Entity Setup

Introduction

Entity Setup screen is a newly created screen, which aims to streamline the process of setting up an entity. This article will demonstrate how to utilise it.

Navigate to Home on the left-hand tool-bar
Select Entity Setup
Select a Badge from the drop-down list. Click on Edit Badge to update badge settings or create a new badge.
Input a Fund Name and the system will create an Entity Code automatically
Input ABN and TFN for the fund
Toggle to Yes or No for entering opening balance according to the need.
Input the Date Formed of the entity and Financial Period. Financial Year can be selected from the drop-down list.
If desired, click and select a Lodging Party from the Contact list.
Select Create Fund once completed

Streamline the process of Entity Setup

To better streamline the process of setting up an entity, the system will prompt options for users to select as to what to do next. Whereas users toggle Yes for entering opening balance, the system will prompt below:

SMSF Setup Company/Trust/Individual Setup

 

Users have the following options:

1. Proceed to the Member List screen to enter member balances;

2. Proceed to the Smart Docs-CGT screen to enter investment balances.

3. Stay on the same screen to enter SMSF details;

4. Proceed to create another entity. 

A trust has been created in this example.

Users have the following options:

1. Proceed to the Smart Matching screen to Add a Bank Account;

2. Proceed to the Smart Docs-CGT screen to enter investment balances.

3. Stay on the same screen to enter Entity details;

4. Proceed to create another entity.

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