Dividend declared and payment without delay

Hi James,

Just to be clear on this, it is not a Modano issue, it's just the way the Ordinary Equity (Amounts, Dividend Calculations) module in the Modano Content library has been developed. And it's been developed this way for three main reasons:

1. Most companies delare a dividend after calculating the NPAT for a period, and pay in a subseqent period;
2. Many companies want to forecast dividends based on an assumed % of NPAT being distributed to shareholders; and
3. It avoids a circular reference due to NPAT being calculated based interest on cash, which is in turn calculated based on average cash balances, which are based on dividends paid during each period.

If you want to enter dividends declared and paid in the same period, I'd recommend using the Replace Module tool to replace the Ordinary Equity (Amounts, Dividend Calculations) module in your model with the Ordinary Equity (Amounts) module, which allows your to hard-code dividends declared and paid in any period.

Note, however, that you will always get a circular reference if you base dividends paid on NPAT in the same period. You could calculate a proxy for NPAT excluding the circular components - we do this in the current Interest on Cash (Rates) module to avoid a circular in corporate tax - but it's a module customization you'd need to do manually.