If your fund holds direct shares or hybrids, you may receive Dividends. To enter dividend receipts:
Click the INCOME tab.
Click the ADD NEW INCOME button.
Choose the Account to which the income attributes (Fund, or a Member account if the income attributes to a segregated asset.)
Select the Asset that generated the dividend.
If you select Direct Equity or Hybrids, Mclowd will display:
In the Income Type, select Dividend or Reinvestment for Direct Equities, or Dividend, Interest or Reinvestment for Hybrids.
If you selected Dividend or Interest, choose the Add to Account into which Interest or Dividend income will be deposited.
NOTE: If you selected Reinvest, please refer to Section 220.127.116.11.
If you selected Interest in Income type, you can now enter the Date the interest was received and the Amount, and click SAVE INCOME.
If you selected Dividend Income, the Asset Description and Holding will display, with fields for you to enter the Unfranked Amount (if any) and Franked Amount.
When you enter the Franked and Unfranked amounts, 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.
IMPORTANT NOTE: 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.
Click SAVE INCOME to save.
You should receive a statement from companies you invest in detailing the dividend paid and listing the franked and unfranked components and franking credits applicable. If you do not receive a statement, you can often locate the needed information (for Australian companies) by searching the ASX website. Go to http://www.asx.com.au/asx/markets/dividends.do and type the stock code into the search field. Details of dividends will be displayed.
If you choose Reinvestment in the Income Type field, Mclowd will grey out the Add to account field and add additional fields.