This article describes a few ways to record the receipt of dividends from a share portfolio. There are a number of ways to record these payments, and the options provided may not be suitable for your...
Updated 9 years ago
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Support Note Guy,
I have 2 Income Accounts called Franked Dividends and Unfranked Dividends.
Income Account to include name of Company paying the Dividend if small number of investments eg FF Dividend - ANZ Bank.
I setup a Card called ANZ Bank - FF Dividend.
I like your idea of tracking the Franking Credit in MYOB.
Often this does not occur.
When Shares are reinvested, I prefer to use a Journal -
Dr ANZ Bank CR ANZ Bank FF Dividend
Record Keeping is paramount when accounting for Investments.
Contract Notes must be kept for 5 years after the sale of the shares.
I suggest internet access with the Stockbroker and the Share Registry.
Hope this helps.
Duncan Smith
Business Advice + Tax