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Junior Member
Group: Forum Members
Last Login: 27/03/2008 8:34:26 PM
Posts: 6,
Visits: 253
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I am new to this SMSF and in a way I feel lucky I still have a couple of weeks to practice, experience and read through all the material especially on the MySF Forum before I have to formally start to enter transactions into our actual Super Fund. The MySF seems to be an excellent software that certainly should handle whatever our superfund is currently planning to invest in.
With new purchases of shares, there is a box “Transaction to Generate” where one picks either “Cash Payment” or “General Journal”, I assume that the “General Journal” is the one to pick. If that is correct, when should the “Cash Payment” be selected (it’s obvious I am not an accountant isn’t it)?
But, my main question is with Dividend Re-Investments (of which there are a couple of postings on this forum), where the Net Payment received (Franked Amount) (which will be reported to ATO) does not match up with the number of shares at the allotted price per security. Why couldn’t the price of the security be re-adjusted in MySF so that the actual number of allotted securities times this adjusted price equal the Net Payment received rather than creating a separate suspense account for the small outstanding balance as has been suggested? In this way the Net Payment and Franking Credit will be the same as will be reported to ATO, I realise it is fudging it a bit but are the ATO and auditors really that concerned.
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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,
Thank you for your kind words regarding MySF.
The main difference between selecting General Journal or Cash Payment when processing a purchase of shares is that a General Journal does not require a payee to be nominated, whereas a Cash Payment does (there is a small selection box which pops up asking for a business card to be selected). They are also different types of transactions, so when filtering on transaction reports, they may be shown in different groups, depending on how you choose to filter.
Regarding your second question, we will look into how processing can be made easier, but accuracy of all numbers is needed for compliance, so unfortunately there is very little flexibility.
Kind Regards,
MySF Pty Ltd
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