Telstra Buy Back

  • 1
  • Question
  • Updated 5 years ago
  • Answered
What is the best way to record this transaction in Quicken Personal Plus?
Photo of Norwen

Norwen

  • 358 Points 250 badge 2x thumb

Posted 5 years ago

  • 1
Photo of David Guinness

David Guinness

  • 222 Points 100 badge 2x thumb
I would record this as shares sold.
Photo of Norwen

Norwen

  • 358 Points 250 badge 2x thumb
That would normally be the case, however, the buy back includes a capital component of $2.33  and a dividend component with a fully franked dividend of $2.27 making up the $4.60 price.
Photo of David Guinness

David Guinness

  • 222 Points 100 badge 2x thumb
I think if you were to do the return of capital first as a separate transaction it would simplify things somewhat.
Photo of David Guinness

David Guinness

  • 222 Points 100 badge 2x thumb
Then you could enter the dividend payment and with another transaction remove the shares from the account.
Photo of Norwen

Norwen

  • 358 Points 250 badge 2x thumb
Thanks David - that was my initial thoughts - I guess it is too much to ask for our friends at Reckon to actually provide a process for this type of activity that happens reasonably regularly.  Indeed Maus, with their Stock Market plus program,  has a action for this type of transaction that does all the work for your - handles the capital component and also the dividend.  Unfortunately the program does not have the personal financial management aspects that lead me to Quicken Personal Plus in the first place.
(Edited)
Photo of David Guinness

David Guinness

  • 222 Points 100 badge 2x thumb
The trouble is that they are still working up a clunky old legacy suite of programs from the States that's not fully suited to the Australian market.
We just need a competitor to come up with a better hosted suite like Xero and our troubles will be over.
Photo of Mirko

Mirko, Alum

  • 34,812 Points 20k badge 2x thumb
Hi gents, thanks for your comments, David in particular for the suggestions on how to process this in the Personal Range. Due to Australian Legislation, Accounting advice cannot be provided by a Australian Company unless they hold a Tax Agent License. As Reckon is not an authorised Tax and Financial Services providing advise on Tax implications, wealth management and the like are not possible under current laws. It's great to see you helping each other with these matters and how you are using the software.

CPA Australia have a document which relates to the new law on their webpage. There is also a disclaimer which might be worth a read on the Reckon Home page. This disclaimer is in references to the Legislation mentioned.

Photo of Norwen

Norwen

  • 358 Points 250 badge 2x thumb
Thanks - however, we are not asking for advice - just a program that will process the range of share transactions that take place in the Australian market.  Maus can do it so there is no reason why Reckon can't if they have a mind to do it.

This conversation is no longer open for comments or replies.