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Simple Fund Refresher - Bgl Corporate Solutions

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Simple Fund Refresher Training Manual BGL Corporate Solutions Pty Ltd Suite 2, 606-608 Hawthorn Road, Brighton East, Victoria, Australia PO Box 8063, Brighton East, Victoria, 3187, Australia Email: [email protected] Website: www.bglcorp.com.au This page has been left intentionally blank. Table of Contents Copyright and Disclaimer................................................................................................................................1 Introduction......................................................................................................................................................3 Training Manual Conventions.........................................................................................................................5 Simple Fund Help and Training Resources...................................................................................................7 Lesson 1 - Administration and Defaults......................................................................................................11 Task 1.1 - Administration and Defaults..............................................................................................13 Lesson 2 - Fund Setup...................................................................................................................................27 Task 2.1 - Creating a New Fund Ledger and Fund In........................................................................29 Task 2.2 - Input of Members Balances...............................................................................................33 Task 2.3 - Input Balance Sheet Balances..........................................................................................35 Task 2.4 - Balance Forward and Transaction Archive.......................................................................39 Lesson 3 - Lump Sum Rollin.........................................................................................................................43 Task 3.1 - Recording Lump Sum Rollin..............................................................................................45 Lesson 4 - GST Registered Fund..................................................................................................................51 Task 4.1 - Setup of GST Registered Fund.........................................................................................53 Task 4.2 - Recording income with GST..............................................................................................55 Task 4.3 - Recording expenses with GST..........................................................................................57 Task 4.4 - GST Reports.....................................................................................................................59 Lesson 5 - Transferring Balances between Members................................................................................61 Task 5.1 - Transferring Balances between Members.........................................................................63 Lesson 6 - Commencing a Superannuation Pension and Income Stream Calculations.........................71 Task 6.1 - Pension Mode and Income Stream...................................................................................73 Task 6.2 - Manual Pension Payment Journals...................................................................................79 Lesson 7 - Transaction Upload and Data Import Rules..............................................................................83 Task 7.1 - Upload XML Data using Transaction Upload....................................................................87 Task 7.2 - Data Import Rules.............................................................................................................93 Lesson 8 - CGT Optimiser...........................................................................................................................103 Task 8.1 - CGT Optimiser................................................................................................................105 Lesson 9 - Create Entries Process.............................................................................................................107 Task 9.1 - Input Actuary and Expense Percentage..........................................................................109 Task 9.2 - Member Allocation Worksheet........................................................................................115 Task 9.3 - Reconciliation of Members Balance................................................................................121 Lesson 10 - Preparing SMSF Annual Return.............................................................................................125 Task 10.1 - Reconciling labels in the tax return...............................................................................127 Lesson 11 - Reporting.................................................................................................................................133 Task 11.1 - System Reports.............................................................................................................135 Task 11.2 - Customising Reports Using Microsoft Word..................................................................137 Task 11.3 - Creating Freeform Documents with Embedded Text....................................................139 Task 11.4 - Document Settings Template........................................................................................143 i Table of Contents Lesson 12 - Additional Tips........................................................................................................................145 Task 12.1 - Additional Tips...............................................................................................................147 Exercise 1: Reconciliation of Create Entries Report in a Segregated Fund...........................................163 Questions.........................................................................................................................................164 Exercise 2 : Common Support Queries.....................................................................................................167 Appendix A : 2011 Members Statement.....................................................................................................169 Appendix B : 2011 Balance Sheet..............................................................................................................171 Appendix C : 2011 Investment Schedule...................................................................................................173 Appendix D : BHP Disposal Journals........................................................................................................175 Appendix E : Create Entries Report...........................................................................................................177 Appendix F : Transaction Listings.............................................................................................................183 Appendix G : Create Entries Report for Segregated Fund.......................................................................189 Answers : End of Task Exercises...............................................................................................................197 Answers : Exercise 1 - Reconciliation of Create Entries Report in a Segregated Fund........................201 Answers : Exercise 2 - Common Support Queries...................................................................................205 Conclusion and Summary...........................................................................................................................207 ii Copyright and Disclaimer BGL Corporate Solutions Pty Ltd Suite 2 606-608 Hawthorn Road Brighton East, Victoria, 3187 Australia PO Box 8063 Brighton East, Victoria, 3187 Australia Telephone (03) 9530 6077 / 1300 654 401 Facsimile (03) 9530 6964 International + 61 3 9530 6077 Email - Administration [email protected] - Sales [email protected] - Training [email protected] Home Page http://www.bglcorp.com.au Client Centre / Support http://clients.bglcorp.com.au/ BGL operates a call back support service during the below hours: Monday to Thursday 7.30am to 7.30pm (AEST) Friday 7.30am to 6.30pm (AEST) © 2013 BGL Corporate Solutions This Training Manual has been prepared by BGL Corporate Solutions Pty Ltd for users of Simple Fund. Every effort has been made to ensure the accuracy and completeness of this Manual. However, the software author or supplier cannot be held liable for any errors or omissions, and this Manual should not be relied upon as a detailed specification of the system. In addition, the software author and supplier reserve the right to issue revisions, enhancements and improvements to the software at any time without notice. This Manual forms part of the computer software, which is subject to a Software Subscription Agreement with an authorised user. It therefore remains the property of the software author and supplier and is subject to copyright and trade secrets protection. It must not be copied, disposed of, distributed or otherwise be made available to any person, other than employees of the authorised Simple Fund for Windows client, without the prior consent of the software author and supplier. _________________________________________________________________________________________ © BGL Corporate Solutions 1 This page has been left intentionally blank. _________________________________________________________________________________________ 2 © BGL Corporate Solutions Introduction Welcome to the Simple Fund Refresher Course. This Simple Fund Refresher Training course is a new BGL initiative. The course has been designed to consolidate and extend your learning and understanding of Simple Fund. The course will revisit and review the basic administration and setting up of an SMSF in Simple Fund. It will then extend to introducing you to more complex areas of SMSF administration. The course also includes practical exercises that will teach you how to introduce new efficiencies that will benefit you and your organisation. This manual assumes : • You have attended or can complete tasks in the Simple Fund Introduction,Advanced and Pensions. • You are an experienced user of Simple Fund wishing to update your knowledge and skills of Simple Fund. Training Manual Conventions The concepts and definitions section provides an overview of Simple Fund and will explain terms, concepts, definitions and functions that are used throughout your Simple Fund software and documentation. Lesson 1 - Administration and Defaults This lesson will show you how to change the Simple Fund default Administration settings to best tailor Simple Fund to your office requirements. Lesson 2 - Fund Setup This lesson will go through some basic tasks of inputting historical information into Simple Fund. Lesson 3 - Lump Sum Rollin This lesson goes through recording a Lump Sum Rollin part way through the year for one of the fund's members. Lesson 4 - GST Registered Fund This lesson will teach you how to set up a GST Registered fund and to record GST related transactions. This lesson will cover income and expenses with GST as well as a purchase and disposal of an investments with GST and brokerage. Lesson 5 - Transferring Balances between Members This lesson will teach you how to transfer a percentage of a members balance to another member in the same fund using the Internal Transfer Wizard screen. Lesson 6 - Commencing a Superannuation Pension and Income Stream Calculations _________________________________________________________________________________________ © BGL Corporate Solutions 3 Introduction This lesson will show you how to commence a transition to retirement pension member part way through the year and to use the Pension Calculation Screen to calculate pensions. This task will also cover using the transaction screen to post journals based on the members tax free and taxable percentage. Lesson 7 - Transaction Upload and Data Import Rules This lesson will teach you how to upload data into Simple Fund using the Transaction Upload screen. This lesson will also demonstrate how to use data import rules to efficiently upload data. Lesson 8 - Investment Disposal and CGT Optimiser This lesson will show you how to record a partial disposal of an investment and to use the CGT Optimiser screen to optimise the overall Capital Gain(Loss) of the fund. Lesson 9 - Create Entries Process This lesson will go through the create entries process and how you can change the members profit and tax allocation using the Members Allocation Worksheet. Lesson 10 - Preparing SMSF Annual Return This lesson will review the SMSF Annual Return data and how to reconcile the relevant labels in the return. Lesson 11 - Reporting This lesson will show you how to preview system reports, edit existing reports, create freeform documents and create document setting templates in Simple Fund. Lesson 12 - Additional Tips This lesson will show you various tips and tricks that will help increase your efficiency in using Simple Fund. Exercise 1: Reconciliation of Create Entries Report in a Segregated Fund This exercise goes through reconciling exempt pension income, profit, tax and members balance in a segregated part accumulation and pension fund. Exercise 2 : Common Support Queries This task will cover some common support queries. _________________________________________________________________________________________ 4 © BGL Corporate Solutions Training Manual Conventions Simple Fund Conventions One of the main objectives of Simple Fund is to enable superannuation data to be entered as quickly as possible. The following design features are just some of the ways Simple Fund speeds up the data entry process: 1. Within all transaction screens you are able to skip to the next field, using the Tab key if you do not wish to enter data. 2. Alternatively you can use the Enter key to pre fill fields with the details from the last transaction. 