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Regular Member
 
Group: Forum Members
Last Login: 5/11/2008 2:52:24 PM
Posts: 24,
Visits: 152
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Hello
Hope you had a Merry Christmas and a Happy New Year.
I have started looking at how to correct the incorrectly formed transactions which included a deferred tax component.
My original strategy was going to be to post General Journals to reverse out the amount applied to the newly created asset and re-allocate the amount on a proportional basis to the previously existing assets. It would appear that this would not be a complete solution as I am unable to relate the correct asset to each line in the transaction.
I have sent you an email containing two attachments. A PDF which is a very short report showing ONE of the error transactions and a text file showing ALL of the General Journals which I would have to post for all of the error transactions. The first one relating to the transaction shown in the PDF.
Could you give me more detailed instructions please on how I should progress in correcting the transactions. Perhaps we can use the transaction in the PDF and associated General Journal as a reference.
Thanks
Bryan Lovquist
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MySF Administrator
Group: Administrators
Last Login: Today @ 4:04:50 PM
Posts: 294,
Visits: 391
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| Hi, This post is an answer to the question regarding the correction of past distribution reinvestment with tax deferred component where the tax deferred amount has been applied against the new units. The steps to correct this are as follows: Reverse and reprocess 1- Reverse the distribution in question 2- Process another distribution with the same details. The problem you described below has been fixed, so when you post the new one you should find that the transaction generated does not suffer from the same issue. Check / edit cost base 1- Go to System Setup > View and Edit Cost Base (last item on the list). This screen allows you to update the cost base of the various assets so that they match the balance of the accounts. 2- Click on Load Asset list. This will show all of the current assets in your portfolio together with the balances of the asset accounts, number of units owned and their cost base. 3- If the number in the suggested cost base column is green then there is no need to update. 4- If the number in the suggested cost base column is blue and you are sure that the balance of the account is correct then please click on the 'Update cost base' button next to the blue figure. This will update the cost base of that asset to the number shown in the box. The reason you need to go through the check and edit of the cost base is to make sure that after the reverse and reprocess events the cost base of the asset is in line with the accounting entries processed. Regards, MySF
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