Distributions received in July for the previous Financial Year
How do I included Distributions in the 2022/2023 year when they have not been paid until late July 2023?
I have received distributions on the 20th July 2023 but they are part of the Distribution Tax Statement & belongs in the previous financial year..
How can I include the distributions in the 2022/2023 year & also make sure the distribution is not included again in the 2023/2024 year?
-
From the 'Distribution Tax Automation' (Compliance) you can use the 'Post Accruals' as semi-automatic process for what you are describing.
-3 -
Hi Henrietta,
In your transactions screen, you can change the end date (near the top RHS) to today (eg just by typing t into the end date and pressing return). You will notice that BGL have created an entry for that distribution (assuming that you are using bank data feed) with the bank account (60400/...) and the distributions receivable account (61800/...) for the date when you actually received the distribution. I call that reversing accrued income. What you need to do is make a new journal entry dated 30/06/2023, where you credit the 23800/ ... account and debit the 61800/... account. Then when the annual tax statement comes in you will fill in the details of the year's distributions in Compliance/tax automation. Hope that helps. Else, here is the link to the Knowledge Centre article https://support.sf360.com.au/hc/en-au/articles/360018150012
0 -
Thank you so much.
0
Please sign in to leave a comment.
Comments
3 comments