Overview
The Distribution Reconciliation Report has been added to the Reports screen to assist you with the following:
- Verifying tax components that have been entered against your distribution income.
- The payment received reconciles with the Operating Statement.
- Gross trust distributions (label 11M in the tax return) can be easily reconciled.
- Capital Gains reconciliation section added at the end of the report to assist in reconciling the gross capital gain of the fund with the NET capital gains for both the 1/3, 2/3 method (Superfund) and 50% (Individuals) discount rates. The discount elected for each distribution is determined by the election made in the Distribution details panel when recording tax statements. Refer to How to Enter a Distribution & Tax Statement for more.
Navigation
| From the Main Toolbar, go to Reports. |
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| Select Reports. |
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How to Prepare The Distribution Reconciliation Report
To download an individual report in PDF, Word or Excel format:
- On the left-hand side of the Reports screen, search for the Report.
- Select the green arrow to add the report to the Report Pack List.
- Select either Download PDF, Download Word or Download Excel.
You can also add this report to a Report Pack. See Reports for instructions.
Variance in Net Cash Distribution
The Distribution Reconciliation Report will indicate if there is a variance between the total distribution payment received and the total net cash payment received for each investment. The variance will only be displayed at the sub account level.
Example
Notice that the partnership has a net variance of $11,800.00. This would indicate that there is a discrepancy in the Payment Received and Net Cash Distribution received.
If there is no variance, the report will not display a variance indicator.
Footer Notes
At the bottom of the report, notes clarify where the amounts are entered in the Tax Return and specify the relevant Tax Labels.