Value date

You have two options:

1. Enter 30 June as the deposit date. Quicken won't care -- it's just another deposit that gets reconciled the following month.

1. Enter an account receivable for the distribution dated 30 June. Then post the deposit as a transfer to the account receivable.

Option 1 is by far the easier option, and most often used.

Thanks for your reply Fred. I'd used Option 1, but, #2 is certainly better all round.

: > Is there a way to enter a value date for a bank deposit? : >

: > I have received a investment distribution in July, but it forms part of my : > 2004/05 tax year (Australian Tax year is to 30 June). So it is a bank : > deposit in July, but needs to be in the 2004/05 Tax year reports. : >

: > Thank you : >

: >

: >

: >

: :

OzieBill - I am just curious about one thing. If your tax year ENDS on 30 June, but you don't GET the distribution until July, why is it part of the previous year? Why would you then be fudging the date of deposit?

On the other hand, if it really DOES appear in your bank account prior to, or on 30 June, then you really don't get it in July, right? So if you really DO get it in July, it can't be credited to the previous year (at least, not according to MY calendar).

So something doesn't add up here....

: >>> I have received a investment distribution in July, but it forms : >>> part of my 2004/05 tax year (Australian Tax year is to 30 June). So : >>> it is a bank deposit in July, but needs to be in the 2004/05 Tax : >>> year reports. : >>>

: >>> Thank you : : OzieBill - I am just curious about one thing. If your tax year ENDS on 30 : June, but you don't GET the distribution until July, why is it part of the : previous year? Why would you then be fudging the date of deposit? : : On the other hand, if it really DOES appear in your bank account prior to, : or on 30 June, then you really don't get it in July, right? So if you : really DO get it in July, it can't be credited to the previous year (at : least, not according to MY calendar). : : So something doesn't add up here.... : : -- : ------------------------------------------------------------- : Regards - : : - Andrew : :

Andrew

Sorry about the delay - wanted to check this out properly.

I have a couple of these investments - they are managed funds and what happens is they rule off their books on 30 June (our tax year end) and then they have to calculate the break-up of your (mine) distribution for the year; and its only after that is finalised, which is well into July or even August they can pay the outstanding amounts and give a break-up of my yearly distribution. This would include straight income, dividends (we have a dividend imputation system here) and capital gains or losses as well as any foreign income, etc.

So from the funds' point of view, payments to their clients are treated as creditors at the year end and strictly from my point of view they are debtors. The fact the money is paid and received later does not alter the fact they pertain to the previous tax year. If I wanted to be pedantic in my own books I would follow Fred Smith's Option 2.

Of course a value date in Quicken would assist.

Hope this explanation is clear.

I'm sure you would have similar funds in your neck of the woods.

Bill