MySF Forums / MySF - The Application / The Wishlist / Proposed changes to distribution processing / Latest Posts

MySF2 — Thu, 07 Jun 2007 21:45:24 GMT

You can reverse transactions, which is as good as a deletion. A reversal will undo all of the effects of a transaction by posting one that is equal an opposite, but does not destroy the audit trail.To reverse a transaction, select the transaction in Reporting > Transaction Reporter and click on Reverse near the bottom of the screen.Full deletion of transactions is not possible because because the audit trail would be lost. Software which allows deletion of transactions destroys the audit trail and renders the resulting fund data impossible to audit.If you would like any specific assistance regarding the entry of the distribution mentioned, please let us know either by an email to info@mysf.com.au or by phone on 03 9877 4439Regards,MySF

Proposed changes to distribution processing

Brelades — Thu, 07 Jun 2007 21:45:24 GMT

I completely agree with the proposed change. I have tried to record a monthly distribution and am at a loss as to how to process it. I am reluctant to just try something because the edit transaction facility is so limited and there is no delete transaction facility (which there should be - most software packages that I have used have a delete facility and will ask you to confirm the delete request - I do not like the reverse transaction facility as there is the possibility of creating many reverse transactions especially during the early stages of using the package)Please make the change asap

MySF2 — Thu, 07 Jun 2007 21:45:24 GMT

It is likely that this change will be included in the next major update. We anticipate that the release of the next major update will be early in the new year.Regards,MySF

Proposed changes to distribution processing

wanzhu — Thu, 07 Jun 2007 21:45:23 GMT

This proposal seems to be very much along the lines that I have suggested and, if it works, it will be a great solution to my problem. When is this likely to be made available?

Proposed changes to distribution processing

MySF2 — Wed, 08 Nov 2006 10:42:52 GMT

Modification to distribution processing.This posting describes proposed changes to distribution processing in MySF Manager.Current difficulties stem from the fact that there are cases when companies issue several distributions during a given tax year without providing specific breakdowns. To address this problem, distributions handling will be amended to allow distribution records to be tagged for completion at a later date. The completion process must then be run before year end to ensure that all details relevant to income and taxation are provided.Step 1) Recording a distribution with only the full amount provided.There will be a modification to the distributions screen, which will be to add a checkbox allowing the distribution to be tagged as “details pending”. To retain accuracy in bank reconciliations, the distribution will still require that an amount be specified as received. The distribution will then be processed as normal, typically with the full amount recorded to 4110 – Distributions Received.For example a distributions of $150 on 1 May, without exact details of breakdown, would be recorded as Franked Amount $150, Income Account: 4110 – Distributions Received, Details Pending.http://www.mysf.com.au/images/uploads/1334886285_d1.JPGStep 2) Allocating amounts when details are received.An additional menu item will be added, called “Complete Distribution Details”. This function should be invoked when full details of the distributions received from a particular company are received.Completing distribution details takes three steps:i) Select which asset’s distribution details have been received.ii) Allocate the full amount. At this point the full dollar amount of “details pending” tagged distributions from this asset will be shown, and asked to be allocated across a screen that closely resembles the current distribution screen.iii) Automated amendment.After validation and confirmation the system will proceed to amend the distributions previously entered, based on the amount received as a percentage of the total distribution in each instance.Continuing from Step 1, if another distribution was received for $30 and recorded as details pending; users would need to allocate a total of $180 of income across the various fields, which would then be automatically allocated proportionately across the same fields for the two distributions. This would actually mean that the distributions processed would be reversed and new distributions processed, this time with full details.The screenshot below shows an example where there were no distributions other than the $150 was received, but the administrator has received the details of the distribution of the $150 and can now split is accurately. In such a situation, the process would also adjust the entry made.The year end process would not be allowed to run until there are no more distributions tagged as “details pending”.http://www.mysf.com.au/images/uploads/791569200_d2.JPGWe would like to invite MySF users to comment on this proposal, either by posting a reply in this thread, or by emailing us at info@mysf.com.auRegards,MySF