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Thread: Harmoney

  1. #1891
    Member
    Join Date
    Feb 2015
    Posts
    37

    Default Reporting on Payment Protection loans

    I've got this query with the Harmoney team as well, but would be interested if this group has a solution.

    I've started investing in some Payment Protection loans. Harmoney has provided some guidance on their view of the tax (https://www.harmoney.co.nz/payment-protect/lenders).

    However the challenge I have is that I can't find the data in the monthly statements.

    For example,
    • At draw-down the Payment Protect Fee is added to the principle, as the loan is re-payed, it comes back as part the principle and can't separate principle from the Payment Protect Fee which taxable over the term.
    • Sales Commission at commencement of loan does not appear to show up
    • Management Fee at commencement of loan does not appear to show up (Sales Commission vs Management Fee have different tax treatments, so need to be separated).


    How are other people dealing with this?

  2. #1892
    Member
    Join Date
    Feb 2015
    Posts
    37

    Default Xero Intergation

    I invest with Harmoney under two entities, and use Xero Cashbook for the accounts of both entities.

    On a monthly basis I post journals based on the Harmoney statements so I end up with a correct reflection in my P&L and b/s (sample CoA below for non-Payment Protect loans).
    I'd like to see a Xero integration from Harmoney to make make this less manual.

    Are other people using Xero for entries that have Harmoney accounts?
    I'm hoping if there is demand in this forum, Harmoney are more likely to invest in the feature.



    CoA
    Account: Peer-to-Peer Lending - Harmoney - Interest Received
    Type: Revenue
    Report Code: Trading revenue

    Account: Peer-to-Peer Lending - Harmoney - Service Fees
    Type: Direct Costs
    Report Code: Expense

    Account: Peer-to-Peer Lending - Harmoney - Principle Written Off
    Type: Overhead
    Report Code: Bad debts

    Account :Peer-to-Peer Lending - Harmoney - Cash Balance
    Type: Current Asset
    Report Code: Bank and cash/(bank overdraft)

    Account: Peer-to-Peer Lending - Harmoney - Principle Balance
    Type: Non-current Asset
    Report Code: Investments (non current)
    Last edited by scottwalshnz; 19-01-2017 at 09:44 PM. Reason: CoA chart didn't format correctly

  3. #1893
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    Join Date
    Dec 2015
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    153

    Default

    This is what I suggested 1 year ago.

    Quote Originally Posted by permutation View Post
    I reckon that the RAR should be updated daily.
    It's all computerised; once you have a formula it should be updating real-time along with account balances etc.
    Imagine if the NZX50 had all the share prices updating daily but they only published the index once a month..
    Harmoney are now updating the composite RAR's daily on their platform statistics page, everyone take a look; slide your mouse over the graph.
    Why can't this be extended to each account??

  4. #1894
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    Join Date
    May 2016
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    236

    Default

    Quote Originally Posted by permutation View Post
    This is what I suggested 1 year ago.



    Harmoney are now updating the composite RAR's daily on their platform statistics page, everyone take a look; slide your mouse over the graph.
    Why can't this be extended to each account??

    Jeepers, there's no pleasing some people!

  5. #1895
    Guru
    Join Date
    Aug 2012
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    4,660

    Default

    Quote Originally Posted by permutation View Post
    This is what I suggested 1 year ago.



    Harmoney are now updating the composite RAR's daily on their platform statistics page, everyone take a look; slide your mouse over the graph.
    Why can't this be extended to each account??
    Fair question. It is good that they are updating published individual RAR calculations more frequently. However if they can produce accurate composite RARs daily, then surely they can update individual RARs daily too.

  6. #1896
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    Jul 2015
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    33

    Default

    Quote Originally Posted by Bjauck View Post
    Fair question. It is good that they are updating published individual RAR calculations more frequently. However if they can produce accurate composite RARs daily, then surely they can update individual RARs daily too.
    Who cares? Monthly is fine for me, I do my own calculations anyway. I would much rather they concentrated on fixing the autolend issue.

  7. #1897
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    Mar 2006
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    Default

    Quote Originally Posted by nztyke View Post
    Who cares? Monthly is fine for me, I do my own calculations anyway. I would much rather they concentrated on fixing the autolend issue.
    Exactly !!!
    Soolaimon

  8. #1898
    Member
    Join Date
    Nov 2016
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    159

    Default

    Quote Originally Posted by Soolaimon View Post
    Exactly !!!
    Isn't the real point of interest not what has been achieved historically over however long an investor has been on the platform, but what returns are currently being achieved. I have an historic RAR of 13.64% (was shown as 13.80% before the last update - and no losses) but my current estimation of future return is running at 15.02% (as I have adjusted my risk profile as I have gained confidence in the risk assessment). The RAR doesn't include accruals so if you are a "lumpy" investor as I am, and invest additional cash at the beginning of the month then your RAR will decline during the month. It's useful to compare actual RAR on the whole platform, over time, as that gives insight to the overall loss performance and the impact of increased fees, but much more useful are the individual risk grade performances. My preference for development dollars is to fixing anomalies, not providing more historical information.

  9. #1899
    Member
    Join Date
    Oct 2013
    Posts
    80

    Default

    The only reason i can think of for not doing daily updates is the time of update ie your RAR could change significantly if measured just prior or after either an investment or spend.

    I don't see a great need for daily RAR but weekly does sound beneficial given, as you say it should be a fairly simple calculation that could be automated at what would seem little cost.

    However agree with Tyke that i'd prefer the autolend issue were resolved before RAR is updated.

    Quote Originally Posted by permutation View Post
    This is what I suggested 1 year ago.



    Harmoney are now updating the composite RAR's daily on their platform statistics page, everyone take a look; slide your mouse over the graph.
    Why can't this be extended to each account??

  10. #1900
    Investor
    Join Date
    Oct 2016
    Posts
    200

    Default

    Quote Originally Posted by BJ1 View Post
    Isn't the real point of interest not what has been achieved historically over however long an investor has been on the platform, but what returns are currently being achieved. I have an historic RAR of 13.64% (was shown as 13.80% before the last update - and no losses) but my current estimation of future return is running at 15.02% (as I have adjusted my risk profile as I have gained confidence in the risk assessment). The RAR doesn't include accruals so if you are a "lumpy" investor as I am, and invest additional cash at the beginning of the month then your RAR will decline during the month. It's useful to compare actual RAR on the whole platform, over time, as that gives insight to the overall loss performance and the impact of increased fees, but much more useful are the individual risk grade performances. My preference for development dollars is to fixing anomalies, not providing more historical information.
    They would rather offer you facts instead of taking requests from people like you who want a "current future" return.

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