Issue

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? 

Resolution

To resolve this issue:

Step 1: Create the Distribution Cash business event, gross-up the payment amount

Step 2: Create the Expense Type (Only required if the type is missing)

Step 3: Process the Expense Event

Step 4: Match the expense event with the cash received

Worked Example

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

1. Enter the gross payment (being the net Cash received plus the expense)
2. 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

1. Select the expense type you have just created or select the appropriate type for this expense event:
2. Enter the Expense Date
3. Enter the amount
4. 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)