MySF Forums / MySF - The Application / Help - I've got a problem!

Consolidation of Shares showing incorrect start value on Change In Market Value Report

BugHut — Thu, 01 Jul 2010 18:49:56 GMT

On 27/11/09 I purchased 60,600 ELD shares @ 16.5 cents, value $9,999 + $24.95 brokerage, totaling 10,023.95. On 30/12/09 I did a Asset Consolidation of 1 for 10. ie on the Consolidation screen I put 1:0.1
This correctly reduced the quantity to 6,060, thereby making the purchase cost per unit now $1.65.

On the Change In Market Value Report, the Start shows Number Of Units 6060, value 100,239.50. End Value shows $2,363.40, based on the 30/6/10 end price of $0.39. This implies that the purchase cost per unit is now $16.50, and the brokerage is also 10 times the original.

For some reason the start value is 10 times what it should be, therefore showing a huge loss for the year, but the number of units is correct, How do I get the start value to show $10,023.95.

lost login

blue-sky — Sat, 26 Jun 2010 16:37:52 GMT

I seem to have lost, or inadvertantly changed, my MYSF login ...how do I recover?

Pension Phase

bidgee4 — Sat, 12 Jun 2010 18:16:06 GMT

One member of our SMSF has recently turned 60, and gone into Pension Phase. Assets were segregated in MySF to equate to the Member's balance in the fund. Does MySF handle any income to these segregated assets after the date of segregation as non-taxable, or does any such income need to be posted to an income account set up as non-taxable? Does the segregation of assets in MySF serve any purpose other than as a notation that the asset is segregated?

Capital Gain/Capital Loss

bidgee4 — Sat, 12 Jun 2010 18:10:47 GMT

Early in the financial year, our SMSF made a Capital Gain on sale of shares. The Gain was automatically credited as two-thirds to account number 4400-011 and one-third to account number 4500-011. Recently our SMSF has made a Capital Loss on sale of shares, which was greater than the previous Capital Gain, giving us a net Capital Loss. This subsequent loss was debited automatically to 4400-011. Should a journal entry be done to transfer the original one-third credit to account number 4500-011 to account number 4400-011, or does MySF handle this situation during year-end processing?

Unable to download 9.1.0

remp — Thu, 03 Jun 2010 03:03:44 GMT

Hi I am unable to download the latest update, actually the download area is missing when I log in .
Please advise where to find the link to download the latest update.
Thanks

Printing not working

wilsonsuper — Fri, 04 Sep 2009 23:15:01 GMT

I can't print from MYSF. I open a report and hit the print button, but nothing happens. I can save the file to .pdf format and then print it, but this is cumbersome.

Anyone else seen this problem?

My system is Windows VIsta 64-bit.

Thanks,

Distribution summary doesn't match P&L

tgilbert — Thu, 27 May 2010 06:30:19 GMT

Hi,

In my end of year reports, I find that I cannot fathom from the Summary page on the distributions report, how the "Distributions Received" amount on the year-end P&L is derived.

I expected that the value in the P&L ($2309.84) would equal the Franked ($1216.60) plus Unfranked ($2032.37) amounts from the Distributions Received "Summary" page. (I've double checked I have date ranges correct, etc).

So, firstly, should these amounts match?

If they should, how can I investigate what is wrong/missing, given that my Distributions Received report appears to have the correct detail.

I've tried printing a ledger report of just 4110 but it is 39 pages long and totals to zero making it difficult to reconcile with anything (monthly investment parcels causing every distribution to be spread over 60 or 70 parcels).

Regards,

TonyG

Correct method for new member benefit rollover

BDSMSF — Sat, 01 May 2010 17:17:43 GMT

SO I have set up my fund and I have input my rollover benefit as per teh rollover benefit payment details provided by my old super fund. When I go to do a year end rollover the MySF s/w want to calculate tax on teh "taxable component" that transferred from the old fund. I'm sure I've input the detail incorrectly but not sure how what IS correct and how to correct it so I can complete the YE rollover.

