We use the Contract Notes add on in 360 and this year a client has made quite a few new investments in ETF’s such as iShares Core Global Corporate Bond ETF. This has an ASX code of IHCB. 360 has automatically set up the new investment code as 77600. Is this right? The income is more of a distribution in nature and refers to units. A similar holding is with Betashares Global Energy Companies ETF - this one has already got its annual Taxation Statement issued on Link and it clearly shows Distribution components and as it is global I have used the Transaction Recode function to move this to a/c 78300 instead of where 360 automatically coded it to 77600. Anyone else encountered similar issues?
Though Simple Fund 360 will choose the investment type based on the data we receive from ASX, you are not locked into this choice and can freely change this to the investment type you would like.
From your example, there’s a few options you could use to change this. You could look at processing a transaction recode to a different investment type. Please see the following link for more information on how this works:
Regardless of whether you choose to reclassify the investment type of the account, you may have a situation where an investment is of the type Shares in Listed Companies (Australian) (77600) but in addition to dividends, the investment also receives distributions.
To process the scenario where you have one investment type receiving two types of income, e.g:
You can add another linked income account to the investment to record those amounts. For the above example, you would add a linked Distributions Received (23800) income account to the existing linked Dividends Received (23900) account. For details on how to add a linked account, please check the link below:
Hope that helps
Can’t transaction recode from 77600.
Are you receiving an error when attempting a transaction recode from 77600? Under normal circumstances, this is a supported account to process a transaction recode with.
Listed shares won’t even come up in the available list when choosing a new recode transaction.
Is the security attached to only one fund?
At the moment, we currently support processing transaction recodes for securities that are attached to just one fund. If it’s a common security such as BHP.AX or CBA.AX, this could be why it’s not appearing.
No, it’s attached to multiple funds. Any time frame on when multiple fund recoding will be available, we have been told this is high on the product team’s list for a year now.
We don’t have a set timeframe for multiple fund investment reclassification I’m afraid. The next stage of Recode that we’ll be working on is recoding income / expense transactions.
@jng Will this also be at a single fund only level?
Hi @Ben, yes single fund only.
I want to recode three ETFs from investment type 77600 to 78200 – this pertains to just one fund.
How can I change this? I have other ETFs that are 78200 and it will look odd on reports to have three listed as LICs (which they are not…)
What is the best way of correcting the categorisation?!