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RE: Various - EOY Rollover error; Portfolio loss; EOY Reports

MySF2 — Thu, 21 Aug 2008 22:40:57 GMT

Hi,

How did you change the name for this investment? The system should not be showing the old code anywhere and the only item that should be shown is the new asset.

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MySF

RE: Various - EOY Rollover error; Portfolio loss; EOY Reports

UAJUA — Thu, 21 Aug 2008 17:40:04 GMT

In relation to the EOY rollover and the error in the market value of shares in the Balance Sheet, the problem seems to be with shares which have a name change, as Macquarie Bank did; it went from MBL to MQG. The "Change in MV" printout however appears to have the old name and new name cost added twice, as follows:

MBL Cost $10 EOY $0 Change in MV ($10)

MQG Cost $10 EOY $5 Change in MV ($5)

Totals $20 $5 ($15)

This is clearly incorrect as the actual change in MV for the whole investment is:

$10 - $5 = $5 not the $15

The program appears not to have eliminated the one of the original costs in the summations

RE: Various - EOY Rollover error; Portfolio loss; EOY Reports

MySF2 — Sun, 17 Aug 2008 23:22:40 GMT

[quote]1. At end of year rollover, the Balance Sheet correctly shows a fall in value in my share portfolio. However, the quantum is incorrect. It appears to be picking up other values or one other value from somewhere and overstating the fall in value by some $19,881. The question then becomes not only why this is, but how can this be corrected post rollover?[/quote]

The change in market value is calculated as
change = (ending value - starting value)
which is summed up for every single asset that is not completely sold as at the end of the year. The values are read from the revaluations table. The best option would be to print off a change in market value report for that period and have a look at which values may be incorrect and which assets may not have been revalued for the relevant dates.

If you have closed off a financial year by going through the year end then you will not be able to change this. You will need to go back to a pre-rollover backup and reprocess. (The year end wizard creates a backup automatically.)

[quote]2. On a similar note, I have depreciated the physical asset MySF Software in the accounts and the depreciation expense has been shown correctly in the P&L. However the Balance Sheet shows 2 ledger accounts which means the software has been reduced from total assets twice, as follows:

1400 Physical Assets
1402 002 - Software
1402 - AA002 MySF SOFTWARE PROGRAM $528
1512 - AA002 Acc. Dep. MySF SOFTWARE PROGRAM ($294.23)

1420 Increase in Market Value (Physical Asset)
1422 Increase in Market Value for 002 - Software ($294.23)[/quote]

The 1402 and 1512 accounts look correct and show the expected numbers. The decrease in market value would have come about because the asset was somehow revalued. Please check the revaluation table for the MySF Manager software product asset.

[quote]3. Members Equity in the ledger account "3000 Member's Accounts" doesn’t reflect the loss from the fall in value of the share portfolio. I would have thought that the loss overall would have been split according to the agreed member proportions and then offset against the respective member contributions so as to reflect the each member's position as at balance date.

Instead, the Loss has been shown in a Liability Account "2255 Carried Forward Tax Loss". My auditor is looking for the Net position of each member as at balance date (as is needed for the Fund Annual Return anyway when entered in the Member Statement now).[/quote]

We will check this and post additional comments soon.

[quote]4. Finally, the General Ledger doesn’t form part of the Year End Reports for printout once rollover has occurred. It appears that access to the ledgers post rollover is only on an account by account basis through System Setup - General Ledger which is a slow, messy way of printing off. [/quote]

The general ledger in MySF consists of a hierarchy of over 1000 accounts for a typical fund. A report which contains "T-accounts" (a list of all DR and CR entries) for every account could be quite lengthy. What sort of printout are you after and why is this needed along with the other reports?

A Transaction Report is available for any date range from Reporting > Report Tool, which will contain the same information, in slightly different format.

Regards,

MySF

Various - EOY Rollover error; Portfolio loss; EOY Reports

UAJUA — Sun, 17 Aug 2008 04:38:24 GMT

1. At end of year rollover, the Balance Sheet correctly shows a fall in value in my share portfolio. However, the quantum is incorrect. It appears to be picking up other values or one other value from somewhere and overstating the fall in value by some $19,881. The question then becomes not only why this is, but how can this be corrected post rollover?

2. On a similar note, I have depreciated the physical asset MySF Software in the accounts and the depreciation expense has been shown correctly in the P&L. However the Balance Sheet shows 2 ledger accounts which means the software has been reduced from total assets twice, as follows:

1400 Physical Assets
1402 002 - Software
1402 - AA002 MySF SOFTWARE PROGRAM $528
1512 - AA002 Acc. Dep. MySF SOFTWARE PROGRAM ($294.23)

1420 Increase in Market Value (Physical Asset)
1422 Increase in Market Value for 002 - Software ($294.23)

3. Members Equity in the ledger account "3000 Member's Accounts" doesn’t reflect the loss from the fall in value of the share portfolio. I would have thought that the loss overall would have been split according to the agreed member proportions and then offset against the respective member contributions so as to reflect the each member's position as at balance date.

Instead, the Loss has been shown in a Liability Account "2255 Carried Forward Tax Loss". My auditor is looking for the Net position of each member as at balance date (as is needed for the Fund Annual Return anyway when entered in the Member Statement now).

4. Finally, the General Ledger doesn’t form part of the Year End Reports for printout once rollover has occurred. It appears that access to the ledgers post rollover is only on an account by account basis through System Setup - General Ledger which is a slow, messy way of printing off.