Asset Suspense Account

tgilbert — Wed, 28 Apr 2010 22:37:25 GMT

Hi,

I'm completing past distributions, and MySF is planning to post 53¢ to 1999:Asset Suspense - I don't understand why. Can you help me to understand?

For CEU, I have entered two distributions during the year for a total of $885.97. The Tax Statement from the fund shows a total of $885.97 as Tax Deferred/Return of Capital.

When I enter this amount in the "Tax Deferred Amount:" field of the Provide Distribution Details dialog, and choose Save, I am presented with the following confirmation dialog (which baffles me).

Continue with the following transaction?

DR 1151 - AA0266: CEU @ 29/10/2008 $736.58
DR 1999: Asset Suspense -$0.53
CR 1151 - AA0184: CEU @ 29/08/2006 $236.25
CR 1151 - AA0190: CEU @ 19/10/2006 $39.53
CR 1151 - AA0192: CEU @ 24/11/2006 $6.14
CR 1151 - AA0291: CEU @ 14/02/2007 $243.08
CR 1151 - AA0208: CEU @ 30/05/2007 $11.55
CR 1151 - AA0224: CEU @ 18/09/2007 $11.02
CR 1151 - AA0235: CEU @ 20/12/2007 $158.55
CR 1151 - AA0247: CEU @ 05/05/2008 $29.93

This appears to equate to one of the two partial distributions. If I say yes, the second one is not detailed but overall, I end up with ($0.79) in 1999: Asset Suspense.

I can partially explain it to myself as "rounding handling" but would have thought that with only 8 parcels, any rounding would need to fall between -$0.07 and +$0.07 so it's more than 10 times what my expectation would be (although still hardly material)!?

So my questions are

a) will this $0.79 ever get "consumed" or allocated elsewhere?

b) where?

c) when? (year end processing?)

Cheers,

TonyG

Rights Issues

abyngdon — Wed, 07 Jul 2004 20:03:55 GMT

Is 4150 the correct place to enter the proceeds of rights issues not taken-up?Regards,Graeme.

Payment from Suncorp following closure of entitlement offer

wanzhu — Mon, 23 Apr 2007 02:24:52 GMT

My fund did not take up any new shares in Suncorp's recent Entitlement Offer. My fund has now received a sum which is called "Bookbuild Proceeds" and which the Entitlement Prospectus indicates will be a capital gain in the hands of the fund.How do I enter this cash receipt, as it doesn't seem to be any of the available "receipt types" in the Cash Receipts screen?Am I right to assume that the applicable account would be 4400-011 "Capital Gains/(Losses) Taxable for Shares"?

Tax assessment amendments

chaudhri — Wed, 20 Jan 2010 13:40:17 GMT

For amended tax assessments of previous years, I made general ledger entries for shortfall in tax paid and some tax refunds. I used the bank account and liability account 2120 (Income tax payable). Now these amounts are included in the balance sheet under tax payable. My fund's auditor requires these to corrected.

Could you advise how amended tax assessment amounts (refunded or paid) should be treated in MySF.

Thanks

Bulk modify (Stock) Exchange

tgilbert — Wed, 21 Apr 2010 07:17:50 GMT

Hi,

I've used the Import Data | Import Asset History option to import 248 Financial Assets (I have a lot of Dividend re-investments).

The data load does not allow me to specify an Exchange (so far as I can tell) and the Revaluation processes won't revalue without one. Must I use the Financial Asset Editor to edit each Asset individually, or is there some way to bulk modify the Exchange? Everything I have is *.ax.

I know that I could have used the Simple Setup, which would allow me to specify Exchange but doesn't appear to allow me to specify Asset Name. I thought I selected the lesser evil, but it looks like I can't import 200+ assets and have Exchange AND Asset Name without individual editing of each asset.

Did I miss a wrinkle? Would you consider simplifying this for the future?

Regards,

Tony GIlbert

Starting a Pension

DCB_1955 — Fri, 26 Mar 2010 06:06:34 GMT

I am about to start a pension. I have set up the new member '-pension'. I will use the actuarial approach for allocation. This has been set up.
1) I need to journal funds across to the new pension member. Do I do journals such as "O/B Preserved Taxable - Bryant David" to "O/B Preserved/Taxable Bryant David - Pension"?
2) How do I get the amount available for distribution into my pension account?