3. When entering cash payments or receipts Simple Fund automatically assumes all payments are debits and all receipts are credits. 4. You can use the standard windows shortcut keys Cut (Ctrl + X), Copy (Ctrl + C) and Paste (Ctrl + V) to move data amongst fields. 5. You can right click on your mouse in any screen to view a menu of options. Simple Fund has its own shortcut keys should you prefer to use the keyboard rather than the mouse. Some common shortcut keys used throughout Simple Fund are as follows: • Alt + N - creates a new record. • Alt + E - edits the current record. • Alt + C - opens the chart of accounts screen. • Alt + S - posts (saves) the current data. • Alt + X - exits the current screen without saving. Note - shortcut keys are referenced on each Simple Fund button with an underlined character. For example, the Create Entries shortcut key is Alt + C Training Manual Conventions • When "click" is used you are required to move the mouse pointer to the field or button and press the left mouse button. • When the word "highlight" is used you are required to move the mouse pointer to the data and press the left mouse button. • Buttons to be clicked are shown on the screen in bold and italics. ie Select. • Keys to be pressed are shown on the screen in bold, e.g. Tab. • Data required to be input by you will be displayed in BOLD, ITALICS AND UPPERCASE. Data should be input in proper case (upper and lower characters). • Any text with the prefix "KB" indicates a link to an article in the Knowledge Base on the BGL Wiki. _________________________________________________________________________________________ © BGL Corporate Solutions 5 This page has been left intentionally blank. _________________________________________________________________________________________ 6 © BGL Corporate Solutions Simple Fund Help and Training Resources Overview of Help Simple Fund, like many computer software packages, requires data to be input in certain ways and will not give you the correct result if data is not input correctly. Simple Fund expects you have a good understanding of superannuation accounting. Although there are sometimes a number of ways that transactions can be input, Simple Fund adopts the most commonly used and audit preferred method. BGL has designed many sources of help information for Simple Fund users. All Help resources can be accessed from the Ribbon Toolbar, Help And Web Access Tab, in the Help group. 1. Help Context sensitive screen by screen Help. There are three topics: Overview, How Do I... and Fund and the ATO that should be read by all new users before entering data into Simple Fund. 2. Training Manuals Training Manuals are included as part of Help. These include: Simple Fund Introduction This takes you through the most common tasks, from setting up opening balances, entering current year transactions and generating reports. Simple Fund Trustee Training Manual This explains the basic accounting concepts of superannuation fund accounting. It then sets up a fund with opening balances, and demonstrates the most common superannuation fund transactions. Simple Fund Advanced Building on the knowledge gained in the Introduction Training, this covers more complex Simple Fund tasks. Simple Fund Pensions This provides a general overview of the rules and regulations applying to allocated pensions and how to set up and administer pensions in Simple Fund. Simple Fund Refresher This course provides experienced users with an opportunity to update their knowledge and skills of Simple Fund. All Training Manuals can also be downloaded in PDF format from the Client Centre via Your Support | Training Manuals _________________________________________________________________________________________ © BGL Corporate Solutions 7 Simple Fund Help and Training Resources 3. Knowledge Base From the BGL Wiki, current subscribers can access over 300 articles on your BGL software, from installations, instructions and trouble-shooting. Note: All BGL Help Resources are online on BGL Wiki. If you are connected to the Internet, Simple Fund will connect you automatically to BGL Wiki. This will enable you to always have access to the updated help files. If you are not connected to the Internet, Simple Fund will open the offline Help Files. BGL Connect BGL Connect is a program installed as part of your Simple Fund program. It connects and automates a number of BGL services, products, tasks, schedules and messaging in a single proactive software application. Main Features of BGL Connect: • It includes a reminder system for tasks and ability to drag and drop documents into your BGL application. • It provides update notifications, access to the BGL Wiki and help resources. • It allows you to log and track support calls. • It gives you direct and easy access to the BGL Client Centre. • It integrates with Portal by BGL and enables documents to be delivered to your clients, signed and received back into your BGL software automatically. Once you have successfully installed BGL Connect, the BGL Connect icon will appear on the Windows Taskbar. All features of BGL Connect can be accessed from the BGL Connect Panel. Click on the BGL Connect icon on the Windows Taskbar to access the panel. This panel provides you access to the following BGL resources and services: • BGL Wiki • Training Manuals • Your Support Calls • Log a Support Call • Client Services • Feedback • Wishlist • Contact BGL _________________________________________________________________________________________ 8 © BGL Corporate Solutions Simple Fund Help and Training Resources Clicking on any of the links will provide you access to that particular function. Refer to the BGL Connect Help File for more information. BGL SmartDoc BGL SmartDoc is a feature integrated into the BGL Connect program that allows users to drag and drop documents using the drop zone. These documents get saved in Document Management in the software in Simple Fund and are also pushed to Portal by BGL. Using the BGL SmartDoc drop zone icon, , you can drag and drop documents from any location on your computer to save into Simple Fund or Portal by BGL. Refer to the BGL Connect Help File for more information. _________________________________________________________________________________________ © BGL Corporate Solutions 9 This page has been left intentionally blank. _________________________________________________________________________________________ 10 © BGL Corporate Solutions Lesson 1 - Administration and Defaults Objective In this lesson you will learn how to change the default Administration settings in Simple Fund. By the end of this lesson, you will be able to change the default data input, reporting, help and automated data feed options to best tailor Simple Fund to your office requirements. Learning Tasks Task 1.1 - Administration and Defaults Set up default options to best tailor Simple Fund to your office requirements. _________________________________________________________________________________________ © BGL Corporate Solutions 11 This page has been left intentionally blank. _________________________________________________________________________________________ 12 © BGL Corporate Solutions Task 1.1 - Administration and Defaults Task 1.1 - Administration and Defaults Objective In this task you will learn how to change the defaults options in the Simple Fund. Administration | Setup | Defaults screen from the Simple Fund Ribbon Toolbar. By the end of this task, you will be familiar with all the options in the following default screens: • General • Data Input • Reporting • Email • Tasks/Help • Report Order • Automated Data Feeds Instructions Simple Fund provides hundreds of options to allow you to best utilise Simple Fund for how your office operates. These settings include options such as setting up auto narration in your transaction screen, page margin sizes or fonts on letters and changing your financial reports printing order. From the Ribbon Toolbar: On the Administration tab, in the Setup group, click Defaults General Simple Fund will display the General defaults screen. Firm Details Firm Name: Input Registered Firm Name . This name should match your licensing details with BGL. Defaults Securities List Order: Used to display the securities in Code or Name order. Funds List Order: Used to display the Fund Selection list in Code or Name order. Alternate grid colour: Used to change the grid colour to screens. You can use the default row colour (light blue) or choose any other colour from the colour palette. _________________________________________________________________________________________ © BGL Corporate Solutions 13 Task 1.1 - Administration and Defaults Fee Scheme: For users with the Fee Generation Module, you can select a default fee scheme for new funds added to Simple Fund Click Load the Fund Selection screen on startup? This will take you straight to the Fund Selection list when starting Simple Fund. Click Use Main Screen Explorer? to show the Simple Fund Explorer when starting Simple Fund. Click Create PDF File for Investment Disposals and Lump Sum forms? Automatically save a PDF copy of these forms, to be accessed again at any time. These are automatically added to the Document Management system. Click Create PDF for Other Documents and add to Document Management? Automatically create PDF files for Other Documents and add them to Document Management whenever they are printed or exported. Do not click Automatically check data input spelling? Spell check text on the Audit Report, Fund Notes, Regulatory Return and Text Add/Edit screens, underlining any errors. Do not click Use data integration? Do not click Display current clients only in Fund Selection screen? Do not click Do not click Display only funds attached to user?. Refer to Task 1.2 of the Simple Fund Advanced Training Manual for more information on how to attach funds to a user. Display user interface without gradient colouring Some users may find that the gradient colouring will not display on their screens properly due to display settings on their computer. If the colour quality on the operating system is set to be less than 32 bit, then Simple Fund screen colouring will appear uneven. It is recommended that those who experience this problem should tick the default; "Display user interface without gradient colouring". Ticking this option will change the User Interface screen colouring to use flat colours. Do not click Display entire address in single column? Do not click Display people names in single column? Click Click to select spell-checking options and dictionaries. to adjust Transactions and Securities screen column widths back to the Simple Fund defaults for the current user. BGL Connect Do not click Do not install for Simple Fund to stop BGL Connect installation prompt. _________________________________________________________________________________________ 14 © BGL Corporate Solutions Task 1.1 - Administration and Defaults Launch automatically upon login Click Data Input Chart of Accounts Display Select from: 1. Account List. The Chart of Account will display in a traditional format that lists all control, normal and sub account in account code order on the one screen. 2. Two Column - Alphabetic. The Chart of Accounts will display in a two column format that lists all control and normal accounts in alphabetic order on the left hand side of the screen and all sub accounts will display in alphabetic order on the right hand side of the screen. 