The chart of accounts in Simple Fund 360 has consolidated many of the sub accounts found in the Simple Fund chart of accounts. This is due to the changes in how transactions are input into the Transaction List in Simple Fund 360.
Select an account from the list below to learn more about its change in Simple Fund 360.
- Account Range
- Consolidated Income Accounts
- Consolidated Expense Accounts
- Income Tax Payable
- Deferred Tax
- Consolidated Members Accounts
In the Simple Fund 360 chart of accounts, five digits are used for account codes. These codes are assigned to each account to distinguish the different account types. This is a change to the account coding structure, as Simple Fund uses three digits for account codes in its chart of accounts.
Account types are further broken down into account code ranges. The ranges have been developed to organise similar account types together.
Refer to the table below for a comparison of the account code ranges between Simple Fund and Simple Fund 360:
Consolidated Income Accounts
Increase\Decrease in Market Value & Capital Gains
All the transactions coded to account 247, 330, 235 and 236 have been consolidated into one account called Increase/Decrease in Market Value of Investments (account 24700).
Employer Contribution accounts 242 -245 , Member Contribution accounts 259 - 261, Other Contribution accounts 262 - 264 and Unallocated\Unvested accounts 295 - 298 have all been consolidated into one account called Contributions (account 24200).
Refer to How to Enter Contributions for more information.
Proceeds From Life Insurance
Proceeds from Life Insurance accounts 275 - 277 have been consolidated into one account called Proceeds from Insurance Policies (account 27500).
Transfer in accounts 285 - 289 and the Untaxed Transfer In accounts 291 - 293 have been consolidated into one account called Transfer In (account 28500).
Refer to How to Enter a Lump Sum Rollin for more information.
Consolidated Expense Accounts
Pensions Paid accounts 412 - 417 and Spouse Pensions Paid accounts 435 - 437 have been consolidated into one account called Pension Paid (account 41600).
Refer to How to Enter Pension Payments for more information.
Benefits Paid & Transfer Out Accounts
Benefits Paid accounts 320 - 325 and 494 - 499, Transfer Out accounts 460 - 465, Transfer Out Employer Contribution accounts 450 - 452 and Transfer Out Member Contribution accounts 453 - 455 have been consolidated into one account called Benefits Paid/Transfer Out (account 46000).
Refer to How to Enter Rollover or Lump Sum Payments for more information.
Deductible Life Insurance Premiums accounts 390 - 392 have been consolidated into one account called Life Insurance Premiums - Deductible (account 39000). Non Deductible Life Insurance Premiums accounts 393 - 395 have been consolidated into one account called Life Insurance Premiums - Non Deductible (account 39300).
Management Fees accounts 400 - 402 have been consolidated into one account called Management Fees (account 40000).
Member Expense accounts 405 - 407 have been consolidated into one account called Member Expenses (account 40500).
Excess Contributions Tax
Excess Contribution Tax Accounts 440 - 445 have been consolidated into one account called Excess Contributions Tax (account 44000).
Income Tax Payable
Income Tax Payable accounts 850/001 - 850/007 have been consolidated into Income Tax Payable (account 85000).
Writeback of Deferred Tax
493/member accounts, eg) 493/001 will be mapped as sub-accounts in the 49300 Writeback of Deferred Tax range.
Writeback of Deferred Tax (Unallocated)
Account 493/999 Write Back of Deferred Tax (unallocated) has been changed to account Writeback of FITB/PDIT (Unallocated) account 49350.
Deferred Tax Liability
The deferred tax asset/liability account will be moved from Account 870 in Simple Fund to Account 89000 in Simple Fund 360.
Consolidated Members Accounts
Account 501 in Simple Fund is used as an example throughout the following member account consolidations.
Member Opening Balance accounts 501/001 to 501/006 have been consolidated into account Opening Balance (account 50010).
Transfers In accounts 501/021 - 501/026 have been consolidated into Transfers In (account 52850).
Share of Profit/(Loss) & Income Tax
Share of Profit/(Loss) accounts 501/030, 501/031, 501/034. 501/035, 501/040 and 501/041 have been consolidated into Share of Profit/(Loss) (account 53100).
Income Tax accounts 501/050, 501/053, 501/060, 501/063, 501/070 and 501/073 have been consolidated into Income Tax (account 53330).
No TFN Excess Contributions Tax
No TFN Excess Contributions Tax account 501/058 has been changed to account 53500 (the account name remains the same).
Contributions & Contributions Tax
Employer Contributions accounts 501/011 - 501/014, Member Contributions accounts 501/015 - 501/017 and Other Contributions accounts 501/018 - 501/020 have been consolidated into account Contributions (account 52420).
Contributions Tax accounts 501/051 - 501/061 have been consolidated into account Contributions Tax (account 53800).
Insurance Policy Proceeds & Life Insurance Premiums
Insurance Policy Proceeds accounts 501/110 - 501/115 have been consolidated into Insurance Policy proceeds (account 53900).
Life Insurance Premiums accounts 501/130 - 501/135 have been consolidated into Life Insurance Premiums (account 53920).
Management Fees & Member Expenses
Management Fees accounts 501/120 - 501/125 have been consolidated into Management Fees (account 54000).
Member Expenses account 501/140 - 501/145 have been consolidated into Members Expenses (account 54050).
Member Internal Transfer In & Internal Transfer Out
Internal Transfers In accounts 501/161 - 501/166 have been consolidated into Internal Transfers In (account 56100).
Internal Transfers Out accounts 501/171 - 501/176 have been consolidated into Internal Transfers Out (account 57100).