Reckon Accounts Home & Business 2022 "in species" share transaction

I have received and in specie dividend of Woodside shares due to the merger of BHP and Woodside. How do I record this transaction in my portfolio?

Comments

  • Peter Jenke
    Peter Jenke Member Posts: 36 ✭✭
    edited June 16

    I Have the same issue in Reckon Accounts Personal Plus 2022 and am at a loss as to how to resolve it

  • Paul
    Paul Member Posts: 1

    My approach in Personal Plus 2021 was as follows:-

    Transaction 1: Receive 'In specie dividend' on BHP shares.

    1. Tran Type: Record an Income Event
    2. Security: BHP Group Ltd (BHP)
    3. Date: 01/06/22
    4. Transfer Account: My account is linked to a bank account which prevents any other option. If unlinked then leave blank (will increase cash balance of the trading account).
    5. Franked Dividend: Enter the amount on your statement from BHP
    6. Imputation Credit: Enter the amount on your statement from BHP
    7. Memo - In specie dividend - sale to WDS.

    Transaction 2: Buy Woodside shares (WDS)

    1. Tran Type: Buy - Shares Bought
    2. Security: Woodside Energy Group Ltd (WDS) - Make sure you have first entered a corporate name change if holding WPL before 1 June 2022.
    3. Date: 01/06/2022
    4. Account to Use: My account is linked to a bank account which prevents any other option. If unlinked then use cash....  (will reduce cash balance of the trading account).
    5. Price Paid: $29.76 per share, being the amount on your statement from BHP.
    6. No brokerage.
    7. Memo Buy #x shares of WDS. (#x - insert number of shares).

    The linked bank account in reckon shows a deposit and withdrawal of equal amount so it does not impact the balance of the account at the end of 1 June 2022.

    My criticism of Reckon is the inability to switch to using the cash balance of the trading account after you have linked your bank account to the share trading account. The transfer account is simply greyed out. One cannot even change the bank account. Not sure if anyone has a solution for this issue.

  • Fangsterau
    Fangsterau Member Posts: 2

    Thanks Paul, that is essentially what I ended up doing.