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Advanced Member
 
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Because of ongoing problems (covered in other posts) I held off doing the year end rollover until the last upgrade was released. It got very tight but we still got the fund audited and the return in by the 28th (the last hour of the 28th!).
Then I saw Ron's posting on the members position problem and your fix. I applied the fix and the members position report now will run, as Ron reported.
Unfortunately, the year end rollover was obviously done after upgrading to version 4 but before the bug was reported and the accounts modified.
I now have the following situation:
1) If I go to the year end reports and select Members position, I just get a blank report - the headings are there but absolutely no information - not even the members names.
2) If I go to the members tab and put in the dates for 1/7/06 to 30/6/07, I get the full layout but every field is zero except for "provision for profit" and these figures seem to have no relevance to any of the actual members allocations and are much less than the actual allocated profit for the year.
3) If I repeat this but use the date range 1/7/06 to 7/3/08 (today) I again get the full layout but now every field is zero.
4) If I repeat this but use the date range 1/7/07 to 7/3/08 (today) I again get the full layout now with the correct opening balances for the 07-08 year and the correct members position (no relevant entries have been made yet for this year)
Now (4) seems correct to me - but anything covering the 06-07 year is gabage - presumably because the documented bug caused a problem with the rolled over data that the reports reference.
So what do I need to do to produce correct members position statements for 06-07.
Neil H.
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Advanced Member
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Last Login: Today @ 1:27:58 AM
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Any feedback/progress on this?
Neil H.
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MySF Administrator
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Hi,
We have been testing this today.
Unfortunately the reports from the year end wizard are locked away, so changing account settings will have no impact on the report.
Backdating the report also does not work as the income and expenses had been cleared out by the rollover and therefore the software will not pick up the correct past amounts.
One possible fix is to revert to the pre-rollover backup created by the software (or one that was created manually), update the accounts and then re-run the year end. This is a bit of a lengthy solution and we do apologise for the inconvenience.
Regards,
MySF
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Advanced Member
Group: Forum Members
Last Login: Today @ 1:27:58 AM
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One possible fix is to revert to the pre-rollover backup created by the software (or one that was created manually), update the accounts and then re-run the year end. This is a bit of a lengthy solution and we do apologise for the inconvenience.
OK, I finally tried this and, yes, the year end Members Position reports are no longer blank. Unfortunately they do not seem to bear any resemblance to the accounts either.
Specifically, the provision for profit in the Members Position report totals around $63.5k for both members, whereas the the members allocations in the Member Information report totals around $324k - which is correct and agrees with the Balance Sheet and Profit and Loss reports.
Whilst the notes on the Members Position report refers to the "current calculated profit before tax" and the other reports all take the calculated tax into account, this obviously does not explain the huge discrepancy.
I spent a bit of time examining the various year end reports and finally worked out that the Members Position report just takes the calculated profit as (with reference to the profit and loss report) Total Operating Income less Total Operating Expenses - and, in particular, it does not take into account the Increase in Market Value of Investments.
Whilst I can see that this approach is reasonable for an ongoing "snapshot" report during the financial year - when the Increase in Market Value and Tax Liability have yet to be calculated - surely the whole point of the year end rollover is that all these things are brought to book and finalised - and the Year End Reports produced should reflect this.
To me, logically and for consistency, the Year End version of the Members Position report should, in fact, include the actual (after tax) Member Allocations - as is the case with the other reports - then the Year End reports, taken together, give a comprehensive picture of the fund's status.
As it is, I can not see any value in the year end Members Position report as although the format gives a good picture for the members, the information is misleading (for a Year End Report).
What is your logic for not including the correct finalised allocations (as performed in the rollover) in this report?
Neil H.
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Advanced Member
Group: Forum Members
Last Login: Today @ 1:27:58 AM
Posts: 46,
Visits: 320
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Any feedback/progress on this?
Neil H.
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
Posts: 293,
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Apologies for the extended delay in answering this question. We need to seek additional information before answering your question and anticipate that we will be able to post an answer tomorrow (Thursday).
Regards,
MySF
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
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Hi,
The "Member information" and "Member position reports" are quite different reports.
The former shows only realised gains after tax effects and the latter shows figures including unrealised gains and excludes any tax effects.
The figures from the Member position reports match back to the member contribution statement and provide a more detail about how those numbers are calculated. The member contribution statement is the one that is required by the ATO.
The only time that the member information and member position reports would be the same is if there was no tax and no change in market values. Because this is not likely to be the case in your fund the two reports should not be the same.
Regards,
MySF
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