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Regular Member
 
Group: Forum Members
Last Login: 23/01/2010 9:25:28 PM
Posts: 14,
Visits: 31
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| Hello Has there been any progress on fixing this problem. My auditor picked up the discrepancy in what is reported in the balance and the correct market value of my financial assets. She will not sign off on my fund's audit until the correct values are shown on the balance sheet. I can correct the error through manual entries prior to running the EOY wizard, but I am not happy about having to do this. This error was reported over 12 months ago and a fix was promised in the next release. Considering I have paid for MYSF, the annual subscritpion for upgrades and now incurring additional auditor fees due to a programming bug/oversight, "I am not happy Jan". Regards ... Ron
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MySF Administrator
Group: Administrators
Last Login: 9/03/2010 7:19:40 PM
Posts: 447,
Visits: 600
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Hi Ron,
This problem has unfortunately surfaced from time to time under various scenarios. Part of the reason for this is that the software makes adjustments to the incremental changes in value, rather than reversing past increases and recalculating from cost base each time. Any changes in cost base are then factored in separately. Over time this calculation has grown exceedingly complex as we added handling for possible scenarios. This has now been changed and this approach has been dropped.
From the next release of the software the year end will reverse all past postings of increases in market value (and the resultant deferred CGT liability). This will be followed by a posting which will record the total increase in market value from the cost base along with the deferred CGT liability.
We have received advice to say that this is the process that most accountants would use in a 'manual' system, specifically because it ensures that all changes in cost base are correctly reflected in the final calculation.
In the current version of the software an additional manual posting is the only option to change the figures shown, but as stated above this will change with the next update.
We expect to release the next update later this week.
Regards,
MySF
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