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19-01-2017, 10:31 PM
#1891
Member
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?
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19-01-2017, 10:40 PM
#1892
Member
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 10:44 PM.
Reason: CoA chart didn't format correctly
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20-01-2017, 10:42 AM
#1893
Member
This is what I suggested 1 year ago.
Originally Posted by permutation
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??
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20-01-2017, 01:28 PM
#1894
Member
Originally Posted by permutation
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!
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20-01-2017, 01:55 PM
#1895
Originally Posted by permutation
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.
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20-01-2017, 03:43 PM
#1896
Member
Originally Posted by Bjauck
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.
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20-01-2017, 04:37 PM
#1897
Member
Originally Posted by nztyke
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 !!!
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20-01-2017, 05:17 PM
#1898
Member
Originally Posted by Soolaimon
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.
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20-01-2017, 07:32 PM
#1899
Member
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.
Originally Posted by permutation
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??
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22-01-2017, 07:28 PM
#1900
Investor
Originally Posted by BJ1
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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