Dividend Income on the Investment Activity Report is too high

Legacy KB ID: 3801

Question

Why does the Investment Activity Report incorrectly record dividends received?  It is too high.

Answer

The Investment Activity Report reports on the header account balances only, but the account contains sub-accounts, including imputation credits.   

If you double-click on the Dividends amount an Investment Income report will open which will show the sub-accounts of Dividends, including the imputation credits. 

 

Reckon recognizes that Imputation Credits are not income and are not received in cash.  Imputation Credits are tax credits that can only be redeemed through an income tax return. 

Our Development Team is exploring whether Imputation Credits can be separated from Dividend income. 

 

Workaround

There are a number of workarounds the user can consider

 

Subtract the Imputation Credits from Total_DivInc to arrive at your total dividend income:

1.    Open the Investment Activity Report and set the date for the required range.

2.    Double-click on the Dividend Amount to open the Investment Income Report. 

3.    Subtract the amount of _ImpInc (and any other non-income sub-account) from the Total _DivInc to arrive at the total dividend income. 

Customise the Report to exclude _ImpInc:

1.    Open your report – eg. Income/Expense by Category – and set the date range

2.    Click on the Customize icon in the top right corner

3.    Click on Categories tab

4.    In the Category box, scroll down to _DivInc subaccount _ImpInc and untick it.

5.    Click OK to close

6.    Click on the Save Report icon

7.    Give the report a name and select a folder to save it in; click OK.

To view the saved report click on Reports > My Saved Reports & Graphs > Folder > saved report.

 

Enter Imputation Credits separately from Dividend Income

1.    Enter only the cash or reinvestment dividend

2.    In the Imputation Credit account (Property & Debt Centre) enter the imputation credit with the following details:

a.    Payee:  share name

b.    Category:  imputation credit account

c.    Amount:  amount of imputation credit

This transaction will ensure that the imputation credit does not show in ANY Investment or Income Report. 

 

Additional Information

The Imputation Credit is a tax credit and is claimed in the individual’s income tax return.  When the tax refund is received, enter the amount into your bank account with the following split detail:

·          1st split line:  tax refund less the imputation credit to Tax Refund

·          2nd split line: the amount of the imputation credit to the Imputation Credit account. 

This transaction will clear the Imputation Credit account (Property & Debt). 

 

Ask the Reckon Community at: https://community.reckon.com/reckon.

 

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