Overview of Bank Accounts in Simple Fund 360
Bank accounts are fund specific and can only be added to one fund.
The Bank Account code in the chart of accounts is 60400 (Term Deposits are 60800). Account 60400 (and 60800) is a Control account and any bank accounts added to a fund are set up as sub-accounts.
The Bank Account code in the chart of accounts is 60400. Account 60400 is a Control account and any bank accounts added to a fund are setup as sub accounts. A BANKCODE is used to represent each bank account in the fund (for example, 60400/BANKCODE).
A BANKCODE is used to represent each bank account in the fund (for example, 60400/BANKCODE).
This code will:
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Allow up to twenty alphanumeric characters.
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Be unique within the firm (one BANKCODE will be added for each bank account and no two BANKCODES will be the same across all funds).
This is an auto-generated code based on the bank account's Financial Institution code, the full bank account number and an additional number to prevent duplication (if required). No two BANKCODES will be the same across all funds.
For further guidance on how to add a bank account to the Chart of Accounts, please refer to the steps outlined below.
How to add a Bank Account to the Chart of Accounts
| From the Main Toolbar, go to Accounting. |
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| Select Chart of accounts from the list. |
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1. Within the Chart of Accounts, click Add Account | Bank.
2. Two bank types can be selected: Cash at Bank (60400) or Term Deposit (60800).
3. If you would like to make this bank account the primary bank account of the fund (the bank details will be used for the fund's tax return), select the check box next to ‘Make Default Bank Account’.
4. Input the bank account's BSB and Account Number.
5. More settings can be accessed by clicking on ‘More Details>>’.
Here, you can view the Tax and Regulatory Return labels for the account, as well as the linked income, expense and liability accounts that the system has automatically created. Select 'Add Link Account' to add any additional accounts to the bank account.
| Account Type | Account Name | Account Code |
|---|---|---|
| Income | Interest Received | 25000/BANKCODE |
| Income | Other Investment Income | 26500/BANKCODE |
| Expense | Investment Expenses | 37500/BANKCODE |
| Liability | Investment Liabilities | 83000/BANKCODE |
7. Ensure to save these changes by clicking ‘Save’.
8. A sub-account will then be created under the Chart Code 60400 (Cash at Bank) or 60800 (Term Deposit) for the relevant bank account.
Example: click this image to view it in a larger window (opens image in a new tab).