3. Two Column - Account Code (recommended). The Chart of Account will display in a two column format that lists all control and normal accounts in account code order on the left hand side of the screen and all sub accounts will display in sub account code order on the right hand side of the screen. This is the recommended option. Click Show only current accounts on Chart of Accounts/Members screen? This will hide any accounts for accounts that have been tagged as "inactive account". Click Show current year transactions on the transaction list? To display only current financial year transaction journals in the transaction screen. _________________________________________________________________________________________ © BGL Corporate Solutions 15 Task 1.1 - Administration and Defaults Click Auto repeat narration field in Transaction Data Input screen? For the last narration to be repeated when pressing Enter on the Note field when recording journals. Click Enable narration autofill on Transaction Data Input screen? As you start typing text will automatically from your Standard Answers list under Administration | Standard Answers. Click Autofill narration by account code on Transaction Data Input screen?. As you start typing text will automatically appear as you start typing, from your Standard Answers list under Administration | Standard Answers, only where that text has been assigned to the selected account. Click Validate franked/unfranked in Transaction Data Input screen? if you wish to validate franked/unfranked amounts in the Transaction Add/Edit screen posted to an income account with the Tax return Label set to Income - Gross Dividends (D). Turning this off will only deactivate the validation for the Transaction screen, the Franked/Unfranked amounts will still be validated in the Create Entries report. Do not click Address input warning? Will not warn users of APRA address input requirements each time an address is added to Simple Fund'. Click Show Transaction split grid? To display transactions of the same account code or reference number in the Transaction Add/Edit Screen. Unticking this option will not display the details after the Tax Component fields in the Transaction Add/Edit Screen. Turning this option off will increase the performance of the transaction screen in funds with large amounts of transactions. Click Calculate account/bank balances during data input? To calculate account and bank balances whilst inputting data in the Transaction Data Screen. Click Display account names for subaccounts in Transaction Data Input screen? This will allow you to use the spacebar (on you keyboard) to view a list of subaccounts for a particular control account Click Create automatic data import rules for 998 transactions? to automatically create a Data Import Rule if a transaction to account 998 is edited after a transaction upload is processed. This option will be covered in further detail in Task 7.2 If the Create Automatic Data Import Rules for 998 Transactions? box is ticked, you can click to access the Account Ranges to Exclude screen if you wish to exclude certain accounts from the Automatic Data Import Rules. When you change Account 998 to any of these account codes, Simple Fund will then not automatically create a Data Import Rule. _________________________________________________________________________________________ 16 © BGL Corporate Solutions Task 1.1 - Administration and Defaults Click Automatically calculate income accounts in the Transaction Data input screen to automatically calculate income , franked/unfranked amount and imputed credits in the transaction screen if the income details are uploaded in the Securities screen. Input 14 next to Number of days for income amounts to be calculated automatically. Simple Fund will calculate the income, franked/unfranked and imputed credits amounts up to the number specified after the ex dividend/distribution date or price date (if there is no ex dividend/distribution date available}. For example, if the ex dividend/distribution date is 06/07/2010 and the number of days specified is 14, Simple Fund will calculate the income amounts up to 20/07/2010. Click For uploads, assume 100% franked if no dividend data in Securities screen?. Simple Fund will automatically calculate dividends as fully franked when uploading data if there is no dividend data entered in the Securities screen. Reporting Default Financial Year: Set the standard financial year you wish to apply to new funds added to Simple Fund. Meeting minute/resolution: Select Resolution as the default option when printing financial reports for all funds. _________________________________________________________________________________________ © BGL Corporate Solutions 17 Task 1.1 - Administration and Defaults Minutes/resolutions side heading font style: Select how the side heading will print on meeting minutes and resolutions from Normal text, Bold, Underlined or Bold and Underlined. Date printing on resolutions: Select from 1. Print date on each line 2. Print ' / / ' on each line, or 3. Print date before signatories Document Preview Edit Options: Select None so that text does not preview in Edit mode prior to the document previewing or printing. Other options are: 1. Preview - the document text will be editable if Preview is selected on the document process screen. 2. Printing - the document will be editable if Print Documents is selected on the document process screen. 3. Preview and Printing - the document will be editable if Preview or Print Documents is selected on the document process screen. NOTE: Any changes made on these preview screens will not be saved. Text Report Margins: Input the number of lines for Simple Fund to leave at the top or left margin for your firms letterhead. Financial and investment report margins: Input the number of lines for Simple Fund to leave at the top or left margin for your firms letterhead. Letter Addressing: Select the way letters are to be addressed to clients from First name, Title/Surname or Generic (Dear Sir/Madam). Reports Font: Select the standard font you wish Simple Fund to use from Times New Roman, Arial, Comic Sans, Courier, Helvetica, MS Sans Serif or Univers. Click Print Accounting Policy Notes across page? to print Note 1 Accounting Policies across the full page rather than in column format. Click Print according to IASB compliance changes? If unchecked your reports will default to the previous AAS 25 Financial Reporting by Superannuation Plans report formats. This checkbox impacts the Financial reports, Audit report , Notes to Accounts and Trustee Minutes and ensures consistency of financial reporting terms depending which option has been selected. Do not click Display thumbnails on reports preview? If unchecked, the thumbnail preview option will not preview on the left of the documents preview screen _________________________________________________________________________________________ 18 © BGL Corporate Solutions Task 1.1 - Administration and Defaults Email Simple Fund will display the Email defaults screen. You Email Address : Input your Email Address e.g [email protected] User Name : Input your Email user name e.g training Password : Input your Email password Outgoing Server : Input your outgoing mail server (SMTP) e.g mail.bglcorp.com.au Click Enable PDF email option ? To provide an email option for PDF files when documents are exported Tasks/Help Simple Fund will display the Tasks/Help defaults screen. _________________________________________________________________________________________ © BGL Corporate Solutions 19 Task 1.1 - Administration and Defaults Task Management Defaults Click Use the Task Management? Simple Fund will automatically create task management entries for all ELS Documents and document management entries. This option does not impact on the existing Document Tracking system in Simple Fund. Click Show today's tasks on startup? Simple Fund will warn you of tasks due within the specified number of days each time you start Simple Fund. No. days warning? Leave this as 15 days. Help Defaults Click Show bubble help hints? To show bubble hints when holding the cursor on fields and buttons. This option will not take affect until the next time you start Simple Fund. Click Software update notifications? To display a warning at startup when there is a software update available on BGL's internet site. Click Only notify supervisors of updates? If unchecked. the warning only appears for users with Supervisor access. Internet functions Click Enable BGL Direct Messages : BGL Direct Messages appear at the bottom left hand corner of the Simple Fund Main Screen. It is used by BGL to notify clients of important information or events affecting clients. Turning this option off will increase the performance Simple Fund. BGL Direct check intervals(minutes) : Input 30. Click to increase or decrease the minutes. This will check for pending notification from BGL within a specified interval. Do not click Connect using a proxy server? Select this only if you are using a proxy server Proxy Server : Enter your proxy server address or click to Autodetect Proxy Username : Enter your proxy server username Proxy Password : Enter your proxy server password Do not click Use automatic BGL ASX Data Feed : ASX prices will be automatically downloaded from BGL's internet site upon start up. _________________________________________________________________________________________ 20 © BGL Corporate Solutions Task 1.1 - Administration and Defaults This option is particularly useful if you subscribe to a daily service of ASX data feed. BGL Client Centre User Name : Enter your firm's BGL Client Centre user name Password : Enter your firm's BGL Client Centre password Simple Fund will now use these details when selecting the Log a support call icon on the Simple Fund main screen. If you have not registered for the BGL Client Centre, you can do so from http://clients.bglcorp.com.au/register/ to register. Report Order Simple Fund will display the Report Order defaults screen. The Report Order screen provides access to the system wide default order in which the Financial Reports are printed. _________________________________________________________________________________________ © BGL Corporate Solutions 21 Task 1.1 - Administration and Defaults Financial Reports Order Defaults Use the Click Up and Down arrows to customise the order in which Financial Reports are printed. to Restore the default settings. Automated Data Feeds Click the Defaults | Automated Data Feeds Tab To set up Scheduled Task for Automated Data Feed transaction upload, go to Modules | Automated Processing | Schedule Tasks. Refer to Automated Processing Help Files for instructions. Automated Processing screen is only available if subscription includes Automated Processing Module. Contact the BGL Sales team on 1300 654 401 for more information on this module. Macquarie Cash Web Feed Simple Fund can download and upload transactions automatically from all Macquarie Cash Accounts (Cash Management, Cash Management Trust and Cash XL accounts) directly to Simple Fund through the Macquarie Web Feed. This will save you a considerable amount of time as you will no longer need to log in to the Macquarie website, manually download transaction files to your computer and then manually uploading them into Simple Fund. Authentication Code : Enter your authentication code (generated from Macquarie Website) Authentication Password : Enter your authentication password (generated from Macquarie Website) _________________________________________________________________________________________ 22 © BGL Corporate Solutions Task 1.1 - Administration and Defaults Macquarie Prime Web Feed Simple Fund can download and upload transactions automatically from all Macquarie Prime accounts directly to Simple Fund through the Macquarie Prime Web Feed. This will save you a considerable amount of time as you will no longer need to log in to the Macquarie website, manually download transaction files to your computer and then manually uploading them into Simple Fund. Authentication Code : Enter your authentication code (generated from Macquarie Website) Authentication Password : Enter your authentication password (generated from Macquarie Website) Macquarie Wrap Web Feed Simple Fund can download and upload transactions automatically from all Macquarie Wrap accounts directly to Simple Fund through the Macquarie Wrap Web Feed. This will save you a considerable amount of time as you will no longer need to log in to the Macquarie website, manually download transaction files to your computer and then manually uploading them into Simple Fund. Authentication Code : Enter your authentication code (generated from Macquarie Website) Authentication Password : Enter your authentication password (generated from Macquarie Website) OneVue Web Feed Simple Fund can download transactions automatically from OneVue. This removes the need to manually download and upload transaction files into Simple Fund. OneVue User : Enter your OneVue user name OneVue Password : Enter your OneVue password _________________________________________________________________________________________ © BGL Corporate Solutions 23 Task 1.1 - Administration and Defaults Praemium Web Feed Simple Fund can download transactions automatically from Praemium V-Wrap. This removes the need for you to log in to your Praemium V-Wrap service, manually download and upload transaction files into Simple Fund. User Name : Enter your firm's Praemium user name Password : Enter your firm's Praemium password Service ID : Enter your firm's Praemium service ID Click Use Daily Automatic Feed : this option can be selected to automatically download from Praemium's website at the selected download time. Download time 12:00 pm You will need to tick the Use Daily Automatic Feed? checkbox and select a time from the drop down list and Simple Fund will download transactions daily at the selected time provided the user specified on that screen is logged in at that time. User Name: Enter your Simple Fund user name Click Save to save the changes made to your Simple Fund defaults. RSDataWeb Feed Simple Fund can download transactions automatically from Praemium V-Wrap. This removes the need for you to log in to your Praemium V-Wrap service, manually download and upload transaction files into Simple Fund. Entity Code: Enter your firm's entity code User Name : Enter your firm's user name Password : Enter your firm's password _________________________________________________________________________________________ 24 © BGL Corporate Solutions Task 1.1 - Administration and Defaults Click Save to save the changes made to your Simple Fund defaults. You have posted a disposal for ANZ shares in Simple Fund. However, you are not able to view the disposal report again. What steps must you take to ensure that you are able to preview the ANZ shares investment disposal report again? End of Lesson 1. Proceed to Lesson 2. _________________________________________________________________________________________ © BGL Corporate Solutions 25 This page has been left intentionally blank. _________________________________________________________________________________________ 26 © BGL Corporate Solutions Lesson 2 - Fund Setup Objective In this lesson you will learn how to import a fund and input basic historical information into Simple Fund. By the end of this lesson , you will be able to: • create a new fund ledger • import a zipped copy of the fund into Simple Fund • input member's opening