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Processing the Westfield Restructure in Reckon Accounts Personal Range
ID: 5243 Category: Accounts - Personal Range (previously Quicken) Status: Resolved Views: 4189


Question:

How do I process the Westfield restructure in my Reckon Accounts Personal range?


 



Solution:

Care:  users should consult the material sent them by Westfield and where there are any questions you should refer them to your Accountant.


Westfield have information and guides at:


For Westfield Group (WDC):


http://www.westfieldcorp.com/investors/taxation-information/


for Westfield Retail Trust (WRT):


http://www.scentregroup.com/investors/taxation-information/


 


This guide should be treated as a mere example.  The numbers used here may not be correct for your purposes.


 


Background


The Westfield Group (WDC) and Westfield Retail Trust (WRT), which included a number of other trusts that were stapled to these shares, underwent a restructure on 30/6/2014 which has resulted in the formation of two new entities:


         Westfield Corporation (WFD) and


         Scentre Group (SCG).


Shareholders in WDC will receive 1 share in WFD for every WDC share they own and 1.246 shares in SCG.


Shareholders in WRT will receive 0.918 SCG shares for every WRT share and $0.28530 cash.


 


Handling the restructure in Reckon Accounts Personal range


WDC


1.    Rename Westfield Group to Westfield Corporation


a.    Enter Transaction > Corporate Name Change


2.    Change Code from WDC to WFD


a.    Right-click Westfield Corporation > Edit Security


b.    In the Symbol field, change WDC to WFD


c.    Click OK to copy quotes


3.    Create the new Scentre Group from Westfield Corporation


a.    Enter Transaction > Corporate Securities Spinoff


b.    Security name:  Westfield Corporation


c.    New Company: Scentre Group


d.    New shares issued (per old share): 1.246


e.    Cost per old share refer to your documentation


(eg: original $10.00 cost base translates to $6.362)


f.     Cost per new share refer to your documentation


(eg: on an original WDC cost base of $10.00, it will be $2.92)


 


Westfield Retail Trust (WRT)


Receive Capital Distribution


1.    Enter Transaction > Return of Capital


2.    In the Amount field, enter: 0.2853 x your number of WRT shares


a.    Eg: for 1,000 shares, enter $285.30.


 


Convert WRT to SCG


If you are converting only WRT shares to SCG


1.    Rename Westfield Retail Trust to Scentre Group


Enter Transaction > Corporate Name Change


2.    Change Code from WRT to SCG


a.    Right-click Westfield Retail Trust > Edit Security


b.    In the Symbol field, change WRT to SCG


c.    Click OK to copy quotes


3.    Adjust the share


a.    Calculate your new number of shares


0.918 x your number of WRT shares


(check your documentation the number of new shares may have been calculated for you)


b.    Enter Transaction > Adjust Share Balance


c.    Enter the Date of the Adjustment 30/06/2015


d.    Security name:  Scentre Group


e.    Number of shares: number number calculated at 3a.


 


If you have already acquired SCG shares from your WDC holdings


1.    Entre Transactions > Corporate Acquisition (stock for stock)


2.    Company Acquired is Westfield Retail Trust


3.    Acquiring company is Scentre Group


4.    New shares issued: refer to your documentation


Eg: 0.918 x your number of WRT shares


for 1,000 shares, enter 918.


5.    Price per share :  refer to your documentation


Eg: 0.9921875 x your cost base for WRT shares


Eg:  if shares acquired at $3.20, then 0.9921875 x 3.20 = 3.175


 


 


Need more help?
Ask the Reckon Community at: https://community.reckon.com.au/reckon.


 



Related Issues:
No related issue is available.

Submitted: 3/10/2015 Modified: 3/10/2015


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