This article will teach you how to process:
This event is used when the investment is disposed of, where the Dividend Reinvestment Plan (DRP) is suspended or where the investor elects to cease participation in the DRP for an investment.
Receiving a DRP Residual
Navigate to Fund Level > Transactions > Investment - Sell > DRP Residual Receipt
- Select the Investment Account from the available dropdown after typing the investment
- Enter the Transaction Date, the date the DRP residual receipt was received
- Enter the DRP Residual Receipt Amount received
- Enter a Description, or use the Class default 'DRP Residual Receipt'
- Select Submit
Donating DRP Residual
If the DRP Residual Amount has been donated, first process the DRP Residual receipt as per above steps.
You can use an existing expense account to allocate the donation to e.g. Transactions > Fund Expenses > Fund General Expenses > Sundry or you can create a new expense account and call it 'Donations' (also under Fund General Expenses) at the Business level. If you want to do this please refer to Set up new expense type.
Navigate to Fund Level > Transactions > Fund Expense > Fund General Expense
- Select Expense Type as "Sundry' or 'Donations', using the drop-down
- Enter Fee Date, being the date the DRP residual was donated
- Enter Gross Amount, being the DRP residual amount donated
- Enter Description
- Select Submit
The tax-deductible setting can be overridden when processing the transaction, by selecting the 'override' link under Tax Deductible. This will allow you to override whether the expense is deductible or not.
Navigate to Fund Level > Transactions > Match Transactions
Match the Donations expense against the DRP Residual Receipt event.
We will teach you about Processing Income for Unlisted Securities