Superannuation: how to set in into Personal 2015?

FiNaR
FiNaR Member Posts: 8
edited August 2020 in Reckon Accounts (Desktop)
Hello,

I have just completed the upgrade from Personal 2011 to personal 2015 and I have found out that there is a new "category" called "Investing"...

I used to track my Supa as as "Asset" and now I would like to track it within the "Investing" category....

I tried to setup a new supa account under investment, but I got stacked into the "ticker" information...

my Supa is with AMP, how do I know which securities are included in my supa??

any suggestions?

thanks

Ivan

Comments

  • FiNaR
    FiNaR Member Posts: 8
    edited September 2014
    None can help me?
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 468 Accredited Partner Accredited Partner
    edited September 2019
    Hi Ivan - AMP should be able to answer that question with your 6 monthly / annually report you receive?
    If it's a managed fund AMP will often make all the decisions on buying & selling so it may be hard to track unless you get every little bit of information / paperwork every time a transaction is made from AMP.
    Regards, Robyn Kelly
  • FiNaR
    FiNaR Member Posts: 8
    edited September 2014
    Thanks for your answer, in fact I do receive the six month reports, but it lists some "internal AMP" financial products... 

    each one of this products it is supposed to be composed by a subset of shares...

    how would I treat when my employer put money in? increase/decrease shares??? mmm much more complicated than what I thought....

    as you said it seems to be difficult to track it like that... how do you suggest to track it instead? (at the moment I have a simple account under "assets"...)

    thank for any suggestion!

    Ivan
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 468 Accredited Partner Accredited Partner
    edited December 2016
    Hi Ivan, this is only a personal opinion / point of view, as you would have no control over what happens in this fund.  I would just create this account and then do one transaction each 6 months for the gain or loss and use an income or expense category to do so.  I believe you could tear your hair out trying to match the info each 6 months other wise?????
    Regards, Robyn
  • John Campbell
    John Campbell Member Posts: 193 ✭✭
    edited November 2016

    Ivan,

    I have found that the super funds I have used will publish either a daily unit price or a fund performance.

    In the case of a unit price, I have the number of units and price and treat this as a non-listed company and import the daily prices.

    In the case of a cumulative daily rate, I have converted this into an effective unit price and my value in the fund to shares and again import the daily effective unit price. All transactions in the fund can be applied at the daily price and converted into buy/sell of units. You can do this in a spreadsheet first and confirm it is a useful way of tracking your fund value. The unit price gives a very good measure of long term performance, without the marketing spin.

    I am not familiar with the RPP approach to super to comment on their particular reporting approach.

    John

  • Craig Munday
    Craig Munday Member Posts: 4

    Hi,

    I also attempted this approach of creating units from an effective purchase price derived from the daily crediting rates. It was accurate enough, within about $400

    But I found it was not possible to record the investment returns, nor was the approach to increase cost basis to capture the fees? Selling shares to cove the fees reduced the cost basis and this didn't seem correct to me.

    Do you have an alternative approach?

    It would be much better with Reckon Personal supported superannuation funds who used crediting rates.

  • John Campbell
    John Campbell Member Posts: 193 ✭✭

    Craig,

    Fees are treated as a sale of units at the fee-day unit price. ( it is a reduction in your fund value)

    Return on investment should be the same as the units held x the end of year unit price.

    My errors are typically only a few dollars, which can be corrected by a buy/sell of units for end-of-year adjustment.

    The errors can occur due to errors in the buy/sell unit price spread or unit price for the date when fees or 15% contribution tax are applied. Often the previous day price should be applied to any transaction.

    All this can be tested in a spreadsheet, to check/explain errors.

  • Craig Munday
    Craig Munday Member Posts: 4

    Hi John,

    Thank you for response, it was very helpful.