Some linked accounts are automatically created when a bank, member or investment account is added to Simple Fund 360 or Simple Invest. These linked accounts are made up of various income, expense, depreciation and liability accounts and are critical for the system to correctly calculate profit/(loss), exempt pension income and depreciation amounts.
Common Types of Linked Accounts Automatically Created by SF360
The following is a list of common linked accounts that will be added by SF360 depending on the type of account you add.
Depreciable Asset Accounts
Depreciable assets such as Fixtures and Fittings and Plant and Equipment can be linked to Investment Properties. Refer to Investment Property separate Depreciable Assets for more.
Investment Linked Accounts
Distribution Income: 23800/INVESTCODE
Dividend Income: 23900/INVESTCODE
Interest Income: 25000/INVESTCODE
Other Investment Income: 26500/INVESTCODE (user will need to add this account manually)
Dividends Receivable: 62000/INVESTCODE
Distributions Receivable: 61800/INVESTCODE
Investment Expenses: 37500/INVESTCODE
Rental Property Expenses: 41910/INVESTCODE - 42150/INVESTCODE
Depreciation Expense: 33400/INVESTCODE
Member Linked Accounts
Proceeds from Insurance Policies: 27500/MEMBERCODE
Management Fees: 40000/MEMBERCODE
Bank Linked Accounts
Interest income: 25000/BANKCODE
Viewing, Editing and Adding Linked Accounts
You can view, edit and add additional linked accounts for investment and bank accounts.
In this example, account 77600/BHP.AX BHPShares in Listed Companies (Australian) will be used to view the investment's linked accounts.
|From the Main Toolbar, go to Accounting.
|Select Chart of accounts from the list.
- Filter the Chart of Accounts by account 77600/BHP and select the search icon.
- Select BHP from the search results to edit.
- Select More Details >>
- To create and add any additional linked account to the investment follow the steps below:
- Select Add Link Account
- Select the type of account you wish to add or link to the Investment
- The Account Type will now be added to the Account List.
- Locate the New Account from the Account List and Select the Account Code/Investment Code.
- Select Save. Simple Fund 360 will now create and Link the Account to the Investment.
To remove any linked accounts you have added, select Delete.
Do not delete any SF360 created linked accounts.