Overview
Five types of accounts can be added via the Chart of Accounts screen:
- Investment - Various default codes between 70000 and 79999
- Property - 77200, 77250, 77300 or 77350.
- Bank - 60400 (Banks) or 60800 (Term Deposits)
- Other
- Liability LRBA/Loan - 85500 or 85660 in Simple Fund 360 and Simple Invest 360 respectively.
The Default Global Chart of Accounts is automatically included in each entity created, and any account not included in these defaults can be considered an "Other account".
When adding Other accounts, three types of account classes are available, each with their own purpose:
| Account Class | Explanation |
|---|---|
| Normal | A directly postable account type used for bank accounts, individual income and expense accounts. |
| Control | An account type used to group sub accounts. You cannot post transactions directly to these accounts. |
| Sub Account | A directly postable account grouped under a Control account. |
How to add an Other account to the Chart of Accounts
Creating Sub-Accounts from a Control Account
For Sub-accounts, the recommended best practice is to first locate the Control account, then select the + icon to add the desired account. This will pre-fill the Control Account details, ensuring the Sub-Account is added with the correct code attached:
- From the Chart of Accounts screen, select Add Account and select Other.
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Select the Account Class. From the drop-down list below, select Normal, Control or Sub Account.
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SF360 will automatically attach the investment to the fund. If you want to attach the investment account to all funds in SF360, tick the Attach to all Funds? check box. Click Select Funds and select the funds from the drop down list below if you would like to attach the security to a select few.
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Input the account Code and account Name in the relevant fields.
Refer to the 1.3 Consolidation of Chart of Accounts help for a more detailed comparison of the account code ranges between Simple Fund and SF360.
Note: Manually Creating Sub-Accounts
Please note that in order to manually create sub-accounts, you will need to set up the control account first to act as the 'category' for these accounts.
- The Linked Accounts article includes instructions on how to create sub-accounts while avoiding this manual process.
If a control account is not available, the software will prevent you from making a sub-account with the desired code:
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Next, select More Details to complete the following information for the investment:
Account Option
Explanation
Tax Label
This is the tax label against where the account will show in the income tax return. Select the appropriate label.
In House Status
Select the In House Status of this account (if applicable).
GST Rate
Select the GST rate of the account (if applicable) from the drop-down list.
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Once you have finished inputting the above account information, select Save to add the account to the chart of accounts or Cancel to not add the account.