balance from a members statement • input investment purchase history and market movement • input bank and income tax payable balance • balance forward the fund to the next financial year • archive transactions for larger funds Details The 2011 Financial Statement and other supporting schedules for the BGL Training Fund are detailed in the Appendices (A-C). Learning Tasks You will need to import the BGL Training Fund into Simple Fund and input basic opening balances information. Task 2.1 - Creating a New Fund Ledger and Fund In This tasks steps you through importing the BGL Training Fund using the Simple Fund Data In/Out process. Task 2.2 - Input of Members Balances The objective of this task is to enter one member's opening balance. Task 2.3 - Input Balance Sheet Balances This tasks steps you though adding an investment historical purchase details, market movement , bank and income tax payable for 2011. Task 2.4 - Balance Forward and Transaction Archive This task will show you how to balance forward and archive historical data. Archiving data is particularly useful for large funds. _________________________________________________________________________________________ © BGL Corporate Solutions 27 This page has been left intentionally blank. _________________________________________________________________________________________ 28 © BGL Corporate Solutions Task 2.1 - Creating a New Fund Ledger and Fund In Task 2.1 - Creating a New Fund Ledger and Fund In Objective In this task you will learn how to add the BGL Training Fund to Simple Fund using the Simple Fund Data In/Out process. By the end of this task, you will be able to: • create a new fund with a new code and a new name • import the fund using the Data In/Out process • understand how the Fund In and Fund Out process functions Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Fund group, click Fund Selection Click New (ALT + N) Fund Code Input REFRESH Fund Name Input BGL TRAINING FUND Portal client? Tick this checkbox Note:.Portal is a web based client collaboration tool that is fully integrated with your Simple Fund. Portal automatically delivers forms and documents direct to your client via the web, reminds your client to process the form and document, informs you when your client has processed the form and document and automatically updates your Simple Fund software document tracking and management systems for all stages of document processing. Fund Password Input bgl Retype Fund Password Re enter bgl _________________________________________________________________________________________ © BGL Corporate Solutions 29 Task 2.1 - Creating a New Fund Ledger and Fund In Click Save (ALT + S) Simple Fund' will now create a new blank fund ledger. Click Select (ALT + S) to select the BGL Training Fund You will be prompted to enter a password when selecting this fund. Fund password Input bgl Click From the Ribbon Toolbar: On the Data In/Out tab, in the Data In/Out group, click Fund In/Out Fund In Location: The file will be provided to you by the trainer during the training session If you get the error message "Fund in location does not contain Simple Fund data files", then it is likely you have not correctly selected the location for the file, or the file selected is not a Simple Fund 'fund out' file. _________________________________________________________________________________________ 30 © BGL Corporate Solutions Click The following message will appear. Click Yes. There is no data in this new fund ledger. This will copy the data from the sample BGL Training Fund provided by BGL into your Fund Selection list. The following message will appear once the fund import process is complete. Click Click OK Exit (ALT + X). End of Task 2.1. Proceed to Task 2.2. _________________________________________________________________________________________ © BGL Corporate Solutions 31 This page has been left intentionally blank. _________________________________________________________________________________________ 32 © BGL Corporate Solutions Task 2.2 - Input of Members Balances Task 2.2 - Input of Members Balances Objective In this task you will learn how to you how to input the members opening balances for a fund. By the end of this task, you will be able to input the members balances from a members statement and post all relevant journals. Details When inputting members closing balances, you must select whether the balance is: 1. Preserved, 2. Restricted, or 3. Unrestricted You must also select the taxation component of this balance. Pre 1 July 2007 components can be: • Pre July 1983 and Post June 1983 taxed • Post June 1983 Untaxed • Undeducted • CGT Exempt • Concessional, or Post 1994 Invalidity. Post 1 July 2007 components will be: • Tax Free • Taxable Member components are only required when inputting opening balances. When recording current year transactions, the Member Component is not required. The account number transactions are posted to will determine how amounts are treated. Input John Jones opening balance: Preserved/Tax Free $42,000.00 Preserved/Taxable $385,700.00 Total $427,700.00 Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Fund group, click Fund Setup _________________________________________________________________________________________ © BGL Corporate Solutions 33 Task 2.2 - Input of Members Balances Click Input the balances for John Jones. His member statement is in Appendix A. Transaction Date Input 30/06/2011 Member Click Tax Free - Preserved Input 42 000 Taxable - Preserved Input 385 700 and press Enter Total This should be 427 700. Click Search to list Members. Highlight John Jones and click Preview. Click Select. to close this report. Click Save. This button will only become active after you have previewed the Lump Sum Rollin Posting Report. Click Yes Click Exit (ALT + X). End of Task 2.2. Proceed to Task 2.3. _________________________________________________________________________________________ 34 © BGL Corporate Solutions Task 2.3 - Input Balance Sheet Balances Task 2.3 - Input Balance Sheet Balances Objective To input the balance sheet opening balances for a fund. Details Input the remaining balance sheet items from Appendix B and C. Record the following transactions : Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions Click New Type Select Journal - Cash and press Enter. Date Input 02/07/1994 and press Enter. Reference Input 1 and press Enter. Account Input 776 and hit spacebar on your keyboard. This will display a list of subaccounts for the control account (Shares in Listed Companies) in the fund. Select BHP. _________________________________________________________________________________________ © BGL Corporate Solutions 35 Task 2.3 - Input Balance Sheet Balances Alternatively, input 776 and enter BHP ( or the investment's ASX code).Simple Fund will automatically select the correct account code for the investment. Units Input 1 000 and press Enter Amount Input 11 200 and press Enter. Click Post or ALT + S Now record the movement in market value for BHP. Type Leave this as Journal - Cash and press Enter. Date Input 30/06/2011 and press Enter Reference Input 2 and press Enter three times. Account Leave this as 776 001 Amount Input 76 400 and press Enter _________________________________________________________________________________________ 36 © BGL Corporate Solutions Task 2.3 - Input Balance Sheet Balances Press ALT + S or click Save to post this transaction. Click OK to this warning. Enter the remaining Balance Sheet items at 30/06/2011 : Date Account Name Code Debit/(Credit) 30/06/2011 Cash at Bank 604 355,270.00 30/06/2011 Tax Payable 850/001 (15,170.00) Click Edit or double-click the transaction to correct any data entry errors. After you have finished the input of these transactions, click Exit. End of Task 2.3. Proceed to Task 2.4. _________________________________________________________________________________________ © BGL Corporate Solutions 37 This page has been left intentionally blank. _________________________________________________________________________________________ 38 © BGL Corporate Solutions Task 2.4 - Balance Forward and Transaction Archive Task 2.4 - Balance Forward and Transaction Archive Objective To balance the Fund ledger forward to the next accounting period. Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Fund group, click Fund Details Click Balance Forward Simple Fund will calculate that the next accounting period commences the day after the previous year-end and concludes 12 months later. Click each box to confirm each task has been completed. Click to balance the ledger forward to the next period. To archive transactions, go to Trans Archive tab. Simple Fund will display the Trans Archive screen. The Transaction Archive function provides the option to archive transactions that are more than three years old. _________________________________________________________________________________________ © BGL Corporate Solutions 39 Task 2.4 - Balance Forward and Transaction Archive To Archive Transactions : 1. Select the year you wish to archive. 2. Ensure I've backed up my data for this fund is 3. Click ticked. to archive the transactions 4. Click YES to the confirmation message. _________________________________________________________________________________________ 40 © BGL Corporate Solutions Task 2.4 - Balance Forward and Transaction Archive Simple Fund will now start archiving Income, Expense and Member balance transactions from the year selected above. Simple Fund retains all archived transactions and stores it in a separate database file. Simple Fund creates the transact.old in the fund folder. The file can be accessed from ?:\SFUND\FUNDCODE folder where ? is the drive Simple Fund is installed. 5. Once the archiving process is complete, Simple Fund will prompt you with the following message. Click OK. To Recall Transactions : 1. Select the year you wish to recall. 2. Ensure I've backed up my data for this fund is ticked. 3. Click on to recall transactions from the year selected. NOTE : Archived transactions MUST be recalled before performing a disposal in Simple Fund to ensure tax deferred amounts recorded to income accounts are applied according to the investment cost base. Simple Fund will generate the following warning message in the Disposal screen. _________________________________________________________________________________________ © BGL Corporate Solutions 41 Task 2.4 - Balance Forward and Transaction Archive ADDITIONAL TIP If you are not archiving transactions, you can balance forward from the Financial Reports screen. From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click You will not be prompted with the Archive Transactions message. End of Lesson 2. Proceed to Lesson 3. _________________________________________________________________________________________ 42 © BGL Corporate Solutions Lesson 3 - Lump Sum Rollin Objective In this lesson you will learn how to record a Lump Sum rollin for a fund member. By the end of this lesson, you will able to use the Lump Sum rollin screen to record cash received into the fund. Overview The Lump Sum Rollin screen can be used to transfer benefits from an external source ( i.e industry fund, sale of investment) , to record transfer in of balances of a new member into the fund or to transfer balances to other members in the fund. Learning Tasks Task 3.1 - Recording Lump Sum Rollin Record the rollin for Mary Jones. The cash amount received must be recorded in Simple Fund through Transactions to account 492 - Member Payment Clearing Account and the member components recorded through the Lump Sum Rollin screen. Step 1 - Record the Cash Receipt Date 05/07/2011 Account 492 Member Payment Clearing Account Amount 180,945.04 Step 2 - Record the Rollin Date 05/07/2011 Preserved 180,945.04 Total 180,945.04 Consisting of: Taxable 170,945.04 Tax Free 10,000.00 Total 180,945.04 _________________________________________________________________________________________ © BGL Corporate Solutions 43 This page has been left intentionally blank. _________________________________________________________________________________________ 44 © BGL Corporate Solutions Task 3.1 - Recording Lump Sum Rollin Task 3.1 - Recording Lump Sum Rollin Objective In this task, you will learn how to record a transfer of benefits from Mary's industry fund into the BGL Training Fund. By the end of this task, you will be able to record a cash receipt for the amount rolled into the fund and use the Lump Sum Rollin screen to record the relevant entries to the members accounts. Overview The Lump Sum Rollin screen can be used to transfer benefits from an external source ( i.e industry fund, sale of investment) , to record balances of a new member into the fund or to transfer balances to other members in the fund. The various Lump Sum components input into the Lump Sum Rollin screen are posted to the following accounts: Lump Sum Rollins prior to 01/07/2007 Lump Sum Component Profit & Loss Account Balance Sheet Account Pre July 1983, CGT Exempt, Non-qualifying, Concessional, Undeducted, Invalidity 286, 288, 290 50X / 022, 024, 026 Post June 1983 - Taxed 285, 287, 289 50X / 021, 023, 025 Post June 1983 Untaxed * 291, 292, 293 50X / 021, 023, 025 Surchargeable Contributions 285 50X / 021 Surchargeable Transfers In 292 50X / 023 * Untaxed elements will be taxed at 15% upon rolling into the fund. Lump Sum Rollins on or after 01/07/2007 Lump Sum Component Profit & Loss Account Balance Sheet Account Tax Free 286 501/022 Taxable - Taxed Element 285 501/021 Taxable - Untaxed Element 291 501/021 _________________________________________________________________________________________ © BGL Corporate Solutions 45 Task 3.1 - Recording Lump Sum Rollin RBS Data Employer