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Regular Member
 
Group: Forum Members
Last Login: Yesterday @ 3:47:45 AM
Posts: 15,
Visits: 81
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| Early in the financial year, our SMSF made a Capital Gain on sale of shares. The Gain was automatically credited as two-thirds to account number 4400-011 and one-third to account number 4500-011. Recently our SMSF has made a Capital Loss on sale of shares, which was greater than the previous Capital Gain, giving us a net Capital Loss. This subsequent loss was debited automatically to 4400-011. Should a journal entry be done to transfer the original one-third credit to account number 4500-011 to account number 4400-011, or does MySF handle this situation during year-end processing?
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MySF Administrator
Group: Administrators
Last Login: 3/09/2010 6:43:48 PM
Posts: 133,
Visits: 631
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Hello,
MySF Manager handles all of the Capital Gains/Loss processing during the year end and will offset them against each other. After the initial Welcome screen in the year end rollover you will see the Capital Gains/Losses screen.
Regards,
MySF
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