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The dividend management module is one of the additional modules available to Oskari™. It can be used in companies and cooperatives. The module aids the calculation of dividends and interests. It's also a great tool for the distribution of said dividends and interests to members and shareholders, and dealing wiht pre-tax calculations.
Dividends and interests are calculated according to ownership on a chosen day. This can be the day of the general meeting or any other selected date. There are several ways by which the dividends or interests can be calculated. This can be done by the amount of share classes or by use of services offered by the cooperative. All calculated dividends and interests are added to the Oskari database.
Oskari retains reports of paid dividends, paid interests, unpaid dividends and unpaid interests. The person getting the dividend or interest can be the shareholder, member or some other beneficiary. For example, a grandfather can donate his dividends to his grandchildren or a grandparent can donate their shares to their grandchildren and keep the dividends for themselves.
After the calculation and distribution of dividends and interests to shareholders and members, Oskari can make pre-tax calculations and save the amount of tax required to the database. This tax is then deducted from the dividend and the interest paid to beneficiaries.
For payment purposes, Oskari creates a SEPA file to be sent to the bank. It is also possible to use several different banks for payments. If the bank is unable to transfer the sum to a specific bank account, this is recorded in the database and the payment will be withheld until a correct bank account number has been received from a member or shareholder.
All dividends and interests paid during the previous year can be collected to a file and sent to the tax authority when required.