Contributions Personal Contributions CGT retirement exemption CGT 15 year exemption Personal injury election Spouse Child Contributions Other Family and Friends Termination payment (taxable) Assessable foreign fund Non-assessable foreign fund Reserves (Assessable) Reserves (Non assessable) Details To complete this task, record the receipt of cash and add the following Lump Sum Rollin: Step 1 - Record the Cash Receipt Date 05/07/2011 Account 492 Member Payment Clearing Account Amount 180,945.04 Step 2 - Record the Rollin Date 05/07/2011 Preserved 180,945.04 Total 180,945.04 consisting of: Taxable 170,945.04 Tax Free 10,000.00 Total 180,945.04 _________________________________________________________________________________________ 46 © BGL Corporate Solutions Task 3.1 - Recording Lump Sum Rollin Instructions Step 1 - Record the cash receipt From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions Click New Type Select Receipts or press R Date Input 05/07/2011 and press Enter. Reference Input 1 and press Enter. Account Input 492 and press Enter. This is the Member Payment Clearing Account. Amount Input 180 945.04 and press Enter. Click Post or press ALT + S to save this transaction. Step 2 - Record the Lump Sum rollin components From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Lump Sum Rollin _________________________________________________________________________________________ © BGL Corporate Solutions 47 Task 3.1 - Recording Lump Sum Rollin Rollin Date Click to list Member Payment Clearing Account Entries. Highlight the journal on the 05/07/2011 and click Select. Member Click Search to list Members. Highlight Mary Jones and click Select. Preserved / Tax Free Input 10 000 and press Enter Preserved / Taxable Input 170 945.04 and press Enter _________________________________________________________________________________________ 48 © BGL Corporate Solutions Task 3.1 - Recording Lump Sum Rollin Check the total, this should be $180,945.04. Click Preview. Close the report, then click the transactions to the Ledger. Post to save this rollin and post The Lump Sum Rollin Report will now be saved to Reports and Documents | All Documents and Forms for future reference. You can also push this document to Portal manually. Refer to Task 4.3 from the Simple Fund Advanced Training Manual for information on how to push this document to Portal. End of Lesson 3. Proceed to Lesson 4. _________________________________________________________________________________________ © BGL Corporate Solutions 49 This page has been left intentionally blank. _________________________________________________________________________________________ 50 © BGL Corporate Solutions Lesson 4 - GST Registered Fund Objective In this lesson you will learn how to set up a GST Registered fund and to record GST related transactions. By the end of this lesson, you will be able to: • setup a GST Registered fund • record income with GST • record expenses with GST • prepare GST reports in Simple Fund • troubleshoot common GST transaction errors Learning Tasks Task 4.1 - Setup of GST Registered Fund The first step in setting up a GST registered fund in Simple Fund is to select the GST registered checkbox in the Fund Details screen. Simple Fund will calculate GST and post GST amounts to the account 840 - GST Payable/Refundable. Task 4.2 - Recording income with GST Record the following rental income with GST. Cash Receipt Bank 604 Cash at Bank Date 01/08/2011 Ref 2 Account 280/001 - Rental Income, Unit 7 270 Grange Road, Toorak (Select GST Rate of 100%) Amount $ 2,500 Task 4.3 - Recording expenses with GST Record the following accounting fees with GST. Cash Payment Bank 604 Cash at Bank Date 28/08/2011 Ref 3 _________________________________________________________________________________________ © BGL Corporate Solutions 51 Lesson 4 - GST Registered Fund Account 301 Accounting Fees (Select GST Rate of 100%) Amount $ 1,200 Task 4.4 - GST Reports Prepare the following report for the fund members. • GST Summary _________________________________________________________________________________________ 52 © BGL Corporate Solutions Task 4.1 - Setup of GST Registered Fund Task 4.1 - Setup of GST Registered Fund Objective In this task you will learn how to set up a GST Registered fund. By the end of this task, you will be able to: • setup the GST registered option in Fund Details|Reporting • ensure Simple Fund automatically calculates GST and posts GST amounts to the account 840 - GST Payable/Refundable once the create entries process is complete. Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Fund group, click Fund Details Click the Reporting tab GST Registered? Check this box. Simple Fund will calculate GST on transactions with a GST rate attached. ( See Task 4.2 and Task 4.3). GST amounts are posted to the 840 - GST Payable/Refundable account. _________________________________________________________________________________________ © BGL Corporate Solutions 53 Task 4.1 - Setup of GST Registered Fund Click Save to save the changes. End of Task 4.1. Proceed to Task 4.2. _________________________________________________________________________________________ 54 © BGL Corporate Solutions Task 4.2 - Recording income with GST Task 4.2 - Recording income with GST Objective In this task you will learn how to set up a GST rate for an income account and record rental income. By the end of this task, you will be able to: • setup a GST rate in the transaction screen • setup a GST rate in the chart of accounts • record income transactions with GST Details The fund receives rental income from one of its investment properties - account 772/001 - Unit 7, 270 Grange Road, Toorak. Record the following rental income with GST for the fund : Cash Receipt Bank 604 Cash at Bank Date 01/08/2011 Ref 2 Account 280/001 - Rental Income, Unit 7 270 Grange Road, Toorak. (Select GST Rate of 100%) Amount $ 2,500 Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions Click New Type Input R to select Receipts. Bank Leave this as 604 Date Input 01/08/2011 and press Enter. _________________________________________________________________________________________ © BGL Corporate Solutions 55 Task 4.2 - Recording income with GST Reference Input 2 and press Enter Account Input 280 001 (Rental Income, Unit 7 270 Grange Road, Toorak) and press Enter.. Amount Input 2 500 GST Click to select 100 as the GST rate Simple Fund will automatically calculate 1/11th of $2,500 and input $227.27 into the GST Amount Field. Click Save (ALT + S) to post this transaction. NOTE: The $227.27 GST Amount will not be posted to the 840 GST account until the Create Entries process is performed. Where else in Simple Fund (other than the transaction screen) are you able to select a GST rate for an account? End of Task 4.2. Proceed to Task 4.3. _________________________________________________________________________________________ 56 © BGL Corporate Solutions Task 4.3 - Recording expenses with GST Task 4.3 - Recording expenses with GST Objective In this task you will learn how to set up a GST rate for expense account and record accounting fees. By the end of this task, you will be able to: • setup a GST rate in the transaction screen • record expense transactions with GST • determine why GST sometimes may be calculated to the incorrect account Details Record the following accounting fees with GST. Cash Payment Bank 604 Cash at Bank Date 28/08/2011 Ref 3 Account 301 Accounting Fees (Select GST Rate of 100%) Amount $ 1,200 Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions Click New Type Input P to select Payments. Bank Leave this as 604 Date Input 28/08/2011 and press Enter. Reference Input 3 and press Enter _________________________________________________________________________________________ © BGL Corporate Solutions 57 Task 4.3 - Recording expenses with GST Account Input 301 (Accounting Fees) and press Enter. Amount Input 1 200 GST Click to select 100 as the GST rate Simple Fund will automatically calculate 1/11th of $1,200 and input $109.09 into the GST Amount Field. Click Save (ALT + S) to post this transaction. NOTE: The $109.09 GST Amount will not be posted to the 840 GST account until the Create Entries process is performed. GST amounts are being posted to the Bank account instead of the GST account. Why? End of Task 4.3. Proceed to Task 4.4. _________________________________________________________________________________________ 58 © BGL Corporate Solutions Task 4.4 - GST Reports Task 4.4 - GST Reports Objective In this task, you will learn how to prepare the GST Summary report for the fund members. By the end of this task, you will be able to prepare various other reports from the Ledger Reports screen. Instructions From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Ledger Reports Click Click GST Summary Preview or Print to prepare this report. The GST Summary lists all taxable supplies and purchases for the fund. It also provides a BAS label summary. Alternatively if the fund is a Portal client, you can click on to push the GST Summary to Portal. _________________________________________________________________________________________ © BGL Corporate Solutions 59 Task 4.4 - GST Reports Viewing a PDF of the GST Summary: Clicking on the drop down from the Ribbon Toolbar,and selecting GST Summary would generate a PDF. Viewing a PDF will allow users to continue using Simple Fund screens while having the report open. You can have quick access to the Trial Balance, General Ledger, Chart of Accounts report, Fund Summary, Fund Notes , Advisers List and Members Report. End of Lesson 4. Proceed to Lesson 5. _________________________________________________________________________________________ 60 © BGL Corporate Solutions Lesson 5 - Transferring Balances between Members Objective In this lesson you will learn how to transfer balances between members in the same fund using the Internal Transfer Wizard screen. By the end of this lesson, you will be able to: • create entries part way through the year to update a members balance • transfer benefits to unrestricted non-preserved • transfer out only part of a members balance using the Internal Transfer Wizard • transfer in only part of a members balance to a new member Overview The Internal Transfer Wizard in Simple Fund allows you to record journals to commute a pension, transfer part of a members balance to another account or to another member. The Internal Transfer Wizard will: • post journals to transfer out balances from an existing account • post journals to transfer in balances to a new account or to an existing account • create a new account to transfer transactions to Learning tasks Task 5.1 - Transferring Balances between Members John will be commencing a transition to retirement pension on 01/01/2012. He still wishes to contribute to his fund and will therefore be maintaining an accumulation account. John wishes to transfer 10% of of his balance to his accumulation account. You can use the Lump Sum Rollin and Lump Sum Payment screens to transfer balances between accounts in Simple Fund. _________________________________________________________________________________________ © BGL Corporate Solutions 61 This page has been left intentionally blank. _________________________________________________________________________________________ 62 © BGL Corporate Solutions Task 5.1 - Transferring Balances between Members Task 5.1 - Transferring Balances between Members Objective In this task you will learn how to transfer balances of members using the Internal Transfer Wizard screen. Details The following steps are required to process the transfer : Step 1 - Create entries on the 31/12/2011. Step 2 - Transfer part of John Jones' balance to a new accumulation account. John 501 will then commence a pension on 01/01/2012. This will be covered in Task 6.1 Instructions Step 1 - Create entries on the 31/12/2011. From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click Period: From Leave this as 01/07/2011. Period: To Input 31/12/2011 being the day before John's pension commencement. Click Prepare "Create Entries" report Click Prepare PDF file of "Create Entries" report _________________________________________________________________________________________ © BGL Corporate Solutions 63 Task 5.1 - Transferring Balances between Members Click Step 2 - Transfer 10 % of John's balance from John Jones 501 to a new accumulation account for John using the Internal Transfer Wizard From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Internal Transfer Click Click OK to the following Information screen. _________________________________________________________________________________________ 64 © BGL Corporate Solutions Task 5.1 - Transferring Balances between Members Step 1 - What is the date of the transfer Input 01/01/2012 Step 2 - Which member is the Internal Transfer for? Select Jones, John Step 3 - Which of the member's accounts are being transferred out of? Click Account 501 - 14/06/1994 - Accumulation. Step 4 - Which Account is the total balance being transferred into? Click Create a New Account. Simple Fund will automatically create a new accumulation account for John Jones. Note: If you are transferring balances to an existing member account, you will need to select the account code to transfer to. Step 5 - For account selected in Step 4, which component would the amounts be transferred to? Click Maintain current preservation component(s) _________________________________________________________________________________________ © BGL Corporate Solutions 65 Task 5.1 - Transferring Balances between Members Click to record the Transfer Out details. Enter the Transfer Out details. Step 6 - Select the total transfer amount will be? Select Click