MIG - inspecie distribution to Macquarie Atlas

ywilson — Sun, 21 Mar 2010 13:58:42 GMT

1. 2nd February 2010 a 1 for 5 inspecie distribution of stapled securities was made by Macquarie Infrastructure Group of Macquarie Atlas Roads Ltd stapled securities.

2. This was followed by a Security code change of MIG to Intoll Management Ltd.

1. I would appreciate a suggestion of how to record the inspecie distribution.

2. I intend to do a script for script rollover of MIG to Intoll - would this be appropriate.

Thank you for your anticipated advice.

YWilson

Year end processing problem

trubell — Sun, 28 Mar 2010 03:32:06 GMT

When I attempt to run the year end roll-over, I get the message "Not all tax rates have been defined".

Looking through the help manuals, I cannot find what tax rates I am supposed to define. The manual only speaks of GST in the tax table.

I have a single member fund and split my fund into contributions and pension accounts last year, so I am wondering whether this has something to do with it. I had a capital gain in the pension fund last year, but as the pension is a taxfree pension anyway (I'm over 60), I don't see that this has something to do with this.

Balance Sheet figures not same on other reports

katfish2 — Sat, 13 Mar 2010 00:43:22 GMT

Dear MYSF
I've closed off the year 08/09 and sent the advisor link disc to my acountant together with all the data. He tells me that it keeps crashing. Any ideas why?

Also, and more importantly for me at the moment, the Balance Sheet figures don't match up with the other reports. For example the Balance Sheet shares each have a total, say for instance "DJS $666 , Units 191" but the end value on the Change in Market Value of Assets report has "DJS total $869". Another example is the Member Information on the Balance Sheet shows "total equity for Fred $500,000" and "total equity for Mary $50,000" but the Members Position report shows "total member position $478,000" for Fred and "total member position $47,800" for Mary.

Finally, the Members Position report has Fred's income (being a non-concessional member contribution and provision for profit) calculated under "Preserved" when in fact none of Fred's money is preserved as it is now in an allocated pension and Fred is over 60 years of age, fully retired.

Please come back to me asap on these issues as my tax return MUST be filed within the next couple of weeks.

Regards
Kat

More than 10 bank accounts

ywilson — Sat, 12 Dec 2009 19:47:34 GMT

Over the years the super fund has opened more than 10 bank accounts. I note that MySF does not allow more than 10 such accounts. There are several older accounts that have were closed in previously financial years.

I initially thought deactivating old accounts may allow the addition of new accounts. Is this so? I have just tried to deactivate one old account through the Manage bank accounts facility, but am getting the message "cannot deactive this account, there are one or more system references"

I can find not references in forums to this situation, but I note that your notes do not recommend deleting accounts.

What do you recommend be done to ensure all current bank accounts are listed?

Your assistance/recommendations would be appreciated.

List of ASX codes

bruceb — Fri, 26 Jun 2009 14:29:08 GMT

Just wondering why there are so few ASX codes listed ?

Even after you click update listing, so many are missing (CBA for example !)

thanks
Bruce

Cannot generate reports with a Crystal Reports error

MySF — Thu, 18 Mar 2010 20:28:00 GMT

Hello,

A common issue we've found is some people cannot generate a report in MySF Manager and an error is being displayed mentioning that the installation of Crystal Reports has been corrupted or it should be reinstalled.

The fix to this is as follows:

[b]1.[/b] Ensure that MySF Manager is closed.

[b]2.[/b] Determine the version of your operating system (32-bit or 64-bit).

[i]Windows 7/Vista users[/i]:
- Click the Windows icon at the bottom left of the screen (usually referred to as the Start button)
- Right-click on 'Computer'
- Left-click on 'Properties'
- The 'System type' under the 'System' heading will say either "32-bit Operating System" or "64-bit Operating System".

