Overview
The Wrap Statement Extractor allows you to upload investment distribution statements from supported wrap platforms and automatically extract the income, tax, and distribution details into Simple Fund 360.
This feature should be used when you receive investment distribution statements, tax reports, or annual statements from wrap providers
When should I use the Wrap Statement Extractor?
Use the Wrap Statement Extractor if you have received any of the following documents:
- Investment distribution statements
- Tax reports from wrap platforms (e.g. upload a Macquarie Tax Report)
- Annual wrap or portfolio statements that detail income distributions
Important
This tool cannot be used where each investment in a wrap statement is set up as a separate investment account in Simple Fund 360.
The Wrap Statement Extractor is designed for use when the wrap platform is recorded as a single investment account in the fund. If each underlying investment has been created as a separate investment account, the extractor will not process the statement correctly.
Tip
For wraps where each investment is set up as a separate investment account, you can use our Wrap Feeds to automate distribution and income entry. See: Summary of Supported Wraps & Investment Platforms.
Navigation
| From the Main Toolbar, go to Connect. |  |
| Select Feed Management from the list. | |
| Select Advanced Options & Reports. | |
| Select Wrap Statement Extractor from the drop-down list |
How to use the Statement Extractor?
The first task is to upload the Wrap Statement to the page.
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Upload the Wrap Tax Statement.
Upload the Wrap Tax Statement to the page. This document may also be referred to as the Annual Tax Statement or Year-End Tax Report.
Please note that only PDF files are currently supported by this tool.
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Select the Wrap Account.
Select the Wrap Investment account that the uploaded document relates to.
Tip: Click Show all accounts to display all available investment accounts.
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Select the other side account.
Choose the account that will be used as the opposing side of the transaction posted by the Wrap Statement Extractor tool.
By default, you can choose a Bank Account, a Manual Suspense Account or a Managed Investments Account. Otherwise, click 'Show All Accounts' to select another account.
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Review Extracted Figures.
The Wrap Statement Extractor reads the document to identify the Primary Components, such as Dividends, Distributions, Interest, Expenses, Capital Gains from Sales, and Foreign Dividend Income. Each Primary Component will have the relevant Taxable Component listed underneath it.
Be sure to review both the Amount and the Account assigned. You can manually update either if needed.Top Tip!
Click 'Search' next to the extracted amount to see where the figure appears in the uploaded document.
The system will search for the extracted amount. If the amount appears in multiple locations, you can click the Source button multiple times to move through each instance.
If the extracted amount is a combination of several amounts, the Source button will not automatically take you to the relevant values.
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Post Transactions.
After reviewing and confirming the amounts and account details, click 'Post Transactions' to finalise the process.
The total amounts will be posted either directly to the account or allocated to their relevant taxable components. All of the posted transactions will be displayed on the Transaction List screen.
The next task is optional, which is to enter the year-end balances
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Enter Balances.
From the pop-up table, press 'Enter Balances' to begin.
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Enter Amounts and select Cash Account.
You can now manually adjust the balances for Portfolio Valuation, Cash Account Balance, and Total Distribution Income Receivable.
Both the Current Balance of each account and the Amount to Post (if entered) will be displayed for the Portfolio Valuation and Total Distribution Income Receivable.
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Post Transactions.
Once you’ve reviewed and confirmed the amounts and account selections, click 'Post Transactions' to apply the adjustments.
These transactions will also appear on the Accounting List.
How Realised Capital Gains from disposals are reported
In Step 1, under dot point 4 and within the Capital Gains from Sales section, you’ll find three Taxable components:
- Total Capital Losses from Sales
- Total Discounted Capital Gains from Sales
- Total Other Gains from Sales
These amounts will be treated differently depending on the account attached to the amount:
- If the 23800/Distribution Account is selected, the amount will appear in the More Details section of the Distribution transaction. It will be allocated to the corresponding Tax Component within the distribution.
- If an Investment Account is selected as the attached account, the software will post two separate transactions to trigger the capital gain or loss within the account.