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StockCentral :: Community
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Join in on the discussion with other like-minded investors in our community forums. Learn about the fundamental investing methodology and participate in educational workshops in the Investing forums, stay up-to-date on StockCentral news and make suggestions to the StockCentral team in Central Square, and discuss your favorite stock or recent market news in our A-Z ticker-based forums.
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Patricia Michalski
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| 11/08/2007 5:43 PM |
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As co treasurer I need advice where a processing fee should be listed on the accounting . Is it a bank charge or foreign tax? The minimal fee was listed as follows from our broker:
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Other |
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***INFOSYS TECHNOLOGIES LTD SPONS ADR REPSTG 1/2 EQUITY SH
AGENCY PROCESSING FEE
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Thanks to any one that has INFY and might have received the fee also..Pari Michalski |
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Doug Gerlach
Cambridge, MA
http://www.iclub.com/
President, ICLUBcentral
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| 11/08/2007 6:57 PM |
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It's definitely not foreign tax. It's a charge from the ADR sponsor for "processing" the dividend payment. It's a really awful (and fortunately rare, but possibly increasing) practice.
I think that it should be entered as a bank fee, but I'm going to check with some others to make sure.
Doug |
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Posting from ICLUBcentral world headquarters in the Harvard Square's historic College House, Cambridge, MA
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Gene Rooks
Gotha, FL (W. of Orlando)
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| 11/08/2007 7:07 PM |
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Patricia, Ira Smilovitz, who is the club accounting tax guru, advises to post that processing fee as a deductible expense, which is a nuisance. Perhaps IClub could look into making a field for it on the foreign tax screen which would allocate it properly. Gene Rooks |
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Gene Rooks, Director
Space Coast Chapter
Accounting Instructor |
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StockCentral Host
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| 11/10/2007 11:04 AM |
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From Ira and Gene (got posted as a new topic inadvertently):
<<
IRA SMILOVITZ
Leonia, NJ 11/09/2007 2:23 PM
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GeneBR Posted:11/09/2007 12:07 AM
Patricia, Ira Smilovitz, who is the club accounting tax guru, advises to post that processing fee as a deductible expense, which is a nuisance. Perhaps IClub could look into making a field for it on the foreign tax screen which would allocate it properly. Gene Rooks
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I am not in favor of your suggestion. It's just another expense and should be entered as such using an expense transaction. I don't believe it should be linked with the foreign tax in any manner within the software.
Ira Smilovitz
See what's new at AOL.com and Make AOL Your Homepage.
<<
Gene Rooks
Gotha, FL (W. of Orlando) 11/09/2007 3:40 PM
Hi, Ira. Yes, I know it is an expense, and shouldn't be added in the foreign tax, but rather than have to go to three screens, Dividend, Foreign Tax, and Expense, couldn't that fee expense be entered as a separate field on the Foreign Tax screen, and get allocated properly to expense, which is what I meant, as such? Gene
Gene Rooks, Director
Space Coast Chapter
Accounting Instructor
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Dave Forgianni
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| 11/10/2007 11:12 AM |
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Maybe we could add some text on the buy newstock and/or enter div and/or foreign tax screens saying 'processing fees on ADR dividends should be recorded as a deductible expense." It is at least something we could do quickly. Let me know if y'all think that'd suffice or if we should add entry options on certain screens. thanks!
dave |
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Gene Rooks
Gotha, FL (W. of Orlando)
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| 11/10/2007 11:21 AM |
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Dave, I would think you could add that verbage to
the Foreign Tax screen, as that would be the only entry where the issue would
come up. It is a nuisance to have to use three different screens to take
care of one TX. Along with that same thought, wonder if you could
devise a single screen to take care of dividends which include foreign tax, as
well as this processing fee? Gene
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Gene Rooks, Director
Space Coast Chapter
Accounting Instructor |
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Dave Forgianni
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| 11/12/2007 10:15 AM |
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Hi Gene,
Just to make sure this thread doesn't get too long/hard to find the answer to the original question in, I think we (you me and Ira/Rip/other experts) should discuss how to best implement any changes to the software privately, and then i'll post here when we have something hashed out. I'll be in touch via email. thanks!
dave |
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StockCentral Host
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| 11/14/2007 9:58 AM |
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Patricia Michalski
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| 11/10/2007 11:57 AM |
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Thanks-Pari
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Dave Forgianni
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| 11/14/2007 10:02 AM |
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We have added this text:
"For dividends paid by ADR's, any associated processing fee should be entered as a deductible expense."
to the myiclub.com dividend entry screen. |
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