Hi flywire, A couple of comments before I get into the meat of my response:
- What you're asking about here is somewhat specific to Australia, and the details may not be applicable to other jurisdictions. - I'm not an accountant, so I'm not sure how an accountant would respond to this. But it works for me! So with that said, here are accounts I use to track Australian trust distributions: [image: image.png] Here's an illustrative journal entry that represents the details from the AMIT statement for the VAS ETF attached to your email: [image: image.png] Here's a transaction on the date you become entitled to receive a distribution (for example - this is would be recorded on 30 June for the final VAS distribution for the year): [image: image.png] And here's a transaction representing the actual payment of the distribution (on the date the payment is made): [image: image.png] If anybody has a different way of modelling Australian trust distributions, I'd love to see other examples! Chris On Thu, 11 Aug 2022 at 23:10, flywire <flywi...@gmail.com> wrote: > It's tax time again and I'm wondering if I can improve on the process I > described in > https://lists.gnucash.org/pipermail/gnucash-user/2021-August/097424.html > > It works and keeps my accountant happy but it just doesn't seem to sit well > with double-entry accounting to just ignore a few accounts at tax time and > slip in a funny-money cheat sheet for ETF (Mutual Fund?) investments. I'd > welcome any suggestions for a better way of doing it. > > Attached is an ETF statement. The total of each of the 10 Tax codes in the > top section for all ETFs is reported in the attached guide on p4. > > The Cash distributions are on the bottom left and the Attribution is on the > bottom right don't match. I understand the issue is summarising different > tax treatments for Dividends, Franking credits, Realised capital gains, > Interest, and Foreign Income categories. I'd prefer to enter what is > relevant into GnuCash but I don't understand the accounting. I also > understand there are different ways of accounting for tax but any guidance > would be welcome. > > I don't want to get into the detail of setting up an investment portfolio > as explained in the guide and I can't see that it addresses this issue. I'd > be happy to revalue the few funds at the end of each tax year (with > guidance) for the balance sheet. > > This should feed into the financial statements for the trust which owns the > ETF units and distributes the proceeds each year. The Cash distribution has > been distributed with pro-rata funny-money reported. > > [image: VAS-annual-tax-statement-2018.png] > > > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. >
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