Issue

A property purchase deposit was paid, but the property failed to settle. How do I process this in Class?

Resolution

In Class you will need to:

Step 1: Create a Custom Holding Account 

Step 2: Process Realised Accounting Gain/Loss Event to take up Capital Loss

Step 3: Match Transactions

Create a Custom Holding Account 

Navigate to Fund Level > Investments > Custom Holding Account

1. Select the relevant Capital Gain Classification, see example below
   
   

Another existing Custom Holding Account can be used for this scenario as well.

Process Realised Accounting Gain/Loss Event to take up Capital Loss

Navigate to Fund Level > Transactions > Realised Accounting Gain/Loss

1. Create a business event, ensure the Custom Holding Account, Effective Date, Gain/Loss Amount , Capital Loss and CGT Classification fields are completed
   
   

Make sure you select the relevant CGT Classification in order to take up the Capital Loss in the Realised Capital Gain calculation.

Match Transactions

1. Match off the Cash out transaction (which has been the property deposit) to the Realised Accounting Gain/Loss event.