Payment Options: Percentage of Members Balance Part of the Balance Edit to input the amount to be transferred. Input 10 and click Recalculate _________________________________________________________________________________________ 66 © BGL Corporate Solutions Task 5.1 - Transferring Balances between Members Click to save the balance. Note: To transfer the entire balance, select Entire Balance. Click to confirm transactions. View Transaction Confirmation/Summary. _________________________________________________________________________________________ © BGL Corporate Solutions 67 Task 5.1 - Transferring Balances between Members View Transaction Confirmation/Summary. Click Click to make any changes. once all transactions have been confirmed. Click Yes to the following confirmation message: _________________________________________________________________________________________ 68 © BGL Corporate Solutions Task 5.1 - Transferring Balances between Members View Reports Click Click Preview to the left of any of the reports in this screen. Exit twice. Simple Fund will post the following Transfer Out and Transfer In journals: Simple Fund will also automatically create a new accumulation account for John Jones. End of Lesson 5. Proceed to Lesson 6. _________________________________________________________________________________________ © BGL Corporate Solutions 69 This page has been left intentionally blank. _________________________________________________________________________________________ 70 © BGL Corporate Solutions Lesson 6 - Commencing a Superannuation Pension and Income Stream Calculations Objective In this lesson you will learn how to convert John Jones to a transition to retirement pension member on 01/01/2012 and to use the Pension Calculation Screen to calculate pensions. By the end of this lesson, you will be able to: • create entries to update a new members balance • convert an existing member to transition to retirement pension phase part way through the year • generate pension calculations for a new member using the Pension screen • use the tax free percentage saved in the members mode screen to split pension payments between tax free and taxable Overview The BGL Training Fund is a part pension, part accumulation fund. As John is still contributing to his super fund, he will be maintaining account 503 as his accumulation account. Mary is still an accumulation member. A member's pension accounts must be accounted for separately from any accumulation accounts within the fund. The pension assets become known as segregated current pension assets. Segregated current pension assets are a group of identifiable asset and investment accounts where investment earnings are credited (added) to the members account tax-free pension payments and running expenses are debited (subtracted) from the members pension account. There are two types of certificates depending on whether the assets being used to provide the pension payments are segregated or unsegregated. 1. Segregated actuarial certificates [ITAA36 sec273A] These require an actuary to separately identify any investments to the allocated pension member. 2. Unsegregated actuarial certificates [ITAA36 sec273B] These require an actuary to calculate a ratio of the fund's current pension liabilities to its total superannuation liabilities, using the funds average liabilities for the year, excluding already segregated assets. These two methods can be used simultaneously within the one fund during the same period. Learning tasks John Jones is over 60 and is therefore eligible to commence a pension. His initial account balance in account 501 will be converted to a transition to retirement pension mode. John will commence an account-based pension on 1 January 2012. _________________________________________________________________________________________ © BGL Corporate Solutions 71 Lesson 6 - Commencing a Superannuation Pension and Income Stream Calculations Task 6.1 - Pension Mode and Income Stream John Jones wishes to set up a Minimum Account Based Pension on 01/01/2012 . The following pension payments will need to be entered into the Pension screen : Pension - Account 501 Service Period Start 06/06/1980 Pension Start Date 01/01/2012 Type Minimum account based pension Payment Options $50,000 Expected Earning Rate Not Applicable Excess Benefit Nil To calculate the pension income stream using the Pensions screen, the follow these steps : • Step 1 - Change John Jones - account 501 to pension mode on the 01/01/2012. • Step 2 - Calculate the pension taxation position for John Jones Minimum Account Based pension and update the tax free %. Task 6.2 - Manual Pension Payment Journals Post pension journals for $15,000 for the month of February. The $15,000 must be split according to John's tax free and taxable percentage. Details of the payment is as follows : Date 05/02/2012 Reference 6 Account 412/001 (Simple Fund will split the transactions to the 412/xxx and 415/xxx account based on the tax free percentage entered in the members mode screen) Amount 15 000 _________________________________________________________________________________________ 72 © BGL Corporate Solutions Task 6.1 - Pension Mode and Income Stream Task 6.1 - Pension Mode and Income Stream Objective In this task you will learn how to convert an accumulation member into pension once a member balance has been transferred to a new account. By the end of this task, you will be able to: • create entries for one day to update a new members balance • convert an existing member to transition to retirement pension phase part way through the year • calculate the pension taxation position for John Jones Minimum Account Based pension and update the tax free % • reverse entries for the one day once pension calculations have been saved Details John Jones is starting a Minimum Account Based pension on 01/01/2012. To successfully convert John Jones - 501 to pension and to use the Pensions screen to calculate the Income Stream, follow these steps: • Step - Change John Jones - account 501 to pension mode on the 01/01/2012 • Step - Calculate the pension taxation position for John Jones Minimum Account Based pension and update the tax free % Instructions Step 1 - Change John Jones - account 501 to pension mode on the 01/01/2012 From the Ribbon Toolbar: On the Fund Data Input tab, in the Listings group, click Members Highlight John Jones (Account 501) Click Click Mode date Mode Pension Mode Input 01/01/2012 _________________________________________________________________________________________ © BGL Corporate Solutions 73 Click Transition to retirement income stream Do not click Transfer members balances to Unrestricted Non Preserved accounts &OLFN _________________________________________________________________________________________ 74 © BGL Corporate Solutions Task 6.1 - Pension Mode and Income Stream Step 2 - Calculate the pension taxation position for John Jones Minimum Account Based pension and update the tax free % From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Pensions Click New Highlight Jones, John (account 501) and click Click the Data/Calculation tab. Select The Original Member Data tab will display the following: Click on the Pension Calculation tab Pension Type Leave this as Minimum Account Based Pension Annual Pension Amount Input 25 000 _________________________________________________________________________________________ © BGL Corporate Solutions 75 Task 6.1 - Pension Mode and Income Stream Click Simple Fund will fill out the Pension Payable based on the Annual Pension amount. _________________________________________________________________________________________ 76 © BGL Corporate Solutions Task 6.1 - Pension Mode and Income Stream For more information on the Pension Calculations,refer to the Simple Fund Pension Training Manual Lesson 3 . Click the Prepare Reports/Post Entries tab if you wish to preview any Documents for the Pension or to use Simple Fund to post Standing Journals for the Pension Payments. Click Save. The following question will be displayed. Click YES Simple Fund will store the tax free proportion in the member details screen, this figure can be changed manually in the member details screen. The tax free proportion is used for all profit(or loss) allocation to pension members after 1 July 2007. End of Task 6.1. Proceed to Task 6.2. _________________________________________________________________________________________ © BGL Corporate Solutions 77 This page has been left intentionally blank. _________________________________________________________________________________________ 78 © BGL Corporate Solutions Task 6.2 - Manual Pension Payment Journals Task 6.2 - Manual Pension Payment Journals Objective In this task you will learn how to record manual pension journals using the tax free percentage stored in the members mode screen. By the end of this task, you will be able to: • record manual pension payments using the specific pension payment accounts within 412 - 417 account range • ensure Simple Fund uses the tax free percentage saved in the members mode screen to split the pension payment to the tax free pension payment account and the taxable pension payment account Details John withdraws $15,000 of his total pension payment amount of $25,000 for the month of February. The $15,000 must be split according to John's tax free and taxable percentage. Simple Fund will use the tax free percentage saved in the members mode screen to split the $15,000 to the tax free pension payment account and the taxable pension payment account. Details of the payment is as follows : Cash Payment Date 05/02/2012 Reference 6 Account 412/001 (Simple Fund will split the transactions to the 412/xxx and 415/xxx account based on the tax free percentage entered in the members mode screen) Amount 15 000 Instructions From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions Click Type New Input P to select Payments _________________________________________________________________________________________ © BGL Corporate Solutions 79 Task 6.2 - Manual Pension Payment Journals Bank Leave this as 604 Date Input 05/02/2012 and press Enter. Reference Input 6 and press Enter Account Input 412 001 (Pension Paid - Preserved - Tax Free) and press Enter. Amount Input 15 000 Click Save (ALT + S) to post this transaction Simple Fund will display the following message : Click YES. Simple Fund will split the $15,000 based on John Jones's tax free and taxable percentage. Simple Fund will post the following journals on the 5th of February 2012: _________________________________________________________________________________________ 80 © BGL Corporate Solutions Task 6.2 - Manual Pension Payment Journals The pension member in your fund will be recording a fixed pension amount of $2000 every month. How can you set up this monthly transaction in Simple Fund? End of Lesson 6. Proceed to Lesson 7. _________________________________________________________________________________________ © BGL Corporate Solutions 81 This page has been left intentionally blank. _________________________________________________________________________________________ 82 © BGL Corporate Solutions Lesson 7 - Transaction Upload and Data Import Rules Objective In this lesson you will learn how to: • upload data into Simple Fund using the BGL Import data source from the Transaction Upload screen • create data import rules to ensure Simple Fund automatically adds transactions to the correct accounts based on the imports rules By the end of this lesson you will: • understand the benefits of using data upload • be able to identify the various data upload sources • be able to identify the two main data file formats - xml and csv • be able to determine which uploads require a reference or client number in Simple Fund • be able to create Data Import rules to automatically add transactions to the correct accounts Overview The transaction upload feature allows users to upload data from various external sources into Simple Fund. The advantage of uploading data from external sources is that all data is imported electronically, reducing the need to re key transactions manually thereby streamlining client data processing. Data can be uploaded via two formats - xml files and csv files. The imports currently available to upload into Simple Fund are: • Adelaide Bank Internet Banking (Advisor) • Adelaide Bank Internet Banking (Client) • AdviserNET (CSV) • AdviserNET (XML) • AMP Internet Banking • ANZ Internet Banking • Aviva Investors (EPI 4.0) • Bank of Queensland • BankLink Single Fund Format (CSV) • BankLink Multi Fund Format (XML) • Bell Direct • Bendigo Bank Internet Banking • BGL Import • BT Wrap Account • BWA Cash Management Trust • CBA Internet Banking • COIN (EPI 3.2) • Colonial First State FirstWrap • CommSec • CommSec (Confirmation Details) • CommSec Cash Management • Dalton Nicol Reid (CSV format) • Dalton Nicol Reid (XLS format) • DDH Graham • EPI 3.2 Specification (CSV) • EPI 4.0 Specification (XML) • E*trade _________________________________________________________________________________________ © BGL Corporate Solutions 83 Lesson 7 - Transaction Upload and Data Import Rules • ING Direct • IOOF Investment Management • Macquarie Cash ESI • Macquarie Cash Management Account (CMH) • Macquarie Cash Management Trust (CMT) • Macquarie Cash XL(CHI) • Macquarie Internet Banking - Excel format • Macquarie MPPM • Macquarie Prime ESI • Macquarie Wrap Account • Macquarie Wrap ESI • ME Bank • MLC MasterKey Custom • MLC Navigator • MLC Wrap (EPI 4.0) • MYOB • NAB Connect • NAB Internet Banking • Netwealth • Next Financial (EPI 4.0) • Oasis (EPI 3.2) • OneVue • Praemium (V-Wrap) • RBS Morgans - Wealth+ • RSDataWeb • SISS • St George Corporate Solutions (BTR Format) • St George Investor Gateway (CSV Format) • Strategy (EPI 3.2) • Suncorp • VisiPlan • Westpac Internet Banking • Xero • XPlan BGL have also designed a generic import format that can be used by any organisation to import data into Simple Fund. An excel spreadsheet has been created to key in data to generate an XML file to upload into Simple Fund. This spreadsheet is available in the SFUND folder of all users. To upload data into Simple Fund, users must : 1. Download and save the data from the external source to an appropriate location. 