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edit a system journal

Edward van Oort

System allocates july DRP from ETFs to income in July, but it should be allocated as a credit to Distributions receivable (and I manually have to enter as income in June. I can't edit the journal to use the Distributions Receivable account and I don't fancy re-enetrering the lenghty DRP journals. Is there a solution?

 

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  • Andre Jones

    Hi Edward,

    Thanks for raising this.

    I've also noticed that one of our support team members has been assisting you with this directly, so you may already have some of this in hand.

    When processing a DRP in Simple Fund 360, use the Corporate Action screen rather than letting the system auto-allocate. There's a field for entering the reinvestment amount against 61800, which lets you control whether it posts to income or to Distributions Receivable.

    For future DRPs from ETFs, you'll need to enter this amount manually in that field, since the system doesn't automatically detect whether a distribution is receivable. Apologies for the extra step this adds to your workflow.

    Let me know how you get on.

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  • Edward van Oort

    Many thanks-That worked. A few comments, perhaps for a wish list:

    1. You can't just press that field for the Receivables, but need to cut-and-paste the actual amount next to that field and then press. A bit counter-intuitive, but no major drama.A simple toggle would be even easier.

    2. Almost all ETFs  should credit the July distribution to Distributions receivable. I say 'almost all', but I have never come across an exception so far. It would be handy if BGL could pick that up. And in theory, if that can be programmed, then a debit auto-entry for 30June to that same account with a credit to income would be feasible. 

    Having said that, now I know how it works its not a big deal. Provided you don't have too many ETFs...:)

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  • Andre Jones

    Thanks for the feedback, 

    I've passed on the point about the Receivables field needing a cut-and-paste instead of just a toggle, good suggestion.

    On the ETF distributions, worth checking out the Distribution Tax Automation screen if you haven't already. For ETFs where BGL holds System Tax Data, it'll post the year-end accrual journal to Distributions Receivable for you, so a lot of what you're after may already be covered there. However, I do agree that it would be useful if Simple Fund 360 would post an auto-entry for when the payment is received.  

    If anyone else has run into this or has thoughts on it, jump in below. Always good to have more examples to back it up.

     

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