Managed Fund distributions - is there a better way?

I’m finding processing these very tedious.

  1. I have to journal in all the distributions paid after 30 June. It would be good if the Corporate Actions screen could pick up distributions not yet received?
  2. Then I need to reverse this journal in the following year. It would be good if we could have journals auto-reverse on a set date?
  3. Distributions that came in via a Wrap feed put an ex-date on them which is after year end. So the PREVIOUS 30 June entries need to be edited, which requires me to undo the close period process (I don’t like doing this for obvious reasons) just to change the ex date. The date appears editable when you open the transactions, but you can’t save that change.

How are other firms dealing with these at 30 June each year?

We still have to manually journal the distribution receivable amount for the next financial year but at the moment I can see that SF360 automatically codes distribution amounts received in July to the 61800/ account sometimes.

Hi CAXSB and JYSUPER,

Thanks for your post.

We understand the current procedure for processing distributions may include posting journals for accrued distributions 61800 as one of you mentioned. To make it even easier, we are looking to implement the new feature of posting distribution accruals at a later stage. Once that is available, we will let our dear clients know.

Regards
Eric

Wish the ATO would stop implementing new requirements, so you guys can concentrate on putting in new features.

For those distributions that actual pay into the bank accounts I’m actually finding that SF360 is successfully coding the the 30June distros (paid after 30 June) into the correct 61800 accounts. With the rest of the year distros coding nicely to 23800.

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