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RE: Reports on unrealised gains

MySF2 — Wed, 28 Oct 2009 20:07:18 GMT

Hi,

Yes, it is possible to override the tax deferred liability calculation.

Please note that the use of 10% (1/3 discount on the 15% tax rate) assumes that all of the assets have been held for over 12 months at 30th June. It sounds like that assumption is not value for your fund, otherwise the 10% rate shortcut and the software's calculation would have been the same. Using a flat 10% is a common shortcut because an itemised calculation is not possible in some systems that lack the parcel level of detail.

To override the tax deferred liability calculated by the software please click on the 'Change tax deferred liability amounts' link on the Unrealised Capital Gain page of the year end process. This will open up the fields displayed for tax deferred liability and you can type in any figure you wish to use.

Regards,

MySF

RE: Reports on unrealised gains

scott — Wed, 28 Oct 2009 16:00:03 GMT

In the tax deferred liability calculation is there a way to set the end of year roll over to just use 10% or is there a way to stop the end of year calculating it so I can put a General Journal entry through to match my accountants number? Your system is doing the calculation line by line but my accountant says the discount is applied after recouping losses and as the report is at a point in time he has used 10% rather than some at 10% and some at 15% as the system does.

regards

RE: Reports on unrealised gains

scott — Wed, 28 Oct 2009 15:39:39 GMT

Actually, I just worked out how you calculated that number. The wording makes it sound like it was carried forward from an earlier year rather than to be carried forward.

Regards

RE: Reports on unrealised gains

scott — Tue, 27 Oct 2009 22:46:41 GMT

Ok Thanks,

Actually screenshots don't work well as you can't maximise to fill the window. It would be great if there was a print or export function.

What about the carried forward number at the bottom of the box, how is that calculated?

Regards

RE: Reports on unrealised gains

MySF2 — Tue, 27 Oct 2009 19:13:34 GMT

Hi Scott,

Complete details on how these figures are calculated are shown during the year end, but neither of the breakdowns are set into a separate report.

The best option would be to get your accountant to run through the steps of the year end (they can use a free demo copy of MySF Manager) with your fund and they will see a complete itemised breakdown of the calcs. For example, the screen showing the tax deferred liability calc has a tab called 'Detailed calculation' which shows exactly how the final figures is obtained.

The other option is for you to print one or more screenshots from the year end.

Regards,

MySF

Reports on unrealised gains

scott — Tue, 27 Oct 2009 02:05:50 GMT

My accountant has some different calculations for the unrealised gains than MySF generates.

How do I export the report in the end of year wizard that shows the details of the tax deferred liability calculation?

Also, in the end of year process there is a box titled Unrealised Gains - Capital Gains Adjustments and at bottom it has a number for total amount of losses from previous year carried forward again to next financial year. How is that number calculated and how can I create a report to send to my accountant showing the workings?

Regards