I am a long time Sharesight user, trialling Simple Invest 360, and looking to transition if the trial is successful, but I’m running into a problem (or knowledge gap) on how to handle Distribution Tax Automation where a payment is received after the end of a financial year, but belongs in the prior financial year.
I’m re-running for the FY2020 financial year to see if I can re-create the results I’ve already completed for my family trust, and so have a real world example where I’m running into problems.
Firstly, the second payment for MICH (Magellan Infrastructure Fund - Currency Hedged - not the greatest investment, but I digress) was received on 28 July 2020, but attributable for 30 June 2020.
When originally matched, it was allocated to a 61800/MICH.AX account (distributions receivable), and didn’t even show up in the Distribution Tax Automation screen.
I found another support note that suggested re-coding it to 23800 Distributions Received, which I did, but it didn’t show up until I changed the Ex Date under more in the transaction to 30/06/2020.
I would show in screen shots, but I can’t embed them (I think because I’m a new member)
However, if I click on the lightning bolt, the second payment is excluded, so I end up with a variance.
Sharesight gets this right - it knows that the second payment belongs in FY2020, even though the payment was received after the end of FY2020.
Aside from editing the original bank account transaction date to 30 June (which, given that it has come from an automatic bank account feed, doesn’t seem sustainable), I must be missing something obvious here.