[i]Windows XP/2000[/i]:
- Click 'Start' at the bottom left of the screen.
- Right-click on 'My Computer'
- Left-click on 'Properties'
- On the 'General' tab, it will show either "Windows XP 32-bit" or "Windows XP 64-bit".

[b]3.[/b] Download the appropriate Crystal Reports version below:

[i]32-bit version[/i]
[url=http://www.mysf.com.au/downloads/CRRedist2005_x86.msi]Download Crystal Reports[/url]

[i]64-bit version[/i]
[url=http://www.mysf.com.au/downloads/CRRedist2005_x64.msi]Download Crystal Reports[/url]

[b]4.[/b] After the download has completed, please run the file by double-clicking it. The installation will rectify any errors in the current installation of Crystal Reports.

[b]5.[/b] Please restart your computer to ensure all files have been written correctly.

If the above solution does not fix the issue for you, please contact us via [email]info@mysf.com.au[/email]

Regards,

MySF

'In-specie' transfer of ASX-listed shares

grisspension — Sat, 27 Feb 2010 19:17:31 GMT

What is the correct method of transferring listed shares in specie from private account into SMSF using MySF taking into consideration market value of the share and future CGT.

asset movement report lists historical assets

sjcarlsen — Tue, 26 Jan 2010 21:38:58 GMT

When I print an asset movement report for the period 1/7/08 to 30/6/09 it lists all the shares ever owned, including shares sold years ago. How do I list only shares owned during the particular period?

Segregated Assets

atkins12 — Sun, 02 Mar 2008 00:01:40 GMT

Hello

I am just about to switch one of our fund members into pension mode and want to segregate the assets to avoid the expense of an annual actuary's certificate. This is easy for the Financial Assets, but the fund has some fixed interest deposits which were set up as additional bank accounts.

How is it possible to segregate "cash" assets and then ensure that the income is treated as non-taxable to benefit from the pension status. The pension member is the major contributor to the fund.

Regards ....... Ron

EOY rollover and Bank Reconcilations

coronelsuper — Sat, 11 Apr 2009 21:48:23 GMT

I was getting efficient and doing the rollover earlier than I normally do, and with 2 property trust distributions (which are nortorious late) were not yet banked until months after end of June. I did bank rec for 30 June 08 and both distrubutions were left unticked ie with 'no' on the reconc. Do the EOY rollover and do next bank rec and the distributions are no longer there, thus bank rec does not rec.

I guess the solution is to unwind the EOY rollover and do the bank rec 1st ? but looking at the housekeeping - reverse end year process. It states reversal is permanent and cannot be undone - does this mean I cannot do another EOY process ? that would really screw things up.

please advise which way to go ? thanks

ps . I note once I have done EOY rollover and go to P&L or B/S one cannot see (compare with last year's balances) anymore. It seems the EOY process wipes all records for compartive purposes.

Sending information to accountant

mhill1 — Sat, 14 Jun 2008 07:11:38 GMT

How do I package up the information to send to my accountant? You answered this in another question, and provided a link from which the accountant can download the disabled software, but that link doesn't appear to be working. I can't find it anywhere on the website

Regards

M Hill

equity doesn't equal member balances

katfish2 — Fri, 06 Nov 2009 17:56:54 GMT

My end of year balance sheet has more $$$ in the member's equity than i have in the account balance. The difference appears to be that ($1707) appears under "Profit and Loss" and this amount is equal to the amount I depreciated the company's computer this year. If this amount either didn't appear here or if the member's accounts was reduced by this amount it would all balance. What have i done wrong? Kat

Allocate share of profit

remp — Sat, 07 Nov 2009 14:14:11 GMT

Hi
When processing my Year end roll over, the allocated share of the profit does not balance' the split is 1 cent out to 3505 P&L account and a dialog box appears ' Please edit allocated amounts so that they add up to the amount debited from 3505 P & L '.
When i try to change the allocation a previous report error comes up (post #4384)
'an error has been encountered, shut down MySF '.

The software has come up with this imbalance and goes to error when trying to edit ?

How do get around this issue?

