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

Current year liability for future year expense?

PP Super — Mon, 04 May 2009 22:42:07 GMT

Hi,

The ATO supervisory levy is a deductible expense to the fund. Up to the 2007 tax year this was a separate payment and so for the 2007 year I entered nothing for the 2007 $45 levy until it was paid (in the 2008 year) - which was fine.

From 2008 the $150 ATO supervisory levy is included in the Annual Return and forms part of the "Total Amount Due or Refundable" at Section D, item I, of the Annual Return.

It therefore seems to make sense to me to include it in the Current Liabilities of the fund, and therefore reduce the members balances accordingly. As this is likely to be ongoing, I would create a new Liability account: 2107 Supervisory Levy Payable to handle this.

Whilst this is similar to the issue of the PAYG installment [url]http://www.mysf.com.au/members/Topic4260-24-1.aspx[/url], it is different in that whilst I want to recognise the Liability in the 2008 year, the deductible expense needs to be recognised in the year that it is paid (2009).

What I am not sure about is which account to use against the levy in 2008 - it seems to me that it needs to be an expense account that gets taken into account by the profit split (so that the member balances are adjusted correctly) but a non-taxable account (so that the expense is not deducted in 2008). The levy would then be balanced from this account to the taxable expense account in 2009 when the actual payment is made. As this is just a temporary allocation, it seemed to me that the 5999 Expense suspense account would be suitable.

The transaction sequence would then be:

1) Create the liability for 30 June:

General Journal Type: neither
CR 2107 Supervisory Levy Payable
DR 5999 Expense Suspense

Which should have the Liability correctly recognised in 2008 without affecting the 2008 tax calculation. Then when the payment is made (in July):

2) Pay the amount due:

Cash payment to ATO:
CR 1101 Bank Account
DR 5115 Administration Costs

3) Clear the liability:

General Journal Type: neither
CR 5999 Expense Suspense
DR 2107 Supervisory Levy Payable

Which clears the liability. The net expense doesn't change since the DR 5115 and CR 5999 balance out but the deduction is recognised in the 2009 tax calculation.

So, my query is:

1) Is this a correct and sensible approach to recognise the liability for the levy whilst preserving the correct tax treatment?

2) Is the 5999 Expense Suspense the correct account to use?

Regards

SELL transaction cannot be reversed

kenl90 — Mon, 19 Sep 2011 21:32:23 GMT

I tried reversing a SELL transaction of an equity. The message confirmed that it was reversed. The Transaction reported shows that it was reversed. However, when I viewed the Asset, it was still listed as SOLD. How can I reverse this transaction?

Please see attachment below

Treatment of overs/unders

AliG — Sat, 03 Sep 2011 05:34:24 GMT

Hi - we are new to mySF, so apologies if this question has been asked before.

Some background to my question:

We have accrued some distributions attributed to FY10 that were received in July 2010

These were accounted for via a distributions receivable account in our Opening Balances for FY11.

When the cash was received in July they were loaded as a partial distribution but attributed to the dist receivable account (rather than the income acct).

mySF is now looking for the amounts to be allocated by the tax components, even though they do not relate to distributions received in the year.

In hindsight it would have been better to treat these via a general journal (will note in future). But in the meantime, is there a way to treat these to avoid reversal and re-entering?

What are the implications if there is a balance in 'balance over/under'?

Any insight would be appreciated!

Thanks

Ali

Reversing Purchase and Deleting Asset

wollburn — Thu, 01 Sep 2011 19:33:54 GMT

I entered an incorrect price for a share purchase.

I have reversed the purchase transaction, which is the only transaction associated with the asset. Can you confirm all that remains is to delete the asset and then start again? There is nothing else I need fiddle with?

Rob

STW - Distribution Entry

dmoline — Sun, 24 Jul 2011 03:14:19 GMT

HI I have just received my annual taxation statement from STW (SPDR S&P/ASX 200 Fund - Index shares).

