Master Chart of Accounts

There is a master chart of accounts. Each fund has their own chart which is initially copied from the master upon creation of the fund.

Global Chart and Fund Chart

The Global Chart of Accounts is the main set of accounts used in SF360.When you create a fund in SF360, the Global chart of accounts will be copied across to the new fund.

This will then form the Fund chart of accounts.  

For a full list of the consolidated accounts, refer to the Consolidation of Chart of Accounts.

776/001

77600/BHP

Simple Fund provides you with a set of Investment Types to choose from.

Only Fixed Interest Securities do not require units.

SF360 also provides you with a set of common Investment Types. In addition, you can also add your own Investment Type if it is not in the list.

Investments are split into two types: 

• Unitised - requires units (e.g. Shares in Listed Companies, Units in Listed Unit Trusts)

• Non-unitised - do not require units to be entered (e.g. Term Deposits and Fixed Interest Securities, Limited Recourse Borrowing Arrangements, Debt Securities).

SF360 will automatically set the type depending on the Account Class

SF360 also creates a series of linked accounts when a new investment is added.

In addition, SF360 users can add extra linked accounts to an investment account as required.

The purchase date of units in an investment is the CGT date.

To record a cost base adjustment, the CGT date is used to link any future additions to the original purchase.

The same number of units in the original purchase needs to be input as well.

 If no unit is entered, Simple Fund treats this transaction as a manual revaluation.

SF360 has a separate CGT register.

You need to enter a zero in the Units field for SF360 to display the Instalment/Brokerage Adjustment Details panel. You can then select the parcel from that panel.

If no unit is entered, SF360 treats this transaction as a manual revaluation.

Member accounts appear in the 500 account range in Simple Fund.

For example: 

501/XXX 

502/XXX

Member accounts appear in the 50000 account range in SF360.

SF360 uses a MEMBERCODE to represent each member account.

For example:

Each type of contribution has a different account. For example:

Employer Contributions (Concessional) - 242/XXX

Member Contributions (Non Concessional) - 261/XXX

Only ONE contribution account:24200/MEMBERCODE

Each member will have a sub contribution account.

For example, contribution account for John Jones will be 24200/JONJOH00001A 

You can use the Pensions screen or process the pension payments manually through the Transactions screen.

There are multiple accounts for Pension Paid depending on the preservation and tax component.

For example:

Pension Paid Preserved Tax-Free - 412/XXX

All member transactions can be input from the Member List screen.

Only ONE Pension Paid account: 41600

For a full list of the consolidated accounts, refer to the Consolidation of Chart of Accounts.

Default bank account - Account 604

All bank accounts are set as normal accounts.

Extra bank accounts are added to the 605-699 range.

A bank account in Chart of Accounts is linked to the bank account details in the Bank Accounts screen.

Bank account - Account 60400

This account is set up as a control account.

Any new accounts you add to the fund are added as sub accounts e.g. 60400/BANKCODE

Only one fund can be attached to a bank account.

• Transactions are added through the Transaction Add/Edit screen.

• Certain transactions like disposals, pension payments, lump sum rollins and payments need to be entered through separate screens.

Transactions are added through the Transaction List screen.

SF360 allows for single screen data input. The Transaction List screen is responsive to the accounts that you select for the transaction and presents you with the required fields to enter any additional information, all on the one screen.

• Bank Statements
• Dividend Reinvestment
• Journal - Cash
• Journal - Non Cash
• Payments
• Receipts

Only two main types:

• Bank Statement

  • Double sided entry
  • One side automatically posted to the fund's bank account

• Journal

  • Double sided entry
  • Any transaction not going to the fund's bank account

Examples of transactions you will be posting as Journals:

• Opening Balances
• Dividend/Distribution Reinvestments
• Accrued Distributions

• Data Import Rules

• Transaction Review - Automated Processing Module

SF360 offers a new proactive feature called Transaction Matching. This allows SF360 users to quickly and easily review bank statement transactions.

