Simple Fund Desktop Vs Simple Fund 360
Simple Fund desktop Accounts 247, 330 and capital gains accounts 235 and 236 have been combined into the one account in Simple Fund 360. (account 24700 Changes in Market Movement) Which will produce the NET amount of realised and unrealised market movements.
This change was requested by numerous accounting firms and aligns SF360 with the Financial Reporting requirements applicable to SMSFs. Consistent with the standards set out in AAS 25, revenue will include changes in market values of investments and other assets held at the reporting date and, in respect of investments and other assets realised during the period, the difference between the carrying amount of the investment or other asset as at the beginning of the reporting period (or when acquired, if acquired after the beginning of the reporting period) and its market value when realised.
Note: There is no setting to change this functionality in Simple Fund 360.
System Start Date
When setting up a fund and entering the comparatives, firstly check that you have correctly entered in the System Start Date before entering any transactions.
Accounts Available
When entering in Comparatives the following accounts can be used to record Capital Gains/Losses and Pension Payments
| Type | Account |
|---|---|
| Capital Gains |
Only when entering in comparatives for capital gains/losses, use account 24700 - Changes in Market Values of Investments. Alternatively, create a new income account in the Chart of Accounts. Note that, any current year capital gains calculated by Simple Fund 360 will still be allocated to account 24700. For further information on how to create a new account please click here |
| Capital Losses Carried Forward | Select the fund and navigate to the Compliance menu. Select the View Losses button. Manually input the funds Carried Forward Capital Losses. |
| Pension Payments |
Pension payments can be entered to account 41600/MEMBERCODE. This account will only display in the Chart of Accounts once the member account has been switched to pension phase. Refer to Input Opening Balances for Pension Accounts for more. |