It's unclear how to enter the "Quick Add -Dividend" entry:

The dividend is broken into the following components:

Franked component
Other Income component

The annual statement further breaks down the distribution into the following:

Australian Income (including a subsection "Net dividend - franked" which matches the above franked component)
Foreign Income
Tax-deferred amounts
Australian Franking credits
Foreign income tax offsets

How should this information be loaded into the entry screen?

Override Tax Share Percentages

wollburn — Tue, 09 Aug 2011 20:12:50 GMT

I cannot get past the tax share part of the rollover wizard. I have overridden the calculated tax shares, and keep getting a message that the shares do not add up to 100%, even though they do.

Rob

Allocation of Contributions To Members' equity

wollburn — Fri, 29 Jul 2011 23:46:24 GMT

Roll-in proceeds received are shown correctly in the Cash Flow report as a Roll In. In the Balance sheet however, neither this amount nor regular employer contributions are shown in the members' equity balances. They are lumped into a balancing item "Unappropriated Profit".

Why is this?

Reconciling a transaction that goes over financial year end

DCB_1955 — Tue, 02 Aug 2011 04:32:09 GMT

I entered a fixed interest distribution on the 30th June that had a payment date of the 15th July and a Record Date of 30th June 2011. After my end of year processing I have started the new year and am doing my Bank account reconciliation for July. I have found the entry for the distribution is on the bank statement but not listed in my entries to be reconciled.

How can I fix this?

Entering prior year carried forward capital losses into MYSF

jdempstex — Mon, 25 Jul 2011 22:54:44 GMT

Prior to using mysf I had $355,987 in carried forward capital losses. I setup mysf for the first time last year but didn't know how to bring these losses into mysf so I just included them in the ATO return outside of mysf. I would like to include these losses so that they show up as a carried forward amount in the accounts. Have tried to do this using simple setup but this doesn't seem to work because it reduces members equity. Would really appreciate some help on this one!

Members Position Report - Share of Profit/Loss line missing on roll over

NoelW — Tue, 19 Jul 2011 22:00:20 GMT

After doing 2010/11 roll over, the line for Share of Profit/Loss for annual income figures is missing. BUT, the figures that should be there are included in the total line below it.

i.e. the lines under 'Income' are members contributions concessional and members contributions non concessional and the two figures are correct and the total line is equal to the sum of these two lines plus the missing share of profit/loss.

This does not appear to effect any other calculations on any other reports.

Has anyone else got this problem or can shed any light upon it?

NoelW

Cannot add new share purchases

TrevalsaMill — Thu, 07 Jul 2011 06:21:33 GMT

I am using the latest version of the software: 10.1.2

The application seems to develop and error whenever I try to add new share purchases of already held shares, saying that account 1151 has a non-zero balance and needs to be reversed before I can add shares. Given that this is the account holding all my shares, this is not sensible, nor realistic!

The application generates the error and needs to close whenever I try to add new units using the add new at the bottom of the window.

Please advise how I go about adding new purchases to already held shares.

As I have not sought to add entirely new shares, I cannot say whether this function works; or has the same problem.

SLF Trust Distribution Data Entry

kenl90 — Wed, 06 Jul 2011 20:59:42 GMT

SPDR S&P ASX 200 Listed Property Fund (Code: SLF)

Interest = 21.78

Other Income = 133.71

Foreign Income = 19.79

CGT Concesssion amount (Connected with Australia) = 37.32

CGT Concesssion amount (Not Connected with Australia) = 13.90

Tax-deferred amount = 77.67

Net distribution = 304.17

How do I enter the values in RED (CGT amounts)? Do I input the total ($51.22) in the "Capital Gains" field "1/3 discount - Non taxable"?

