Understanding your statements and yield

When statements are published

• Monthly statements are produced by Primary after month end, once the fund managers have reported distributions and unit prices. They are usually published within the first few business days of the month. You get an email when yours is ready.

• Balance, Activity and Account statements you can generate yourself at any time from the Statements page.

Statement periods use Sydney time. If you need a balance as at the last day of the month before the monthly statement is out, generate a Balance statement for that date.

Yield earned and yield paid

Your monthly statement and the Performance tab on each account show two yield figures.

• Yield paid is what actually landed in the account during the period.

• Yield earned (or accrued) is what the account built up during the period, whether or not it has been paid yet. For bank accounts and distributing funds this is an estimate based on the balance each day and the rate. For accumulating funds it is the change in unit price. For term deposits it is the daily interest accrual.

The two differ within a month because each product pays on its own cycle.

How each product pays

• Macquarie CMA and Accelerator: interest is paid on the last business day of the month. The payment covers the period since the last payment, so a month with a big deposit mid month shows more earned than paid.

• State Street Australian Cash Trust: unit price fixed at $1. The monthly distribution is paid in the first business days of the following month, so it shows on the next month's statement. Yield shows as a Yield transaction.

• State Street Floating Rate Fund: a variable unit price. The return each month is the distribution, paid on the 1st to 3rd business day of the following month, plus the change in unit price. The unit price rises during the month as income accrues and falls when the distribution is paid. Because of this your balance will not equal opening balance plus deposits plus distributions. Look at a three month view for a fair picture. For accounting, most clients book the distribution as interest income and the unit price movement separately. You can turn on Revaluation reporting in Settings, then Reporting, to include unit price movements in your Activity statements.

• BlackRock ICS funds: accumulating. Yield is not paid out. It is reflected in the unit price, so your balance grows and the Performance tab shows it as growth. You will not see yield transactions on these accounts. Revaluation reporting is available for these too.

• Term deposits: simple interest, paid at maturity. The Performance tab shows the accrual each month.

Which figure to use for accounting

• Fund balances on statements use the fund's unit price on the closing date. BlackRock funds publish a dealing (transactional) price and a mark to market price. Statements use the dealing price, which is the price you would transact at and what auditors generally accept for regulated money market funds.

• Primary's fee is shown under Billing this period on the monthly statement, with GST.

If a yield payment looks missing

Check the timing above first. State Street distributions land a few days into the next month, and BlackRock funds never show a payment. If a distribution for a fully redeemed State Street holding is due, it is paid in cash to your Macquarie CMA early the next month and shows there as yield. If something still looks wrong, contact support@primary.tech with the account and month.