Some tax statements provided by fund managers list expenses, such as management fees which need to be put against the distribution received. Since the Distribution - tax statement doesn't have this field to enter expenses as such, how should I pick this expense up?
To resolve this issue:
Step 3: Process the Expense Event
Background Information: Received distribution tax statement from Test Managed Investment, comprising of the expense of $1,765.34 and net distribution of $1,827.59.
Tax statement has been entered as shown below:
Navigate to Fund Level > Transactions > Fund income > Distribution-tax statement
Create Distribution the Cash business event, gross-up the payment amount
Navigate to Fund Level > Transactions > Fund income > Distribution-Cash
- Enter the gross payment (being the net Cash received plus the expense)
- Click "Submit"
Create the Expense Type (Only required if the type is missing)
Refer to our User Guide article, Income and Expense Type Settings for detailed instructions on setting up
Process the Expense Event
Navigate to Fund Level > Transactions > Fund Expenses > General Investment Expenses
- Select the expense type you have just created or select the appropriate type for this expense event:
- Enter the Expense Date
- Enter the amount
- Click 'Submit"
Match the expense event with the cash received
Navigate to Fund Level > Transactions > Browse events > Match Transactions
Match off the two Business Events (on the right) first. then match the business event to Cash Transactions (on the left)