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How to add individual unit transactions

Introduction

To manage unit transactions such as member subscriptions, withdrawals or historical unit transactions go to the UNIT VALUATION SYSTEM >> section within the CLUB tools as illustrated in the following screen shot:

Investment club 32.png


This help section discusses how to add individual unit transactions using the 'add/edit' button. The 'add/edit' button on the 'UVS' tab, provides the maximum flexibility when managing Unit Transactions, however for ease of use the 'add subscriptions' button should be used for managing monthly club member subscriptions.


One of the very powerful advantages that timetotrade offers, is the ability to see the state of your accounts at any point in time, simply by adjusting the 'end date'. This functionality also extends to the Unit Valuation System, as you have the ability to change the 'end date' and view the historical unit value for the selected date.


Please note that when working with Unit Valuations on the 'uvs' tab it is important to remember that the selected 'end date' determines the displayed unit value as well as the unit value used to calculate and allocate subscriptions. So it is very important that the 'end date' is chosen correctly.


In the following step-by-step examples, we are going to consider two scenarios that both require individual unit transactions to be entered into the timetotrade Unit Valuation System:

  1. We are going to enter an historical unit transaction for a club member called 'Faye Fundamental', whereby Faye bought £250 worth of units on the 1st of August 2006 based on the unit value on that day.
  2. We are going to make a single entry for a Betty Bollinger that reflects the total amount of units bought and the amount paid for them up until a specified date. This may be useful if you want to start your accounts on a specified date, without having to add historical unit transactions that occurred before the specified date. In Betty's example we are going to assume that Betty has purchased a total of 2,250 unit at a cost of £2,000, over the two years up to the 5th of April 2007.


Example One: "Faye Fundamental"

Step 1: Set the 'end date' to date when the historical transaction occurred

Whenever you work with unit transactions, it is important that you firstly set the 'end date' to the date the unit transactions occurred. In the Faye example, the unit value transaction occurred on the 1st of August 2006, therefore we will set the 'end date' to the 1 Aug 06 as illustrated in the following screen shot:


Uvs 6-1.png

Step 2: Filtering historical unit transactions

If you are managing unit transactions within a club environment, to filter the unit transactions such that only unit transactions for a given club member are displayed, while in 'add/edit' mode click on the club member's name. In the following example only Faye's information is displayed as illustrated by the name being high-lighted. Currently there are no historical unit transactions associated with Faye for the selected date range.

UVS 6-3.png


Step 3: Click on the 'add/edit' button

To add the historical unit transaction for Faye, click on the 'add/edit' button as illustrated in the following screen shot:

UVS 6-2.png


Step 4: Add the Unit Transaction

To add a unit transaction as per the Faye example, follow the steps illustrated in the following screen shot:

Uvs 6-5.png


  1. To add a unit transaction, firstly change the 'end date' at the top right hand side of the page to the date that the unit transaction occurred. Please note that the pre-populated 'unit value' field is based on the unit value on the selected 'end date', not the date that you enter in the 'date' field.
  2. Once you have the correct 'end date' you can now go on to complete unit transaction details, so next complete the 'date' field.
  3. You can change the name of the person associated with the unit transaction using the name drop down menu field.
  4. There are three transaction types available to select from:
    1. Member Subscription: This option should be selected for the purchase of units, typically associated with member subscriptions. When entering a member subscription you need to complete two out of the three 'units', 'unit value' or 'amount' fields, whereby the third field will be automatically calculated.
    2. Unit Sale: This option should be selected when selling units, typically associated with member withdrawals. When entering a unit sale you need to complete two out of the three 'units', 'unit value' or 'amount' fields, whereby the third field will be automatically calculated.
    3. Withdrawal Penalty: This option should selected if you wish to apply a withdrawal penalty i.e. you can penalise a club member using a fixed 'amount'. The penalty is treated as an income to the club, effectively increasing the unit value. Please note that when entering a withdrawal penalty, you only have to enter the penalty value into the 'amount' field.
  5. Where applicable enter the number of units associated with the unit transaction, in the 'units' field. In this example we will leave this field blank as we are entering a subscription based on a fixed amount and the 'unit value' on the specified date.
  6. Where applicable enter the unit value associated with the unit transaction, in the 'unit value' field. Please note that the unit value field is automatically populated with the unit value on the selected 'end date', however this can be over-written by editing the text in the unit value field. In this example we have set the 'end date' to the date when the unit transaction occurred, therefore the displayed 'unit value' reflects the unit value that will be associated with the subscription of £250 as per the 1st of August 2006.
  7. Where applicable enter the total value of the unit transaction in the 'amount' field. In this example the member subscription value is £250, therefore we will enter the value '250' into the 'amount' field.
  8. To add the unit transaction, click on the 'add' button.


When you have no further unit transactions to add, click on the 'cancel' button.


An IMPORTANT point to note: once you have added member subscriptions the unit value and number of units associated with that subscription are set, and will NOT be automatically amended if you then have to make retrospective changes to the income/expenditure or investments ledgers.