Through Transaction Matching, transactions can be:

• Automatically matched. Bank statement transactions which SF360 can reconcile will be matched automatically for the user
• Suggested matches. Bank statement transactions that cannot be instantly reconciled will be matched by SF360 for you to review as suggested matches. The user can then accept the suggestion and match the transactions.
• Manually matched. Any remaining unmatched transactions can be reconciled and coded by the user.

Matching Rules:

• System Rules. These rules aim to automate transaction matching based on pre-determined matching criteria. 

  Transactions uploaded into SF360 will first be matched off against system rules. System rules include matches based on information from the ASX and UUT Data Feed and the Contract Note Service. These rules cannot be switched off.

• Default Rules. These rules aim to automate transaction matching based on the most common matches made through the BGL Bank Data Service.
• User Rules. These rules aim to automate transaction matching based on manually created rules by the user. See below on how to create a user rule. 

These details are input in the Fund Details | Pension Policy screen.

These details are input in the Members | Fund Pension Policies screen.

The create entries process will calculate and allocate the following entries:

1. Imputed, foreign and tax file number credits. These are added to the investment ledger income accounts (if selected in Fund Details, Reporting)
2. Changes in the market values of investments
3. GST payable (if GST registered)
4. Population of the Income tax return and surcharge returns
5. Income tax and deferred tax entries
6. Member specific contributions, transfers in/out
7. Benefits accrued as a result of operations (profit). This is allocated on the member's weighted balance or a fixed allocation percentage
8. Regulatory return amounts

The create entries process is split into the following two functions:

1. Automatic Daily Journals
   These are done automatically by SF360 at the end of each day:
   
   1. Investment Revaluation Journals - using the BGL's ASX and UUT Automated Data Feed, SF360 revalues investments on a daily basis, providing you with real time investment information.
   2. Member Allocation Journals - income and expense transactions are allocated to members on a daily basis, providing you with real time member balances.
2. Year End Create Entries
   These need to be activated by the SF360 user at year end and will:
   1. Finalise profit allocation to members and determine year end balances.
   2. Calculate PDIT/FITB If the fund is applying Tax Effect Accounting.
   3. Offset any foreign, TFN and franking credits against Income Tax Payable.
   4. Determine the net capital gain.
   5. Calculate Income Tax Payable.
   6. Calculate the figures in the SMSF Annual Return and populate the Return and ATO Schedules.

GST is posted to Account 840 GST Payable/Refundable during the create entries process.

The create entries process no longer calculates GST.

GST amounts will be recorded directly to account 84000 GST Payable/Refundable when posting or matching transactions.

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To close the financial year and move to the next one, you need to click Close Financial Year after creating entries at the end of the year.

Different reports and documents can be accessed through different screens:

• Ledger Reports
• Financial Reports
• Other Documents

• All reports and documents can be accessed through the Reports screen.
• Reports contain real time financial information.
• Each user can create highly customisable Report Packs.

• SF360 allows you to simply Drag & Drop reports into a Report Pack to then view, download and print.

All documents and reports can be accessed from the Document Management and All Documents and Forms screens.

Simple Fund users can also upload documents for each fund through these screens.

All documents and reports are saved to the Documents screen.

SF360 users can also attach any other document for each fund through that screen.

Furthermore, in SF360, users have the ability to do the following:

• tag documents to easily categorise, sort and search for documents
• add comments to uploaded documents

In SF360, text changes are made through report templates.

You can download these templates, make the necessary changes and then upload the customised documents to SF360.

This is an additional data service that users need to subscribe in Simple Fund.

The ASX and UUT Data Feed is part of the SF360 subscription and security prices get automatically updated daily.

International Shares in Listed Companies (Overseas) can also retrieve daily revaluations from a feed.

This data service can be accessed from the BGL Bank Data Service screen.

To register for the service, the bank details of the fund need to be sent to BGL.

All Bank Feeds can be managed through the Bank Feed Management screen in SF360. This dashboard provides the following information:

• Details of the bank accounts setup for the Bank Data Service
• The status of each bank account (Setup Required, Awaiting Authority or Operating) 
• Setup of new bank feeds
• Bank feed settings
  

   

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