2. Select the Fund to upload data to. 3. For certain uploads, a reference number must be input in the Fund Details screen to ensure transactions are uploaded correctly. Reference numbers are generally the client's account code or account number for the particular upload source. Reference numbers are required to ensure that the correct transactions are uploaded into Simple Fund. Uploads that require a reference number: • AdviserNet, Bell Direct, BGL Import, BT Wrap, BWA, Colonial First State Firstwrap, Dalton Nicol Reid (CSV), DDH Graham, E*Trade, EPI 3.2 uploads, EPI 4.0 uploads), IOOF Investment Management, Macquarie files, MLC files, Next Financial, OneVue, Praemium, RBS Morgans - Wealth*, SISS, St George files, Visiplan and Xplan. _________________________________________________________________________________________ 84 © BGL Corporate Solutions Lesson 7 - Transaction Upload and Data Import Rules Uploads that do not require a reference number: • Internet Banking files, Commsec, Dalton Nicol Reid (XML), MYOB, Supervisor and Xero The Simple Fund help file contains more information about reference numbers. 4. Ensure the current period dates in Fund Details | Reporting, covers the period of the transaction upload data. 5. From the Data In/Out | Transaction Upload screen , select the relevant data source, the file location and proceed to upload the data. 6. Create Data Import Rules if necessary. Learning tasks Task 7.1 - Upload XML Data using Transaction Upload The file is located in ?:\SFUND\DATAIN Folder Name of File : Refresher_transaction_upload.xml Reference number:EXCEL The transactions that will be imported using BGL Import include: Transaction 1: Bank 604 - Cash at Bank Date 2 January 2012 Account 301 - Accounting Fees Amount $2,250 Transaction 2: Bank 604 - Cash at Bank Date 30 March 2012 Account 850/004 - PAYG Instalment Amount $560 Transaction 3: Bank 604 - Cash at Bank Date 2 April 2012 Account 782/002 - CFS MIF Imputation Units 500 Amount $2,000 _________________________________________________________________________________________ © BGL Corporate Solutions 85 Lesson 7 - Transaction Upload and Data Import Rules Transaction 4: Bank 604 - Cash at Bank Date 2 May 2012 Account 280/001 - 280/001 Rent - Unit 7 Amount $1,500 Transaction 5: Bank 604 - Cash at Bank Date 30 May 2012 Account 782/002 - CFS MIF Imputation Units 500 Amount $600 CGT Date 2 April 2012 Transaction 6: Bank 605- Cash at Bank Date 26 June 2012 Account 776/001 BHP Amount $25,000 Transaction 7: Bank 604 - Cash at Bank Date 30 June 2012 Account 238/002 - CFS MIF Imputation Amount $4,070 Imputed Credit $56.10 Tax Deferred $150.00 Foreign Income $220.00 Foreign Credits $20.00 Discounted Capital Gain $280.00 Task 7.2 Data Import Rules To demonstrate how to use the data import rules to ensure Simple Fund automatically adds transactions to the correct accounts based on the rules. _________________________________________________________________________________________ 86 © BGL Corporate Solutions Task 7.1 - Upload XML Data using Transaction Upload Task 7.1 - Upload XML Data using Transaction Upload Objective In this task you will learn how to upload data into Simple Fund using the BGL Import data source from the Transaction Upload screen. By the end of this task you will be able to: • create your own XML file using the SF_Transaction_Upload_ver1.4.xls file in the SFUND folder • identify the reference number in an XML file • upload an XML file into a fund Details Transactions will be uploaded in XML format using the BGL Import file. The BGL Import file was created using the using the SF_Transaction_Upload_ver1.5.xls file in the SFUND folder and contains a number of income, investment purchases and expense transactions. The XML files is located in ?:\SFUND\DATAIN Folder Name of File : Refresher_transaction_upload.xml Reference number:EXCEL Instructions Enter the reference number From the Ribbon Toolbar: On the Data In/Out tab, in the Transaction Import group, click Transaction Upload Select the Account/Reference List tab Select Data Source Select BGL Import from the drop down list Enter Reference Input EXCEL and click _________________________________________________________________________________________ © BGL Corporate Solutions 87 Task 7.1 - Upload XML Data using Transaction Upload Click Save NOTE : The reference code is found in the XML file, to retrieve the code, Open the file in either notepad or Internet Explorer. The code is found in between the "ENTITY CODE" tag. Open the pension transaction upload.xml found in the SFUND\DATAIN folder. The following will open : Upload the transactions from the XML file into Simple Fund From the Ribbon Toolbar On the Data In/Out tab, in the Transaction Import group, click Transaction Upload Step 1. Select the source of the Transaction file Data Source Click on drop down and select BGL IMPORT Step 2. Select the file on your server or computer File Name Click Folder and browse to c:\SFUND\DATAIN and select the file: Refresher transaction upload.xml _________________________________________________________________________________________ 88 © BGL Corporate Solutions Task 7.1 - Upload XML Data using Transaction Upload Step 3. Review the Advanced Upload Options below NOTE : Depending on the Data Source selected in Step 1, Simple Fund will select the options in Transaction Options, Chart of Accounts Options and Reporting Options that apply for this data source. Transaction Options Transaction Type Check Select Bank Statements Process disposals automatically Simple Fund will automatically post all disposal entries to the relevant investment account, capital gains account,income accounts , 491 account and the bank account. Leave Do not load 998 entries with the same amount? checked Chart of Accounts Options Balance Account Leave this as 998 Data Upload Clearing Account Leave Add new accounts in proper case? checked Reporting Options Period Leave this as From: 01/07/2011 To: 30/06/2012 Leave Prepare Data In report? checked Leave Use Transaction Upload Validation screen? checked _________________________________________________________________________________________ © BGL Corporate Solutions 89 Task 7.1 - Upload XML Data using Transaction Upload Click The transaction upload validation screen will appear. Click Save to view the transaction listing report You will receive the following message to confirm the disposal transaction : _________________________________________________________________________________________ 90 © BGL Corporate Solutions Task 7.1 - Upload XML Data using Transaction Upload Click Yes. Simple Fund will now process all transactions including the disposal journals. Click Exit . Review your transaction screen to view the transactions that you have just uploaded The following transactions should appear: NOTE: To reverse the transaction upload process and delete transactions imported into Simple Fund, click on Data In/Out | Transaction Upload and select . _________________________________________________________________________________________ © BGL Corporate Solutions 91 Task 7.1 - Upload XML Data using Transaction Upload You have tried to upload transactions from an external source. However, the transactions did not upload successfully. What areas would you look at to resolve this issue? End of Task 7.1. Proceed to Task 7.2. _________________________________________________________________________________________ 92 © BGL Corporate Solutions Task 7.2 - Data Import Rules Task 7.2 - Data Import Rules Objective In this task you will learn how to create data import rules. By the end of this task, you will able to: • correctly identifiy the data sources that require the setup of data import rules • create data import rules in the transaction screen,the data import rules screen and by editing any entry to the 998 account • ensure Simple Fund automatically adds transactions to the correct accounts based on the import rules Details When uploading data from external sources, transactions are generally uploaded to 999 unless Simple Fund can recognise where to code the transactions to. This is based on : • Particular narrations (for example PAYG, Income Tax, Accounting fee, Audit fee, Legal fee, Admin costs) OR • ASX code and type of journal such as 'dividend' OR • Data import rules added into Data In/Out | Transaction Import | Data Import Rules screen Data import rules are used to store commonly used recurring transactions for quicker more accurate posting in Simple Fund. The Transaction Upload process will work in conjunction with your own import rules so that transactions can be automatically coded to pre-defined accounts based on the transaction narration in the upload file. Data import rules can be used for the following data sources: • Adelaide Bank Internet Banking - Advisor • AdviserNET (CSV) • AMP Internet Banking • ANZ Internet Banking • Bank of Queensland • BT Wrap Account • CBA Internet Banking • COIN (EPI 3.2) • CommSec Cash Management • Dalton Nicol Reid (CSV Format) • Dalton Nicol Reid (XLS Format) • EPI 3.2 Specification (CSV) • ING Direct • IOOF Investment Management • Macquarie Cash Management Account (CMH) • Macquarie Cash Management Trust (CMT) • Macquarie Cash XL (CHI) • Macquarie Internet Banking - Excel format _________________________________________________________________________________________ © BGL Corporate Solutions 93 Task 7.2 - Data Import Rules • ME Bank • MYOB • NAB Internet Banking • Netwealth • Oasis (EPI 3.2) • St George Corporate Solutions (BTR Format) • St George Investor Gateway (CSV Format) • Strategy (EPI 3.2) • Suncorp • Westpac Internet Banking • Xero There are three methods to create data import rules: • Manually creating data import rules from Data In/Out | Data Import Rules • Creating data import rules from the Transaction screen • Creating automatic data import rules when editing transactions in the Transaction screen We will be covering all three methods in the following task. Instructions Method 1 - Manual Data Import Rules From the Ribbon Toolbar: On the Data In/Out tab, in the Transaction Import group click Data Import Rules Click New to add a new rule. Step 1 - Select Fund and Rule Category (if applicable) This step is optional and the fields can be left blank if not applicable. Fund Click Search to select the fund data is being imported to. You do not have to select a fund if you wish for the rule to apply to all funds. Category Click Category. You can select or create a category, for example, if the rule only applies to uploads from specific data sources like ANZ, BT Wrap, etc. Leave blank if you wish for the rule to apply to all uploads. The counter will show the number of categories selected. _________________________________________________________________________________________ 94 © BGL Corporate Solutions Task 7.2 - Data Import Rules Step 2 - Select Criteria Match Criteria Click Note. Alternatively, you can select Value. You will then need to enter the transaction amount and Simple Fund will upload all transactions with this amount. A combination of Note and Value can also be used by selecting Both. Enable Wildcard Tick this box if you wish to use wildcards for the note. For example, inputting INTEREST% will upload all transactions with the word INTEREST at the beginning, e.g. INTEREST1234 or INTERESTACC123. Refer to the Simple Fund Help Files for more information on the wildcards. Note Input a note for this rule. The note can be the narration from the import file. For example, Dividend from BHP or Pension Payment. Simple Fund will then upload all the transactions with this note to the account(s) selected in the next step. Step 3 - Select Chart of Accounts matching criteria Type Leave it as Account. Selecting Security will post the transaction to that security account or the income account automatically, based on the Transaction Type selected below. If an account does not exist for that security, Simple Fund will create the investment account based on the Investment Type selected below. Single Account Click Search to select the relevant account to post the transaction to. For example, select 239/001 BHP Billiton Ltd. Multiple Accounts Alternatively, you can select multiple accounts by clicking Allocate. The amount will get allocated based to these accounts based on the percentages entered. Security This will be disabled as we have selected Account next to Type above. Transaction Type This will also be disabled. If Security was selected next to Type above, you would then also need to select whether Simple Fund should process the transaction as Income, Purchase or Disposal for this rule. Investment Type This will also be disabled. If Security was selected next to Type, an Investment Type should be selected here so that Simple Fund knows what type of investment account to create if the security selected does not exist for a fund. _________________________________________________________________________________________ © BGL Corporate Solutions 95 Task 7.2 - Data Import Rules Step 4 - Select optional criteria(s) to apply This step is optional and the fields can be left blank if not applicable. Applies From You need to tick the box to enable the date field. Entering a From date will upload transactions