Rgds,

Ken

wrong purchase date

katfish2 — Sun, 10 Jul 2011 16:40:35 GMT

Can i change the date of purchase of shares through the financial asset editor or do i have to delete/reverse the original purchase and the dividends received from those shares and start again. i mistakenly put a purchase date of 2nd july instead of 2nd september.
kat

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,

Opening Balance

kenl90 — Mon, 13 Jun 2011 22:02:37 GMT

I have just started using MySF for the new financial year but need to enter all the opening balance. I was OK with all the components except for one.

The FY09-10 balance sheet shows a current asset called "Deferred Tax Assets" of $3409. This is made up of "Unrealised mark to market lossess (-$22127 *15% = $3319) minus "Deferred Tax" ($270) = $3409. Which account do I use to enter this figure in the Simple Setup? I used Account 1135 "Other Current Assets".

1. Is this correct?

2. Obviously, this figure will change every year. If so, how will this figure be affected when it comes to Year-End rollover?

Note: I'm not an accountant and I hope my question makes sense.

Entering Rollover Benefits

dmoline — Sun, 26 Jun 2011 03:04:48 GMT

I have read previous posts, but I am still not clear on the breakdown, so if I use an example similar to my rollover I hope to understand.

Okay so the rollover benefit statement has the following in rollover components section (Item 13 from the ATO form):

Tax-free Component: $20
Taxable Component:
Element taxed in fund: $240
Element untaxed in the fund $0

Then in the preservation amounts section (item 14 from the ATO form):

Preserved amount: $200
Restricted non-preserved amount: $60
Unrestricted non-preserved amount: $0

And there is nothing listed in the contributed amounts for this financial year.

So I thought that the amounts should be allocated to the various accounts as so:

4715-MM... $200
4735-MM... $60

Is this correct - how does MySF distuinguish the Tax-free components from the components that have already been taxed in the (previous) fund?

latest edition doesn't upgrade

katfish2 — Sat, 25 Jun 2011 23:18:56 GMT

Dear MYSF

I downloaded 10.1.1. today but my mysf programme doesn't seem to know it. it goes through the upgrade process and says "finished" but when i open the mysf programme it's still the old version. help, please.

Kat

Load Opening Balance Error Message

kenl90 — Tue, 14 Jun 2011 00:50:25 GMT

Using Simple Setup, I could load all the opening balance.

However, when I used the "Load Opening Balances" option, I kept on getting this error "Opening debits and credits do not balance"

I've got nothing in the Fund yet.

Asset data

rsw — Wed, 01 Jun 2011 22:19:23 GMT

Can you please help with two questions:

(1) When entering an asset, you are prompted to enter (or not) opening balance journal entries before completing the screen. I have said no to all. Can you refer to somewhere in the help file that explains this, or can you explain it to me?

(2) Also on entering new assets, you are prompted for 'transaction to generate' with the choices being cash of general journal. I have used the latter in all cases without understanding what I am doing. Again, is there somewhere that explains this, or can you do so for me.

Thanks

Ronald

BHP buyback

brown — Sun, 29 May 2011 19:14:42 GMT

Recently BHP undertook buyback of shares, to which I participated, but do not know how to record the transaction in mysf. The majority of purchase price ($40.85) was a fully franked dividend ($40.57) with a very small capital return ($0.28). The further complication is that the total share proceeds for ATO purposes ($9.31) which is made up of the capital proceeds ($0.28) plus a deemed proceeds of sale of ($9.03) -- not included in the payment amount -- resulting in a tax value ($49.88) for the shares

Any help would be appreciated.

Cannot correct an incorrect ASX Code for an asset

DCB_1955 — Thu, 19 May 2011 00:40:11 GMT

I have entered the purchase of an asset incorrectly i.e. the Stock codes need to be corrected. When I use Asset Editor i says I cannot to make change to the code with the balance being non zero. Can you help?

