Support Query
How do I enter capital gains into Simple Fund 360 when processing a wrap account investment, without recording a disposal? Previously in Simple Fund realised capital gains could be posted to accounts 235 and 236. Has this changed in Simple Fund 360?
Solution
Realised Capital gains / losses can be entered directly to the investment's distribution income account. Simple Fund accounts 235 and 236 do not exist in Simple Fund 360.
| From the Main Toolbar, go to Accounting. |
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| Select Chart of accounts from the list. |
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- Search for the single-line investment account
- Click on the investment account, and then click on more details
- Click Add Linked Account, then select Income.
- Select the Income account as 23800 Distributions Received.
- Click
to create the new 23800 account.
| From the Main Toolbar, go to Accounting. |
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| Select Transaction list |
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- From the Transaction List screen, select New Transaction. From the drop down list, select Journal.
- Input the date of the transaction.
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Select the income account (23800/INVESTCODE), this will prompt Simple Fund 360 to display the More Details Panel to enter the Distribution Details.
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The capital gains / losses can be entered under the Non-Cash Capital Gain / Losses section. Click the arrow beside Non-Cash Capital Gain / Losses to display the relevant fields.
To save the transaction you will need to post a debit and credit of $0.00.
Example
Debit Investment account $0.00
Credit account 23800/INVESTCODE $0.00
By recording the capital gains to the More Details panel of the distribution account, the realised capital losses will be populated on the tax return and the capital gain reports. As there is $0 amount being posted to the distribution account, this will not appear in the operating statement. The tax return gets populated based on what has been recorded to the More Details panel.
- Select Save. The capital gain / losses recorded as above will appear in the CGT Schedule and in the Realised Capital Gain reports as a new line item.
Example Other Capital gains of $1000
Debit 74700/XXXX (manage account) $0 (With 1 unit)
Credit 74700/XXX (manage account) $0 (leave unit column blank)
2nd journal
Debit 74700/XXX (manage account) $1000 (leave the unit column blank. This can also be a debit to the bank account)
Credit 74700/XXX (manage account $1000 (with 1 unit) (ensure the 1 unit purchase parcel entered in journal 1 is selected in the more details panel)
When the second journal is posted the system will automatically calculate the $1000 as other capital gains.
2. To post manual "discounted Capital Gains" amounts from Disposal record the below two journals. Example Discount Capital gains of $1000
Debit 74700/XXXX (manage account) $0 (With 1 unit) (In more details change the contract date to be more than 12 months prior to the current FY)
Credit 74700/XXX (manage account) $0 (leave unit column blank)
2nd journal
Debit 74700/XXX (manage account) $1000 (leave the unit column blank. This can also be a debit to the bank account)
Credit 74700/XXX (manage account $1000 (with 1 unit) (ensure the 1 unit purchase parcel entered in journal 1 is selected in the more details panel)
When the second journal is posted the system will automatically calculate the $1000 as Discounted capital gains.
3. To post manual "Capital losses" amounts from Disposal record the below two journals.
For example Capital losses of $1000
Debit 74700/XXX (manage account) $1000 (with 1 unit)
Credit 74700/XXX (manage account $1000 (leave unit column blank)
2nd journal
Debit 74700/XXXX (manage account) $0 (leave unit column blank) (This can also be a debit to the bank account)
Credit 74700/XXX (manage account) $0 (with 1 unit) (ensure the 1 unit purchase parcel entered in journal 1 is selected in the more details panel)
When the second journal is posted the system will automatically calculate the $1000 as Capital Losses.
By Posting this sequence of journals you will be able to bring in the different Capital Gains components from disposal transactions that relate to the managed accounts.