Regards

Can't add a new stock purchase properly

scott — Fri, 30 Oct 2009 05:07:17 GMT

When adding a new stock purchase through the add/manage box the bank account selected and transaction to generate grey out and remove any entry as soon as I enter a date. If I try to push ahead I get a box telling me to load opening balances. I had been entering a number of trades successfully when this started to happen. I don't know if I have done something or the program is just having a wobbly. How do I work out what's happening?

Regards

Dividend transaction - how to edit memo

PP Super — Thu, 03 Jan 2008 00:00:07 GMT

I've been using the quick add dividend feature to input dividends.

The fund bought several packets of shares from the members by off-market transfer. I picked up a previous forum post about using a clearing account to enable the proceeds to be recontributed by the member - so that went fine.

One slight complication was that some of these were bought cum dividend (ie the ASX market value for the sale date was cum div) but the transfer didn't get processed by the record date - so the dividends were paid to the previous owner (ie the member). The member then paid the dividend back to the fund (direct deposit to the fund bank account) - so the only real difference is that the date and payment advice on the bank statement are different.

I have been covering this by a memo on the transaction which (I now know) is no problem if I use the cash receipt - dividend approach. However for the first one I just included it as one of the quick add dividends - which automatically added a short memo. At the time i wasn't worried because I thought the memo field was just a "minor edit" using the transaction reporter.

Unfortunately, when I went to do this I found that if the transaction selected is a dividend, the edit box disappears!!

Is there any way to just add some text to this memo box now - I really don't want to have to reverse the transaction just for a paragraph of explanation.

How do you override Members allocation percentage

remp — Fri, 25 Sep 2009 23:31:11 GMT

Hi
I'm doing a year end rollover and trying to override the members Allocation percentages. The software will not save the any change to members Allocation during the year end process.
So I tried to change it in "system setup menu" at the over ride box and saved the change, but when I do a year end roll over the entry is still the software calculated and entry not the one i saved.
I've even tried saving the entry in the " system setup menu", override box, then closing the software and still it will not override the calculated entry.
Can you suggest a solution ?

Also during the year end roll over when i select the share "change allocation" link the software goes into error and wants to be closed down.
Any solution for this one?
Regards

How do I edit the cost base for a commercial property to undo a mistake

scott — Tue, 22 Sep 2009 06:21:54 GMT

I notice when I look at my aset listing summary that the cost base of my commercial property doesn't reconcile to my trial balnce value for the same property. The trial balance is correct but I think I made some stuff ups when I first tried to add a physical asset and the cumulative mistakes are still showing up in the asset listing summary. How do I edit my mistakes to get the right values so my commercial property asset listing reconciles to the correct trial balance number?

Regards

How to enter deemed acquisition date for CGT purposes

PP Super — Thu, 01 Oct 2009 22:36:00 GMT

Hi,

Sometimes with shares and rights, the deemed acquisition date (for CGT purposes) is different (earlier) than the actual acquisition date.

Examples would be rights and options where the ATO says, for Rights and options issued directly to you for no cost from a company or trust in which you are a shareholder or unit holder:
[quote]You are taken to have acquired the rights and options at the same time as you acquired the original shares or units.[/quote] Ref:[url]http://www.ato.gov.au/individuals/content.asp?doc=/content/36720.htm&pc=001/002/026/017/009&mnu=&mfp=&st=&cy=1[/url]

Now, I can see that I can treat the rights acquisition as a purchase of the rights at zero cost, but I see problems with entering the purchase date:

• If I put in the date of acquisition of the original shares, any subsequent CGT calcs will be correct - but the assets will show up on asset reports/balance sheets that predate the actual rights issue.

• If I put in the actual rights issue date as the purchase date, the asset reports/balance sheets will be OK but the CGT calcs will be wrong if I sell the rights within a year of issue.

How do I process the rights issue so that the issue date is used for asset holding reporting purposes but the deemed acquisition date (as per original shares) is used for CGT purposes.

Regards

Brokerage refund - how to enter

wilsonsuper — Sun, 13 Sep 2009 16:59:48 GMT

I recently signed up with NAB Online Trading. They have an introductory offer that refunds brokerage for the first two months. I.e. they charge brokerage with the share purchases and refund it later.