EOY Members Position Statement

katfish2 — Tue, 15 Mar 2011 19:30:14 GMT

Dear MYSF
I just ran a "pretend" 2011 EOY roll over (as at 25 february instead of 30 june) and discovered that the "Share of Profit" amount from 2010 appears in the first section (correctly) but also again (incorrectly) under the second section heading of "Income". This appears to be a glitch rather than anything I have done at my end. Could you let me know if it's something you're currently working on and will fix before the "real" EOY or if it's something wrong at my end.
Cheers
Kat

Capital Gains Adjustment

tgilbert — Wed, 06 Apr 2011 22:10:11 GMT

Hi,

I've rolled the year, and I'm expecting the Adjusted Totals, Taxable Amount (in my case $3,592.60) to be matched in the P&L under Capital Gains/(Losses) Taxable Adjustment (in my case $2,487.60).

I don't understand why those amounts differ (although I'm suspicious that one is almost 2/3rds of the other).

Can you help me by advising how these amounts could differ and where I should be looking to discover anomalous data, if indeed, they should match (as I believe).

Regards,

TonyG

How are vested benefits calculated

PP Super — Sun, 03 May 2009 20:58:00 GMT

Hi,

I've been trying to make sense of the "Vested Benefits" figure in Note 6 of the account notes. I thought the vested benefits were basically the members benefits.

I missed it at the time, but for the 2006-2007 year (our first year) the year end balance sheet showed Members Equity of $1,720,955.18 whereas Note 6 said:

Vested Benefits $0.00

Now, for the 2007-2008 year, the year end balance sheet shows Members Equity of $1,914,303.04 whereas Note 6 says:

Vested Benefits $1,718,258.13

- which seems to be the 2007 Members Equity of $1,720,955.18 less the 2008 deferred tax liability of $2697.05.

This doesn't make sense to me. Either:

1) If the vested benefits show the members benefits at the END of the year (that the notes apply to) then I would see:

2006-2007 Vested Benefits $1,720,955.18
2007-2008 Vested Benefits $1,914,303.04

Alternatively:

2) If the vested benefits show the members benefits at the START of the year (that the notes apply to) then I would see:

2006-2007 Vested Benefits $0.00 (as WAS shown)
2007-2008 Vested Benefits $1,720,955.18

The 2007-2008 tax deferred liability of $2697.05 is already applied to the 2007-2008 Members equity (in Income Tax - Preserved) and is not relevant to the 2006-2007 members equity so, as I say, I cannot see where the Vested Benefits $1,718,258.13 figure (shown in Note 6 for 2007-2008) comes from.

I would have thought that 1) applied (in which case the note seems wrong for both years) but even if 2) applied the note seems wrong for the 2007-2008 year.

Could you please clarify how the "Vested Benefit" figure is calculated.

Regards

Obtaining General Ledger transactions for previous years

amsweeting — Fri, 01 Apr 2011 14:19:19 GMT

Hi,

Trying to use report tool>financial>general ledger transactions for previous financial years, but says "date range must be within the current financial year"

Can you advise how I can get this to work?

Change of ASX Code and Partial Distributions/Dividends

John F — Wed, 30 Mar 2011 14:51:17 GMT

It would appear that if you change an ASX code mid year and a partial distribution/dividend was recorded prior to the change, it does not carry over with the change. This appears to be the case whether you do it as a code change or a scrip for scrip rollover.

Would you please comment on this, as I would have thought that MySF should handle this scenario.

If it doesn't, then how do you suggest you handle these type of situations, as you receive a tax statement at the end of the year showing the various components of the distributions/dividends you received during the year, but are unable to determine which portion of each component belongs to the two different ASX codes.

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

Reversal of Share Purchase

mcleanz — Wed, 23 Feb 2011 15:15:08 GMT

I messed up an entry of a share purchase 8million dollars, so then I did a reversal, and now my capital gain is 8million.

Does this happen with all reversals? Does this mean I'm getting capital gain for all reversals?

