A property purchase deposit was paid, but the property failed to settle. How do I process this in Class?
In Class you will need to:
Step 1: Create a Custom Holding Account
Step 3: Match Transactions
Create a Custom Holding Account
Navigate to Fund Level > Investments > Custom Holding Account
- 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
- 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 off the Cash out transaction (which has been the property deposit) to the Realised Accounting Gain/Loss event.