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Regular Member
 
Group: Forum Members
Last Login: 19/10/2011 5:36:57 PM
Posts: 17,
Visits: 34
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| Hello In the settings window I have selected the option "Realised capital losses should flow through to equity and cause a reduction in equity". Under release 6 when I ran the EOY wizard the capital loss I had for an investment fund, that was wound up during the year, was brought to account in the Income section of the Profit & Loss statement. It was also reported in the balance sheet as a reduction in member's equity via "Share of Profit" (3300 accounts). When I reran the EOY wizard under release 7 there is a change in what happens. I have not changed the setting for how to process realised capital losses. Now the capital loss appears on the balance sheet as a liability under the heading Carried Forward Capital Losses Summary. Under Member's Equity it is being reported as a Members Expense. It would seem that in release 7 MYSF is ignoring the option I selected NOT to carry capital losses forward to the next financial year. I know that some aspects of how capital losses were to be treated changed in release 7, but is this apparent decision to ignore the setting I selected intentional, a bug or have I missed something? Regards ...... Ron
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
I can confirm that the new capital gains adjustment mechanism appears to override this setting and carry the losses forward. We will update this mechanism to put all unused capital losses through to equity rather than keep it in the carried forward account when the option you mentioned is selected.
Regards,
MySF
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Regular Member
Group: Forum Members
Last Login: 19/10/2011 5:36:57 PM
Posts: 17,
Visits: 34
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| Hi Can you advise if the bug originally reported in this topic was fixed in version 7.01 or is the fix still outstanding? Thanks ...... Ron
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Regular Member
Group: Forum Members
Last Login: 19/10/2011 5:36:57 PM
Posts: 17,
Visits: 34
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| Hi Can you advise if the bug originally reported in this topic was fixed in version 7.01 or 7.02 or is the fix still outstanding? Thanks ...... Ron
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
Yes, if the File > Settings > Realised capital losses screen contains a setting to push all capital losses through to equity then it will be posted as such. If you have that setting selected you should find that the year end process shows you a very large warning when you click Next on the Capital Gains Adjustment screen.
This change was implemented in 7.0.1 and has not been changed for 7.0.2.
Regards,
MySF
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