If your fund holds direct shares or hybrids, you may receive Dividends that you choose to reinvest to acquire additional shares/units.
To enter reinvested dividend receipts:
Click the INCOME tab, then click the ADD NEW INCOME button.
Select the Account to which this income accrues (the Fund, or an individual member account).
Select the Asset that generated the dividend.
If you select Direct Equity or Hybrids, Mclowd™will display:
Mclowd™will grey out the Add to account field and add additional fields:
You should enter Franked and Unfranked Amounts in the same manner as for cash dividends.
The franked and unfranked components of a dividend should be noted on a dividend advice you should have received from the company. If you don't have that to hand, you can verify the franked and unfranked components of dividends from any company listed on the ASX by going to https://www.asx.com.au/asx/markets/dividends.do and typing the security code. There, you can find details of the last few dividends paid with record date, ex-dividend date, date payable, dividend type (interim or final), dividend amount per share, and franked and unfranked percentages. You will need to calculate the totals for your shareholding by multiplying the dividend amount by the number of shares held, and then, if the franked % is not 100%, multiplying by the franked percentage.
Mclowd™will calculate the Franking Credits based on your input of Franked amount.
You MUST enter a value in both Franked and Unfranked Amount fields, even if the amount is 0.00.
If the dividend is fully franked, type 0 in the Unfranked Amount field.
If the dividend is fully unfranked, type 0 in the Franked Amount field.
You should then enter the Cost per Unit of newly acquired shares, and the Volume Reinvested.
Mclowd™will display the Total received (excluding Franking Credits, which will either reduce your Fund's tax obligations, or will be repaid as an income tax refund).
Mclowd™will calculate the Franking Credit due, based on your input of the Franked Amount, and display it in column F.
Mclowd™will calculate the Reinvested Amount, and will display any Reinvested Over/Under Amount and Cumulative Balance.
•If the Dividend Income received is greater than the amount reinvested, the Cumulative Balance will be debited to account 1-1060 Dividends Receivable, as a debt owed to you by the company.
•If the Dividend Income received is less than the amount reinvested, the balance will be credited to account 1-1060 Dividends Receivable as a debt from your Fund to the company.
In either case, the balance is carried forward on your Fund's balance sheet for future adjustment as and when declared by the company.
A future dividend from that company may differ from the income due to you, in which case the difference would be allocated to account 1-1060 to offset the debt or credit in that account.
Account 1-1060 does not provide a breakdown by company/investment of debits or credits accumulating in the account. It will only ever reflect a cumulative total for all dividend reinvestment residuals from all investments. You should ensure that data entries or supplementary records you keep clearly indicate the assets for which residual debits or credits have accrued and the amounts of each debit or credit.
When you are satisfied that all data has been correctly entered, click SAVE INCOME to save.
Account 1-1060 does not provide a breakdown by company/investment of debits or credits accumulating in the account. It will only ever reflect a cumulative total for all dividend reinvestment residuals from all investments. You should ensure that data entries or supplementary records you keep clearly indicate the assets for which residual debits or credits have accrued and the amounts of each debit or credit.
