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Junior Member
Group: Forum Members
Last Login: 14/03/2012 6:39:06 PM
Posts: 0,
Visits: 32
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This is similar to a previous enquiry, but I cannot work this out. Try total dividend=$800; percent franked=65.8%;imp tax credit=225.60;unfranked amount=273.60. When I input these figures in as per your suggestion, the process screen shows 1073.60 posted to the bank account (800+273.60) balanced by three separate dividends received entries and with three separate imp credits tax rebate balanced by imp credits=225.6. If I omit the unfranked amount from the receipts screen and leave it at zero. then the bank account is posted the correct amount and everything balances, but still with three divs received entries and the same for tax rebates and imp credits.
What therfore is the relationship between unfranked amount box and the percent franked box on the receipts screen?
Secondly, what is the relationship between the amount franked box requested during purchase of the shares and this franked amount requested during divs receipts?
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MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
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On the asset add screen the percent franked field is for information only an is not used by any processing. You can leave it blank.
Re the receipts here is the way it works.
The amount on the initial receipts screen represents the full amount of Cash that you receive. In your example $800.
When you go through to the pop up window the $800 defaults into the amount field which is the "Amount Franked". It assumes that the Receipt will be 100% Franked.
You need to change the Amount field to $526.40 and then enter the amount of $273.60 into Unfranked Amount. In other words the total of Amount + Unfranked Amount needs to be = $800.
One thing that is a little confusing is that whether you put the amount against the "Amount" field (which is the Franked amount) or the Unfranked amount, the result is that both post to the same account (4116), because thay are both Dividends Received.
The difference is only seen through the Report Tool - Dividends report which will show the percent franked and the amount of both the Franked and unfranked amount.
I will email a copy od the pop up screen to you so you can see the entry.
Let me know if you need more info and I will give you a call
Regards
MySF
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