Pre-requisite:

 

Steps:

  1. From the menu screen, go to Patronage > Dividends.
  2. Click New from the Search screen toolbar.
  3. 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.
    1. Level 1 Grid shows the total dividends calculated for a customer:
      1. Customer No
      2. Customer Name
      3. Stock Status
      4. Last Activity
      5. Dividend Amount – the total dividends computed for a customer
      6. Less FWT – Dividend Amount x Fed. Withholding %
      7. Check Amount – the actual amount to be vouchered. (Dividend Amount - Less FWT)
    2. Level 2 grid shows the details of the calculated dividends for a customer
      1. Stock Name
      2. Certificate Number – certificate number of the Issued stock
      3. Par Value – value of the stock name
      4. No. of Shares – shares qty of the stock
      5. Dividend per Share – quantity of dividend per share of the stock name
      6. Dividend Amount – the dividend computed for the specific stock
        1. If Prorate Dividends is unchecked – ((No of Share x Dividends Per Share)/365) x Processed Days
        2. 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)
  4. Click Save.
  5. If successfully saved, click Post. GL entries will be created.
  6. 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.
  • Only the Stocks with 'Open' Activity status will be calculated for dividends.
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