Issue

Receive reconciliation errors in the exceptions report about distribution tax statement

Example of error: 

The total Interim Distributions for XXX do not equal the Final Distribution for YYYY-YY. The Interim Distribution exceeds the Final Distribution by $XXX.XX.

Cause

This error can be caused by different scenarios:

Scenario 1: Tax statement has not been processed or the tax statement is not reconciled with the distribution amount.

Scenario 2: The annual tax statement has been generated in the tax statement console before all the distributions for this financial year have been processed. 

Resolution

Scenario 1

Navigate to Fund Level > Transactions> Fund Income>Distribution - tax statement

or

Navigate to Fund Level > Periodic Processing > Tax Statement Console

1. Process or generate the tax statement for the distributions received for this investment for this financial year. Please see Tax Statement Console for more details.

Navigate to Fund Level > Transactions > Browse Events > Group by "account name"

1. Review the total amount of Tax Statements processed for this investment for this financial year
2. Review the total amount of Distributions processed for this investment for this financial year
3. Update the amounts accordingly if there is any unreconciled amount.

If the income transactions were processed as dividends rather than distributions, update the income type accordingly. 

Scenario 2

Navigate to Fund Level > Periodic Processing > Tax Statement Console

1.  Check if there is an "Unreconciled Distribution" amount
2.  If yes:
   1. • Click on this tax statement
      • Click on "Reset: - this resets the annual tax statement template based on all the distributions received for this financial year.

The warning message regarding the distribution tax statement reconciliation issue will disappear after you ensure the total tax statement amount and the total distribution amount are the same for this investment for this financial year.