Accrued Income – Simple Fund 360 Knowledge Centre

Support Query

How do I record accrued income/distributions in Simple Fund 360?

Solution

Income that is accrued will be recorded through the Transaction List as a Journal. Select the income account 23800/INVESTCODE with the contra entry recorded to a receivable sub-account. Receivable accounts will be automatically created when the investment is added to the Chart of Accounts.

Please note

If the income is not recognised as income in the current year, Distribution/Dividend income should not be recorded using a 23800/23900 account. If the fund will not receive the cash payment in the current year, an investment reserve or another receivable account must be used.

Receivable Accounts

Account	Name
61800	Distributions Receivable
62000	Dividends Receivable
65000	Interest Receivable

Example: Recording an accrued distribution

Input the date, reference, and a transaction description.
Select account 61800/INVESTCODE and input the distribution receivable amount as a debit.
Next, post the credit entry to income account 23800/INVESTCODE.
Select More Details to input the distribution statement information if available.
Select Post to save.

Example: Recording the cash received

Input the date, reference, and a transaction description.
Select the Bank Account.
Next, post the credit entry to account 61800/INVESTCODE.
Select Post to save.

Example: Updating an auto-matched distribution transaction manually

1. Search the transaction using the filter bar.

Click the above image to expand

2. Click to open up the transaction line and select the right account (61800/Sub Account or 23800/Sub Account) to update.

3. Select Save to complete the transaction.

Notes

Under the system rule, where the distributions accrued from the last financial year have been auto-matched to the 61800 receivable account, users have the option to manually update and re-match it to the 23800 income account if needed.

From the Main Toolbar, go to Accounting.
Select Transaction List from the list.
Select the New Transaction.
Select Journal.

From the Main Toolbar, go to Accounting.
Select Transaction List
Select New Transaction.
Select Bank Statement.