 2009 19:05:29 GMT

I run a fund with two members. Recently I updated MySF to version 7.01 and noticed a change in the % calculated allocations in the member allocation table, compared to a previous version, for exactly the same financial year. To be more specific, for financial year 07-08, the old version (I think it was 5. something) gave an allocation of 100% to me and 0% to my wife. Version 7.01 now gives 97.791284% to me and 2.208716% to my wife. At no stage did I use the year end wizard - all I did was an update. I find this puzzling and wonder if there have been any formula changes made during the update.

scrip for scrip +cash takeover Just Group by Premier

coronelsuper — Sat, 11 Apr 2009 01:51:19 GMT

one of the nasty ones.

Premier offered cash + shares for Just Group shares in 2008. wondering how to enter into MySF - the usual screen imput only caters for scrip for scrip.

Was made more difficult as Premier upped the offer and paid out cash in 2 components, 1st being $2.095 and 2nd 15cents making total cash $2.245 per share + 1 PMV share for 4 JST shares.

do you need more details ie cost base purchase date of JST shares ? I do know the base price of PMV shares is based on the date I accepted the offer which was for me $6.18 per PMV share.

thanks for assistance

PAYG instalments for current year paid next year

PP Super — Mon, 20 Apr 2009 23:28:38 GMT

Hi,

Typically the last PAYG installment of the tax year will not be paid until after 30 June and so would not figure in the end of year rollover. It would however be paid before the return is lodged and the assessment issued.

It seems to me that this gives rise to problems:

- The end of year tax due calcs will not include the installment and so will give a larger tax liability than needs to be paid.
- The installment paid after 30 June will be incorrectly applied against next years tax liability.

It seems to me that the tax calculation will be correct if the installment is posted on 30 June. However since the money hasn't actually been paid from the bank it should be treated as a liability rather than a payment.

To achieve this I could:

1) post the tax installment payment for 30 June but paid from the clearing account:
Cash payment to ATO
DR 2130 Tax installments paid
CR 1102 Clearing Account

2) balance the clearing account by a general journal transaction from a liability account:
General Journal Type: neither
DR 1102 Clearing Account
CR 2105 Accounts Payable

Which should see the Tax due calculated correctly and the books balance at year end. Then when the payment is made (in July):
General Journal Type: neither
DR 2105 Accounts Payable
CR 1101 Bank Account

Which clears the liability.

So, my query is:

1) Is this a correct and sensible approach to get the installment applied to the right tax year?

2) Is 2105 Accounts payable the best account to use - rather than say 2999 liability Suspense, or 2400 Sundry creditors - or some other account?

Regards

Error with Reports

Sugarg — Thu, 16 Apr 2009 05:04:28 GMT

I loaded the MySF to a new computer and update to current verision, then copy the fold from old computer to new. The only issue is with the Report secton. The following message appears each time I try to run any reports

An Error Has

MySF has encountered an error. This may have affected some data, and program should be restarted

Does anyone know what the issue is, thanks

Dividends received less resident withholding tax

coronelsuper — Thu, 09 Apr 2009 01:09:15 GMT

I received a div for $300 less $34 w/h tax. net amount $266 in the bank.

when I input this div into MySF it refuses to accept the net amount but insists on ignoring my plees and wants to put $300 in the bank. have tried both the shortcut div box and the cash receipt alternative.both same result . If I try and put net div as the div received it even comes up saying entries don't balance - do I want to continue . I say no. it ignores me and pops up the journal box trying to bank $300 again. entries showing on MySF are:

ps. there is franked and unfranked amounts in this div payment.

dr 1101 Bank $225

dr 1101 Bank $75

dr 2210 imputation cred $96.43

dr 2135 W/H tax paid $34

cr 4116 Div r'd $225

cr 4116 div r'd $75

cr 4160 Imput cr $96.43

cr 4116 Div rece $34

this shows the div is $334 !!! and when I do the bank rec it shows $300 deposit rather than $266.

;);):exclamation: thanks for any help

ompleting Distribution Details

superkev — Sat, 14 Mar 2009 00:48:16 GMT

It has become apparent that MySF does not adequately provide for the recording of distributions from managed funds that distribute Capital Gains subject to discounting.

I have several funds from which distributions have been received during the FY and entered as Partial Details to be completed at EOY when fund provides Tax Statement and breakdown of distribution details.

Where the 50% discount has been applied - usually the case - a super fund is required to generate the non-discounted base (x2) and then apply the 1/3 discount relevant to super funds. In doing such, the total amount received as a distribution during the year will be different to the sum of the components required to be entered at the Complete Partial Distributions stage; the received amount will be less than the sum of the components required to be reported for tax since the funds only distribute the 50% (ie after tax) component of the CG within the cash distribution.

Thus, the system will not finalise the Completion of Partial Distributions.

As a consequence, the EOY roll over cannot be performed.

Please advise.

New Income Account

atkins12 — Sat, 04 Apr 2009 18:46:32 GMT

Not a problem just a question regarding EOY processing. I have added a new income account via the General Ledger tab in System Setup. If I had ticked the box indicating this account should be a member account and then nominated a member would this have any effect on what happens to the income during EOY processing.

The reason I am asking is that the new income account is for interest received from a cash investment for a member in pension mode and it would be helpful to isolate this income for that particular member.

Regards .... Ron

System deficiemcies in relation to Takeovers and Script for Script etc

superkev — Sat, 14 Mar 2009 01:02:34 GMT

In recent times, mergers, takeovers and name changes have been a feature of the financial landscape due to the unusual circumstances existing globally.

To cater for the takeover of an entity (or simply a name change by an entity), a script-for-script transaction is required in MySF.

Seems reasonable enough: until you come to complete EOY partial details!!!

I note that MySF does not change all existing records associated with an entityt subject to a name-change or script -for-script roll-over. Upon attempting to complete Partial Distributions, I discovered that records existed in both the old and new entity name with partial distribution details being associated with, respectively, the old and new entity before and after the date of the change.

With all the other workarounds in the system, this additional gliche in no way enhances one's joy in using MySF.

Solution folks.

View and Edit Asset Cost Base

John F — Thu, 29 Jan 2009 07:11:15 GMT

After running the above report, I find I have a few assets where the suggested cost base differs from the current cost base.

As I was reluctant to update the cost base without establishing the reason for the differences, I did some investigation and found under the general ledger account for the asset that the difference was the tax deferred component of a completed partial distribution.

Can you please explain what is going on, and what I need to do to fix it?

Scrip for Scrip Rollover Error

peter01 — Sat, 07 Mar 2009 00:50:18 GMT

Hi,

When I attempted to use the Scrip for Scrip Rollover process to record a code change for a stapled security an error was generated. The error message was “One or more lines are missing information. Please make sure that all lines have a New Unit Value over Zero”. I’m assuming this is occurring because the Unit Cost Base in this case is zero. The cost base is zero because the security is the parent entity and its cost base is spread across the component entities.

If the above is correct, does this mean that my only other real option is to use the Financial Assets Editor to amend the code (I don’t think any transactions have been recorded against it). But will this remove all record of the original valid code?

Thanks

Peter