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How do I set up a super wrap account for tracking purposes?

Bob Thompson

I use Reckon Accounts Personal Plus 2013 to track my cash flow and investments. One of those investments is a Superwrap, which consists of both shares and managed investment funds under one management company. I want to set up an account within Reckon Accounts so that I can monitor both the wrap peformance and the accuracy of reports from the manager. (I have already found anomalies.) Any assistance would be appreciated.

Comments

John G

Hi Bob,

Have you explored modifying reports with the Customise button?

Select a report that best fits the information provided by the manager and remove accounts and alter treatments to replicate that report.

In some instances you may need more than one report to get the information to compare to your manager's report.

Hope this helps, and let us know how it goes.

regards,
John

Bob Thompson

Hi John,

Thanks for your response. I have explored your suggestion, unfortunately it does not answer my basic question. Reckon has assorted types of accounts, Credit, Savings, Asset, Liability etc. Each of these accounts is preformatted to handle to income and out flow in its various forms. There is even an investing account that will handle all forms of direct share transactions.

However, there does not seem to be an account that will handle a mixture of direct owned shares and managed funds under one management umbrella. That is the essence of a "Wrap" account.

This is what I am looking for. Does such an account format exist? If not, is is it possible to modify an existing account format to suit.

I would appreciate any further suggestions as I am not proficient in accountancy.

Kind regard,
Bob.

John G

Thanks for the clarification Bob.

Will your management company be reporting one result for all of its activities?
Or will it be reporting on the components of its activities?
How much of their actions will you be able to replicate in your accounts?

To maximize your monitoring of the components you'd be best to set-up a new file for this investment.

Under Investing you can set up separate Brokerage Accounts to handle the various type of investments - Shares & Bonds, Managed Funds, Term Deposits.

Other investments can be placed under Property&Debt. Cash Accounts can be placed under Personal Cash Flow or Business. If there are expenses involved the normal categories can be used for them.

You can "link" this file back to your main file by listing it as either:

a Property&Debt account that you revalue from time to time; or,
A Managed Fund brokerage account and enter increase/decrease in the value when reported;
separate income and expense accounts for items you need to incorporate in your personal income.

I'm sorry I can't help you any more on this as it is 'out of my league'. Perhaps other members can offer other solutions?

For professional help you can contact a Reckon Accredited Partner. Search for a partner in your area at:
http://home.reckon.com.au/support/Home/ReckonSupport/FindAReckonAccreditedPartner.aspx

Hope this helps.

regards,
John