Support Queries

• What are the changes to account 24700 in SF360 relative to the 247/330 Changes in Market Value of Investments accounts in Simple Fund? 
• Why don't Capital Gains or Losses display as a separate item in the Operating Statement or Trial Balance? 
• Where do I enter Opening Balances for Capital Gains for comparatives in the P & L?
• Why is a capital gain displaying in 24700 post migration? Isn't this the unrealised gains account?

One account in SF360 - 24700 Changes in Market Movement

Simple Fund Desktop Accounts 247 and 330 and capital gains Accounts 235 and 236 have been combined into the one account in SF360 (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. 

Which reports do I use to reconcile?

To view a breakdown of the unrealised market movements and realised gains for investments, you can use any of the following:

• Notes to the Financial Statements 
• Market Movement Report
• Investment Summary with Market Movement Report 
• Detailed Operating Statement
• Detailed Trial Balance