I've now received a refund but don't know how to enter it into the system. It does not seem like income, or any of the options under "cash receipt"?

Should this be done as a journal, and if so, what accounts so the correct value of the share investment is calculated?

Thanks,

Chris

Opening Balances from previous auditor's accounts

katfish2 — Wed, 05 Aug 2009 00:43:24 GMT

Dear MYSF,
I have started using MYSF (again, after 4 years) and am entering opening balances from the 07/08 audited accounts and then all the transactions from 08/09 chronologically.

However i have come across a few issues.

1. the 07/08 accounts show a Tax refund due of $12619 and a deferred tax liability of $12576. In fact, i actually received a refund of 12365.36. If i use the accountant's figures, the accounts will never balance. If i put the refund due as an asset, then the member's accounts won't balance. Do these figures go in the opening balances and if so, is the transaction of receipt of the funds then entered against that opening balance?

2. I purchased a computer for the fund in 07/08 but it is obviously not an asset of the fund available for distribution but is a depreciable asset. how do i enter it in the opening balances without it being balanced against the member's accounts?

3. I have dividend residuals from previous years that were not taken into account by the auditor in 07/08. One has now been paid out and another was added to the next dividend and subsequent drp issue leaving a smaller dividend residual balance. where do i put these residuals given, again, they won't balance against the accountant's member's balances.

Thank you for your assistance on these.
Kat

DRPs not matching dividends

katfish2 — Wed, 05 Aug 2009 00:50:04 GMT

Dear MYSF,
I've read your "fix it" re dividends over / under but these don't quite fit in.

Share 1. Received a dividend of $4.44 but was DRP'd a share at $5.53. There was no residual left over from a previous dividend - it was just the company being generous (surprise!).

Share 2. David Jones very kindly make a decision for me and donate any left over dividend from my drp allowance to a charity of their choosing.

How do i enter these two transactions?

Kat

Year End

brown — Wed, 22 Jul 2009 19:50:08 GMT

Recently ANZ made a retail offer to sell shares. The offer opened in June 2009 with payments required by end June. Offer acceptances advised in early July 2009 and shares listed on 13th July 2009. How do I treat this transaction to balance at year end?

If shares are treated as purchased in 2008 F/Y the year end asset revaluation will be incorrect (share offer price $14.40 and actual price at end June $16+). If July purchase then how to reconcile bank statement with asset purchase?

Ray Brown

Bank Reconciliation with June & July Transaction

bdsf — Tue, 21 Jul 2009 16:48:24 GMT

Hi there

I've received a bank statement with transactions from mid June to mid July, how do I reconcile these transactions given they span over 2 financial years? Doing a bank reconciliation only shows half of the transactions, either the previous or current financial year depending on the fund settings.

I tried changing the financial year to this calendar year but I couldn't save the changes as it's not a valid financial year.

Cheers, Scott

Correct entry of a tax Expense

remp — Sun, 28 Jun 2009 00:17:55 GMT

Hi,
I have just reviewed my accountants audit of the our 07-08 return, Under liabilities it shows income tax payable,This seem to be a running total of the 06-07 and 07-08. Since income tax for 06-07 and 07-08 has already been paid I don't understand where I have gone wrong.

I entered the tax expense under Cr 5220 and Dr 1104, why doesn't the total liability for tax payable reduce in the balance sheet.

Can you please explain how I should correctly enter a Tax expenditure. Detailing the account codes I should use so I can reduce this Liability in the balance sheet.
Thanks.

rounding down by 1 cent

bruceb — Fri, 26 Jun 2009 14:27:04 GMT

I bought some shares in a SPP - it was $5,000 worth of 3c shares - which worked out to be 166,677 units

Trouble is that this works out to be $5,000.01 - but they rounded it down to $5,000.

How do code this ?

thanks

Splitting Contributions

mgwebster — Fri, 12 Jun 2009 22:07:32 GMT

Hello, can anyone tell me the correct treatment to split contributions? My wife and I each have accounts in our SMSF, and I want to split 85% of my contributions across to her account.

Thanks,

Mark