Issue
The fund receives a loss distribution from a partnership without cash. How do I process this in Class?
Resolution
To resolve this issue:
Step 1: Add New Income Expense Type
Step 2: Create the Business Event
Step 3: Make the Income Expense Type Tax Assessable "No"
Step 4: Create a positive General Investment Income Event
Step 5: Match Off the two Business Events.
Step 1: Add New Income Expense Type
Navigate to Business level > Settings > Investment Income
- Create a new investment income type with Tax Assessable as "Yes"
Step 2: Create the Business Event
Navigate to Fund Level > Transactions > Fund Income > General Investment income
- Process the business event with a negative amount
Step 3: Add New Income Expense Type: Partnership Share of Loss (Non-Assessable)
Navigate to Business level > Settings > Investment Income
- Add a new Income Expense Type: Partnership Share of Loss - Non-Assessable
- From the Maintain Income Expense Type screen, select "No" to Tax Assessable Option
- Click on Save
Step 4: Create a positive General Investment Income Event
Navigate to Fund Level > Transactions > Fund Income > General Investment income
- Select the "Partnership Share of Loss - Non-Assessable" income type from the Income Type drop-down list
- Enter the same amount into the Gross payment field as a positive