Locked Transactions

Simple Fund 360
#1

Hi,

Just wondering if anyone else seems to have issued with transactions being locked. I understand that the transactions are locked due to a CGT event that has happened, however it is an absolutely pain to remove or reallocate all future transactions including:
Purchases after the locked transaction.
Cost base adjustments after the locked transaction.
Disposals after the locked transaction.
Demergers after the locked transaction.
Deferred Tax entry to the income accounts after the locked transaction.
Tax-Free entry to the income accounts after the locked transaction.
System Journals for revaluations after the locked transaction

Let alone trying to work out what transactions might have cause the locking!

Can BGL explain the reason why the locking of transactions is necessary and is there a work around, or could there be a work around developed? We seem to be spending a lot of time trying to track down the relevant transactions and on more than one occasion have had to refer the matter to support. Half the time, it has been an issue at SF360 level and something out of our control.

Regards,

Alison

3 Likes
#2

We have raised this in the past, very annoying if you miss GST on an item or need to allocate an amount to another property when there is large property portfolio.

#3

Hi @alison and @SarahW thank you for the feedback.

We are aware the locking of transaction is a pain point for clients. Currently there is the CGT Register Detailed Report (in excel format) that you can download from Accounting > CGT Register screen. This report groups transaction by parcel and will help with identifying transactions that are causing the locks.

Revaluation journal doesn’t lock prior transaction currently.

Work is underway and will be done in stages for a function to allow re-processing of CGT-related transactions. What this means is say you have a purchase, then cost base adjustment and disposal. You realised cost base for the purchase is incorrect. When this new function is available, we will remove some of the locks so you’ll be able to edit the purchase to correct the error. This new function will then allow you to auto reprocess the cost base adjustment and disposal with the change in the purchase cost base. I’m unable to give a timeframe on this as we have a number of compliance changes that the team still need to work on first.

The lockings are in place mainly because we want to ensure data integrity. There are a lot of complexity in the CGT engine that we have hidden to make it simpler for end user but it relies on correct data being in place. In the above example, if the cost base adjustment and disposal wasn’t reprocess they will have an incorrect tax position if the purchase could be edited.

Regards,
Joanne

1 Like
#4

Hi Joanne, I wonder if there is someone from BGL team I can ask to assist me to edit a locked transaction. I need to edit the number of units in an investments acquisition.

#5

Hi Joanne, just wondering if anyone was able to help Christopher’s query - I may have a similar situation in that AHG shares were taken over by APE, 1 for 3.6 deal, and in the takeover merger entry something is happening to the cost base - it all looks correct until I try & process the final parcel shares and it turns out the cost base is 0.000001 units below what it should be - a rounding error. How do I correct this? All the entries are locked and I cannot edit… help please. Thanks

#6

Hi @Deb_S, thank you for reaching out. I’ll log a support ticket for you so one of our Support Consultant will get in touch with you. Thank you.

#7

Hi @Christopher, Apologies that your query has been missed.

Generally if you have any CGT transactions e.g. cost base adjustment, certain corporate action, tax deferred, disposal after the purchase, then the purchase transaction will be locked.

You could download the CGT Register Details Excel Report from Accounting > CGT Register screen. This report groups transactions by parcel and will help with identifying transactions that are causing the locks.

E.g. You have a Buy transaction, then a cost base adjustment and a Disposal for this parcel. In this scenario the buy and cost base adjustment transactions would be locked. To unlock the Buy transaction, please follow these steps: -

  1. You would need to temporarily allocate the Disposal and Cost base adjustment transactions (that occurred after the purchase parcel) to a suspense account. Please note down the details of the transactions so you could reinstate them afterwards.
  2. The Buy transaction would be unlocked now. You can change the units.
  3. After the changes are made, you can then re-allocate the cost base adjustment and disposal transactions back to the correct account and re-enter the details.

In some case, it might be more complex to go through this process. I would suggest to log a support ticket and we can assist you further.

Thank you.