Tony

Buy and Manage etc (Asset tabs) Cause an error -Version 9.3.0 (upgraded)

amsweeting — Sun, 20 Feb 2011 02:15:21 GMT

I have downloaded full v9.3.0 -64bit MYSF on Win7 and linked to my previous files (just upgraded my PC). Was previously on v9.2.1 (I think)

Now getting an error box when trying to use Assets>011-Shares & >012-Investment Funds (Buy and manage) >Dividend reinvestment & >Distribution reinvestment (reinvest)

Hope you can help.

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.

Past Year transactions

blue-sky — Tue, 07 Dec 2010 02:10:55 GMT

My accountant has asked for a list fo Dic=vidends, Distributions and General Journals.

I can get these for the current year, but how do I get them for the prior year/s?

Member Contribution Statement

lewisd — Sat, 20 Sep 2008 20:51:03 GMT

I am about to use the Year End Wizard, but on checking the member contribution statement for my wife, I noticed that whilst her final balance was shown, there was nothing in the boxes above it. During the year, I made four entries for her under 4627, 4647, 4648, 4710 and 4715. I am puzzled as to why nothing is shown in her statement under headings like "total contributed amount" and "employer contributed amount" or "personal contributions".

UNABLE TO OPEN PROGRAM

rony — Sat, 27 Nov 2010 20:32:33 GMT

I was operating version 5.

I downloaded installed the last patch dated 27 September, 2010.

Since the update I have not been able to access the program at all. I suspect I should of downloaded previous versions and not just jump to the latest.

I can not access the program at all now. Any suggestions on how I get myself back on track.

Integrity Check

John F — Mon, 04 Jun 2007 01:23:41 GMT

In opening up MySF I encountered the following:-UpdateIntegrity check has found 0 incomplete dividend entries and 5 incomplete distribution entries. Would you like to update these entries now? Yes/NoWhy is it when you select the YES option, you get no information regarding the 5 incomplete distribution entries the system has updated?I would have at least liked to sight the entries the system regarded as incomplete, before it updated them. Do I have an opportunity to sight what has been updated?RegardsJohn

Non-discount CGT

tgilbert — Sun, 07 Nov 2010 03:34:00 GMT

Hi,

I've searched the forums, but can't find the answer to my question!

When processing a "Complete Partial Distribution" transaction, where would I post an amount that the Tax Statement says is not eligible for the CGT discount?

Regards,
TonyG

Balance sheet versus change in market value report

katfish2 — Thu, 14 Oct 2010 00:40:35 GMT

:) My balance sheet shows an asset and its depreciation. My total change in value and change in market value reports both do not reflect the depreciated value under the end value column. This could be correct accounting but I'm not sure. Have I done something wrong?
Kat

Reversal of share sale

katfish2 — Thu, 14 Oct 2010 00:35:55 GMT

:) I incorrectly entered a share sale (wrong prices). I then reversed that share sale. I then entered the correct share sale. My balance sheet now shows total for these shares ($255), units 0. I know I did something wrong......or i didn't do something right, but I can't work it out.. Help!

Edit of share purchase details

katfish2 — Thu, 14 Oct 2010 00:29:23 GMT

I erroneously entered 13.85 in the shares purchased box and $2050 in the price per share box..yes I had a blonde moment. How can I fix this please?
Kat

allocation of tax refund pension -v- accumulation

katfish2 — Sun, 01 Aug 2010 19:04:18 GMT

Dear MYSF,
Last year when i had a tax loss MYSF handled it perfectly by allocating all the tax payable to my one member in accumulation and zero to my one member in pension phase. however this year i am getting a tax refund (from franking credits) and (maybe mistakenly) believe that the tax refund should be split between the members according to their percentage of the assets. when i do the year end roll over mysf allocates all the tax refund to the accumulation member. whilst i'm sure the accumulation member would appreciate this :D , i don't think the pension member will :angry: . how do i fix this? (the allocation that is not the unhappy member) :unsure:
Thanks
Kat

Lihir Gold Sale to NCM

blue-sky — Wed, 29 Sep 2010 03:19:39 GMT

How do I process the sale of LGL to NCM and cashback?