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Steps:
- From the menu screen, go to Patronage > Dividends.
- Click New from the Search screen toolbar.
- Select a Fiscal year to process. After selecting a fiscal year, the system will calculate dividends for each issued stock. Stocks that were issued on or before the selected year will be included in the dividend calculation.
- Level 1 Grid shows the total dividends calculated for a customer:
- Customer No
- Customer Name
- Stock Status
- Last Activity
- Dividend Amount – the total dividends computed for a customer
- Less FWT – Dividend Amount x Fed. Withholding %
- Check Amount – the actual amount to be vouchered. (Dividend Amount - Less FWT)
- Level 2 grid shows the details of the calculated dividends for a customer
- Stock Name
- Certificate Number – certificate number of the Issued stock
- Par Value – value of the stock name
- No. of Shares – shares qty of the stock
- Dividend per Share – quantity of dividend per share of the stock name
- Dividend Amount – the dividend computed for the specific stock
- If Prorate Dividends is unchecked – ((No of Share x Dividends Per Share)/365) x Processed Days
- If Prorate Dividends is unchecked and Cutoff Date is entered – ((No of Share x Dividends Per Share)/365) x (Processing Period To - Stock Issue Date)
- Level 1 Grid shows the total dividends calculated for a customer:
- Click Save.
- If successfully saved, click Post. GL entries will be created.
- To create vouchers, select records from the grid. Then click 'Voucher' from the toolbar.
Important Notes:
- Unposting the transaction will reverse GL entries. However, if there are already vouchered dividends, unposting is not allowed.
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