How to convert invest account to super account in PP

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  • Updated 2 months ago
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Help file instructions don't match program
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David

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Posted 2 months ago

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2 months ago
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Diver Dave

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Not entirely sure what your question is, David.  It doesn't make any material difference whether you categorise your Investment Account as either Brokerage or Superannuation when setting one up.

Do I gather you have a Brokerage account and want to re-label it as Superannuation?  There really is no need; all my Super accounts are "Brokerage". 
2018-06-12T08:45:38+00:00
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David

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Seems older files don't trigger the convert option. 
2 months ago
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John Campbell

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I reviewed the super account option many years ago and did not use it. I have multiple super accounts and run each as an investment account in RPP. To do this I have converted the account balance into shares in the super fund, with a price that fluctuates daily, based on the reported accumulated growth of investments in the fund. (as I am an engineer, this is a trivial calculation !!)

I convert all deposits or fees into a change in units, based on the computed daily unit price.

Payment of 15% tax is a bit challenging, as I need to calculate an effective unit price for the 6-month period ( not sure when the payment actually happens), or adjust some buy/sell prices to agree with the current value of the super account (usually only on 30 June). It is all done in a spread sheet first and is surprisingly accurate. I trade to .0001 share units, where unit prices are ~ $30. I dump the calculated daily price into a .csv file and import this price file into RPP, which gives a daily valuation of all my super funds. Works well for retirement funds also, with fortnightly sells for regular withdrawals.

Some super funds actually quote a daily unit price, while all funds I have provide some form of daily performance report, as a .csv download.

One of the benefits of this approach is that I have an accurate growth performance of the different super funds that I use. I have kept this approach since 1-July-1995.

There are some significant outcomes when comparing these results, with the relative growth performance being closely related to the net fees each fund charges. 2% average difference since 1995 has been a significant change in performance over 23 years. And the government wants to push us mug punters into the retail funds ? It's the best information I have when predicting future performance.


2018-06-12T08:59:33+00:00
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David

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Have done this for many years for my fund that provides daily crediting rates. Tax, contributions and withdrawals all require adjustments to the initial number of units in the super account.  As you say you can track daily prices in a spreadsheet. I've extended the spreadsheet to allow for a mix of investment choices so that the DCR converts the previous day's balance into a closing balance and a new unit price.  Also allows for fees.  I then upload the unit prices in bulk day by day using the import prices utility or add manually if there's only a handful.
2 months ago
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David

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There are supposedly some reporting benefits when the account is designated as a Super Account. I have four super accounts, two of which were set up as super accounts and two as invest accounts. 
I wanted to make them all super accounts.

 This is the process described in the help file;

Convert a tax-deferred account to a Reckon Accounts super account

In recent years, Reckon Accounts introduced many new features to the super account. If in previous Reckon Accounts versions you tracked your super in a tax-deferred investment account, you can now convert it to a Reckon Accounts super account.

Doing so gives you access to these features:

  • Improved super tracking tools on the account Summary page, including the tracking of fund performance, allocation of investments among funds and asset classes, and super loans
  • Online account services (if your financial institution supports it)
If you're converting a tax-deferred investment account Open the account you want to use. (You should select the tax-deferred investment account that you've been using to track your super account.)

Click the Summary button if it isn't already open. In the Account Attributes section, click Convert to a super? When you're prompted, specify that you want to convert this account to a super, and then follow the on-screen instructions. Click Help for more information


Unfortunately this doesn't follow what PP2018 shows, there is no Convert to Super option.
(Edited)
2 months ago
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David

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I created a new Reckon file and added a brokerage account. Now in the account summary there is an option to convert to a super account. Seems files created in older versions of Quicken/Reckon don't trigger the option to convert. I'd call this a bug.
2 months ago
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David

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I created a new Reckon file and added a brokerage account. Now in the account summary there is an option to convert to a super account. Seems files created in older versions of Quicken/Reckon don't trigger the option to convert. I'd call this a bug.
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