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Posted by John Gregory on May 16, 2006, 10:14 am
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This concerns building a receivables account. Stock dividends were posted
to the appropriate stock account then transferred directly to a bank account
in two simple, scheduled, transactions. I recently disturbed the flow by
giving some of the certificates I held to a discount broker. Now, when
dividends are declared, there is a two week delay from the time they are
paid by the company.
My first check arrived from the broker yesterday with no detail; a signal of
things to come I fear. I suppose I should try to place that dividend on my
books at the time it was payable. two weeks ago. Since I still hold
certificates in that stock, I can calculate what I need from the statement I
get involving the payment from the company in which I own the stock. If that's
the proper way to handle this, then, although I'll have data to post the
dividends expected from the broker when I'm paid for the certificates I
hold, I won't have the money. I need to set up a receivables account I
assume. Something like "Dividends in Transit".
Is this correct? Any other suggestions or better nomenclature?
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