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Author
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Topic: Asset and Liability Dialog Box
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margaret miles
Member
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posted 08-31-2000 03:37 PM
  
In FN version 7.5.1, we posted cash receipts related to long term investments as sells, return of capital in the appropriate bank or brokerage account. I have discovered that the account balance was correctly reduced but not the related cost basis on the Asset & Liability information screen.In the same manner, we posted cash disbursements for the same type of investments as acquisitions. Again, the cost basis on the Asset & Liability Information screen was not updated. I updated to FN version 7.5.3. Then I updated starting balances with Utilities | Update Starting Balances. The Asset & Liability Information screens updated for prior year starting balances but not for current year return of capital and acquisitions. This has not been a problem before. What is wrong?
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m miles [This message has been edited by fniadmin (edited 09-05-2000).]
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John
Administrator
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posted 09-08-2000 10:04 AM
Fn 7.5.1 and 7.5.3 work the same way in this regard.For the Update Starting Balances, the Asset & Liability Info is only checked for a difference if the starting balance in the new year is different from the Ending Balance of the old year. Also if the date acquired or the date sold is in the new year then it is not prompted for a difference in the Asset/Liab info. The A/L info will be different since there is activity in new year. Updating it to the same as last year would be incorrect and create a problem.
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margaret miles
Member
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posted 09-08-2000 10:50 AM
In this case, the ending fair market value of the prior year did change. In updating the new year, the fair market value was updated, but not the cost basis in the asset and liability dialog box. In addition, the asset was not sold in the new year, merely had distributions, or as FN terms it "return of capital". Does your answer still apply?I solved this problem by manually calculating the cost basis. I did this by starting with the correct cost basis, adding and subtracting contributions and distributions and entering the sum in the dialog box. The purpose of this exercise was to eliminate FN's "adjustment" to unrealized gains on the balance sheet cost column and to maintain a correct cost basis for schedule D. ------------------
m miles
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John
Administrator
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posted 09-08-2000 03:51 PM
If the date acquired was changed to a date in the new year, then yes it would not check for the difference because of the known activity in the new year.
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