This article will outline how to post transactions to 58300/(Subscribed Units) and how this transaction is represented in the Beneficiaries screen.
The account 58300 can be used to record Subscribed Units for beneficiaries in a Unit/Hybrid Trust.
The following options are available when recording a unit holding:
- Unitholder Balances
- Return of Capital
|From the Main Toolbar, go to Accounting.||
|Select Transaction list||
- From the Transaction List screen, select New Transaction. From the drop-down list, select Journal.
- Input the Date of the return of capital and a Reference (Simple Invest 360 will automatically produce a reference number, but it is editable). You can include a description in the Description box.
- Under the Account heading, click on the next Select an account box. Begin typing 58300 or "Subscribed Units" and select the account for the correct Beneficiary.
- Input a Debit or Credit value based on the type of unit holding you are recording.
- The Unit Distribution Details panel will now appear underneath. Scroll down and select the Holding Type, Class, and Number of Units related to the transaction:
- After you have entered all information for the transaction, select Post to add the transaction and return to the Transaction List, or select Post & Add Another to add the transaction to the Transaction List, but remain on the Journal screen.
After posting the transaction, this event can be viewed on the Beneficiaries screen by selecting the relevant Beneficiary. The event shows with a link to the transaction created posting to 58300:
Editing Transactions to 58300
Manual transactions posted to 58300 cannot be edited in the Beneficiaries Screen. To make the changes required, you will need to manually edit the transaction by clicking on "View Transaction".
To reverse these changes, locate the transaction in the Transaction list, select the check box on the left side, and click "Delete":
SI360 has validation checks in place to ensure these Subscribed Units are being recorded correctly.
The following table outlines each type of Unit Holding and what is required to successfully post a transaction:
|Unit Holding Type||Number of Units||Amount Paid|
|Allotment||(+) Positive Units||Credit (Positive Amount)|
|DRP||(+) Positive Units||Credit (Positive Amount)|
|Redemption||(-) Negative Units||Debit (Negative Amount)|
|Initial||(+) Positive Units||Credit (Positive Amount)|
|Unitholder Balances||(+) Positive Units||Credit (Positive Amount)|
|Buybacks||(-) Negative Units||Debit (Negative Amount)|
|Cancellations||(-) Negative Units||Debit (Negative Amount)|
|Return of Capital||"0" Units||Debit (Negative Amount)|