For example, you have allocated your monthly member subscriptions and then realise that you had forgotten to include some dividend income in the investments ledger, which you then retrospectively enter. The unit value associated with the member subscriptions you have already input will then be inaccurate and not reflect the extra dividend income. If needed you can change the unit value used for historical unit transactions, by editing the historical unit transactions and using the re-calculated unit values.


Example Two: "Betty Bollinger"

Follow steps 1, 2 & 3 as per the previous Faye example.


Step 4: Add the Unit Transaction

In the Betty example we are going to assume that over the two years preceding the 5th of April 2007, Betty had purchased a total of 2,250 units at a cost of £2,000. In this example rather than entering all of the historical unit transactions that occurred each month over the previous 2 years, we are going to make a single entry that reflects the number of units owned and the amount paid for them as of the 5th of April 2007. To do so, complete the steps illustrated in the following screen shot:

Uvs 6-6.png


  1. To add a unit transaction, firstly change the 'end date' at the top right hand side of the page to the date that the unit transaction occurred. Please note that the pre-populated 'unit value' field is based on the unit value on the selected 'end date', not the date that you enter in the 'date' field.
  2. Once you have the correct 'end date' you can now go on to complete unit transaction details, so next complete the 'date' field.
  3. You can change the name of the person associated with the unit transaction using the name drop down menu field.
  4. There are three transaction types available to select from:
    1. Member Subscription: This option should be selected for the purchase of units, typically associated with member subscriptions. When entering a member subscription you need to complete two out of the three 'units', 'unit value' or 'amount' fields, whereby the third field will be automatically calculated.
    2. Unit Sale: This option should be selected when selling units, typically associated with member withdrawals. When entering a unit sale you need to complete two out of the three 'units', 'unit value' or 'amount' fields, whereby the third field will be automatically calculated.
    3. Withdrawal Penalty: This option should selected if you wish to apply a withdrawal penalty i.e. you can penalise a club member using a fixed 'amount'. The penalty is treated as an income to the club, effectively increasing the unit value. Please note that when entering a withdrawal penalty, you only have to enter the penalty value into the 'amount' field.
  5. Where applicable enter the number of units associated with the unit transaction, in the 'units' field. In this example, Betty owned 2,250 units as of the 5th of April 2007, therefore enter the value '2250' in the 'units' field.
  6. Where applicable enter the unit value associated with the unit transaction, in the 'unit value' field. Please note that the unit value field is automatically populated with the unit value on the selected 'end date', however this can be over-written by editing the text in the unit value field. In this example we are not going to use the unit value, as we are entering a fixed number of units i.e. 2,250 units at a fixed cost amount of £2,000 therefore it is important to remember to delete the unit value and leave the 'unit value' field blank.
  7. Where applicable enter the total value of the unit transaction in the 'amount' field. In this example, Betty has paid £2,000 for the units owned, therefore the value in the amount field should be entered as '2000'.
  8. To add the unit transaction, click on the 'add' button.


When you have no further unit transactions to add, click on the 'cancel' button.


Please note that occasionally when making one of individual entries that do not use the unit value for a specified date, as in the Betty example, you may notice that the number of units allocated are slightly different to the amount entered, as illustrated in the following example where Betty now owns 2,250.0011 units rather than 2,250 units:

Uvs 6-7.png


The Unit Valuation System has been designed around receiving subscriptions at varying unit values that change in line with investment performance. As a result all unit transactions are based on the amount associated with the unit transaction and the corresponding unit value. If you do not use the 'unit value' field when entering a unit transaction, the 'unit value' is calculated to 6 decimal places based on the 'amount' of the unit transaction and the number of 'units' associated with the transaction. The resulting number of allocated units is determined by the 'amount' and the 'unit value' fields.


In the Betty example the average unit value is £0.888888 repeating i.e. £2,000 divided by 2,250 units equals £0.8888888888'. The average unit value is calculated to 6 decimal places with the 6th decimal number rounded up if the number is greater than 6 decimal places. This can result in a difference between the number of units allocated and the number entered as illustrated in the above screen shot. This difference only arises when you do not use a 'unit value' field when entering unit transactions, which therefore does not effect normal monthly subscriptions as they are based on the subscription and the corresponding 'unit value' as of the specified date. Please note that the overall impact on the apportionment of ownership and the associated allocation of gains and income between club members is negligible.


An IMPORTANT point to note: once you have added member subscriptions the unit value and number of units associated with that subscription are set, and will NOT be automatically amended if you then have to make retrospective changes to the income/expenditure or investments ledgers.


For example, you have allocated your monthly member subscriptions and then realise that you had forgotten to include some dividend income in the investments ledger, which you then retrospectively enter. The unit value associated with the member subscriptions you have already input will then be inaccurate and not reflect the extra dividend income. If needed you can change the unit value used for historical unit transactions, by editing the historical unit transactions and using the re-calculated unit values.


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