from the import file that occurred on and after this date but not prior to this date as long as these dates are within the financial year start and end dates entered under Fund Details | Reporting. Applies To You need to tick the box to enable the date field. Entering a To date will upload transactions from the import file that occurred up to that date but not after this date as long as these dates are within the financial year start and end dates entered under Fund Details | Reporting. Update Note You need to tick the box to enable the text box. This allows you to change the note that will appear in the Transaction screen once the transactions are uploaded into Simple Fund. You can type in a new note or select an existing one from the drop-down menu. GST Rate Select a rate from the list if GST is applicable for that transaction. Click Save to save the data import rule. You can now proceed to upload the transaction upload file from the Data In/Out screen | Transaction Upload. Any data imported with the narration Dividend from BHP will be allocated to account 239/001. Method 2 - Data Import Rules from the Transaction screen Instead of accessing the Data In/Out | Transaction Import | Data Import Rules screen, you can create data import rules from the Transaction screen. _________________________________________________________________________________________ 96 © BGL Corporate Solutions Task 7.2 - Data Import Rules You must first upload the file from the Transaction Upload screen. Then complete the following steps: From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions The uploaded transactions will display in the Transaction screen. Highlight Click any transaction recorded to the 998 account. Data Import Rules or ALT+Q The note/narration in that journal entry comes up and you can select the Account the transaction should go to automatically. _________________________________________________________________________________________ © BGL Corporate Solutions 97 Task 7.2 - Data Import Rules Complete the above steps for all other transactions to account 998. Once all the rules have been setup, delete the transactions and reupload the file. All entries to 998 will now automatically be posted to the correct accounts for any upload file. Method 3 - Automatic Data Import Rules You must first ensure your default setting for automatic uploads IS selected. This step was completed in Task 1.1. _________________________________________________________________________________________ 98 © BGL Corporate Solutions Task 7.2 - Data Import Rules Upload the file from the Transaction Upload screen. Then complete the following steps: From the Ribbon Toolbar: On the Fund Data Input tab, in the Processing group, click Transactions The uploaded transaction will display in the Transaction screen. _________________________________________________________________________________________ © BGL Corporate Solutions 99 Task 7.2 - Data Import Rules Click Account Click to edit any transaction recorded to the 998 account. Input the correct account code to save the updated account code. Repeat these steps for all other entries. Simple Fund will save all these edited transactions as new import rules in the Data Import Rules screen. _________________________________________________________________________________________ 100 © BGL Corporate Solutions Task 7.2 - Data Import Rules To view the new rules, complete the following steps: From the Ribbon Toolbar: On the Data In/Out tab, in the Transaction Import group, click Data Import Rules All saved data import rules will display in the Data Import Rules screen. The next time you upload a file with the same narration, Simple Fund will automatically record it to the correct account. This screen can be sorted by All Rules, Manual Rules, New Auto Rules and Reviewed Auto Rules. It is recommended to review all new auto rules. To keep any rule , click or click to remove any rule. End of Lesson 7. Proceed to Lesson 8 _________________________________________________________________________________________ © BGL Corporate Solutions 101 This page has been left intentionally blank. _________________________________________________________________________________________ 102 © BGL Corporate Solutions Lesson 8 - CGT Optimiser Objective In this lesson you will learn how to use the CGT Optimiser screen. By the end of this lesson, you will be able to use the CGT Optimer to optimise the overall Capital Gain(Loss) of a fund. Learning tasks Task 8.1 - CGT Optimiser Use the CGT Optimiser screen to calculate the most tax effective disposal method for all disposal entries. In this fund, this step will optimise all disposal entries including the disposal of BHP shares and the discounted gains for Colonial First State Imputation Fund uploaded in Task 7.1. _________________________________________________________________________________________ © BGL Corporate Solutions 103 This page has been left intentionally blank. _________________________________________________________________________________________ 104 © BGL Corporate Solutions Task 8.1 - CGT Optimiser Task 8.1 - CGT Optimiser Objective In this task you will learn how to use the CGT Optimiser screen. By the end of this task, you will able to use the CGT Optimiser to optimise the overall capital gains/loss of the fund. Overview The CGT Optimiser screen is used to calculate the most tax effective disposal method for all disposal entries. For this fund, the CGT optimiser will be used on all disposal entries including the disposal of BHP shares and the discounted gains for Colonial First State Imputation Fund uploaded in Task 7.1. Simple fund will switch the method between discounted gain or indexed methods. The method will change to ensure current year capital losses and prior year capital losses are applied to indexed and other capital gains resulting in the lowest overall capital gain position for the fund. Only disposals either processed through the Disposals screen or Capital Gains income received through a distribution will appear in this screen. Manual or uploaded transactions to accounts 235 and 236 will not appear. NOTE: There will be certain times when the discounted method will not switch to indexation method in the CGT Optimiser screen. For example, where there are no prior years or current year capital losses, the indexation method is not valid as the investment was purchased after 30th September 1999 or the fund's CGT disposal methods are already at their optimal capital gain position. Instructions From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click Click Simple Fund will display the CGT Optimiser screen. _________________________________________________________________________________________ © BGL Corporate Solutions 105 Task 8.1 - CGT Optimiser Click Re calculate to change the disposal method. Alternatively, click on the method column to change the method manually. Click Preview to the prepare the CGT Optimiser Report. Click Close or Click Save to post the changes to the disposal method to the general ledger. to exit the preview screen. Simple Fund will display the following confirmation message. Click YES to post the journals. Simple Fund will now update the disposal journals previously posted to the transaction screen. Refer to Appendix D for a comparison of the journals prior and post cgt optimisation. Click to exit the Create Entries screen. End of Lesson 8. Proceed to Lesson 9. _________________________________________________________________________________________ 106 © BGL Corporate Solutions Lesson 9 - Create Entries Process Objective In this lesson you will learn the steps required at year end when processing funds with pension accounts. By the end of this lesson, you will be able to: • input and actuary and expenses percentage into Simple Fund • use the Members Allocation Worksheet to modify the profit and tax allocation of a fund • review the create entries report • reconcile the members balance using the create entries report Learning tasks Task 9.1 - Input Actuary and Expense Percentage An actuary certificate has been obtained, and has provided that 45% of the fund is exempt pension income for the full year. Input 45% as the actuary percentage and non-deductible expenses percentage for the fund for the full year. Task 9.2 - Member Allocation Worksheet Since the actuary percentage relates to the full year, reverse entries previously created from 01/07/2011 31/12/2011. Create entries from 01/07/2011 - 30/06/2012 using the member allocation worksheet to adjust John Jones ( 501) profit and tax allocation. Task 9.3 - Reconciliation of Members Balance Review the Create Entries Report to reconcile John and Mary's profit, tax and end of year balance. _________________________________________________________________________________________ © BGL Corporate Solutions 107 This page has been left intentionally blank. _________________________________________________________________________________________ 108 © BGL Corporate Solutions Task 9.1 - Input Actuary and Expense Percentage Task 9.1 - Input Actuary and Expense Percentage Objective In this task you will learn how to input an actuary percentage and expenses percentage into Simple Fund. Details The actuary has provided an exempt pension income percentage of 45%. This percentage relates to the entire year, not just the pension part of the year. Note: For the purpose of this training, the same percentage will be applied for non-deductible expenses for the year. Please refer to Taxation Ruling 93/17 and Appendix 2 of the Simple Fund Pensions Training Manual for more information on apportionment of expenditure. Since the percentage applies for the full year, the previous part-year create entries will need to be reversed and entries recreated for full year. The Statement received from the Actuary is below: _________________________________________________________________________________________ © BGL Corporate Solutions 109 Task 9.1 - Input Actuary and Expense Percentage Instructions Step 1 - Record actuary and expense percentage in Fund Details. From the Ribbon Toolbar: On the Fund Data Input tab, in the Fund group, click Fund Details &OLFNWKH3HQVLRQ3ROLF\WDE _________________________________________________________________________________________ 110 © BGL Corporate Solutions Task 9.1 - Input Actuary and Expense Percentage Click * _________________________________________________________________________________________ © BGL Corporate Solutions 111 Task 9.1 - Input Actuary and Expense Percentage . . End of Task 9.1. Proceed to Task 9.2. _________________________________________________________________________________________ 112 © BGL Corporate Solutions _________________________________________________________________________________________ © BGL Corporate Solutions 113 This page has been left intentionally blank. _________________________________________________________________________________________ 114 © BGL Corporate Solutions Task 9.2 - Member Allocation Worksheet Task 9.2 - Member Allocation Worksheet Objective In this task you will learn how to create entries for a fund with an unsegregated actuarial certificate. By the end of this task, you will able to: • create entries using an actuarial certificate • create entries using the member allocation worksheet • use the member allocation worksheet to modify a fund's profit and tax allocation Details Since the actuary percentage relates to the full year, reverse entries previously created from 01/07/2011 31/12/2011. Create entries from 01/07/2011 - 30/06/2012 using the member allocation worksheet to adjust John Jones ( 501) profit and tax allocation. Refer to the Task 5.2 of the Simple Fund Pensions Training Manual for more information on actuary percentages. Instructions Create Entries to complete the fund for the full year. The actuary percentage 45.00% relates to the full year, so we must reverse the Create Entries on 31/12/2011, then Create Entries for the full year. Before creating entries, the security prices as at 30/06/2012 must be updated. From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Step 1 - Reverse Entries created on 31/12/2011 Click _________________________________________________________________________________________ © BGL Corporate Solutions 115 Task 9.2 - Member Allocation Worksheet Click Step 2 - Create Entries 01/07/2011 - 30/06/2012 Click Allocate net income to preserved balances (Post 1/7/1999 preservation rules) Simple Fund will automatically select this checkbox if performing the create entries process after the 01/07/1999. Simple Fund will allocate contributions received and the net income of the fund to the members preserved balance for fund balance dates after 1 July 1999. Untick this option to allocate these amounts to non preserved balances. (which is contrary to the preservation rules and would make the fund non complying) Reduce members balance used for profit/(loss) allocation by allocated assets. Select this checkbox. Simple Fund will deduct the members weighted allocated investments balance from the Member weighted members calculations. If not selected, Simple Fund will ignore any allocated investments when performing the member's weighted account balance calculations. Allocate Income Tax Expense to Pension Members Do not select this checkbox. If selected, Simple Fund will allocate Income Tax Expense to pension members, otherwise, it will be allocated normally to accumulation members only. In a fund with both accumulation and pension members, when this option is selected, the deferred tax associated with member investments will be allocated to both the accumulation member's entitlements, and to the pension member's. A pension member's total entitlement (member balance) continues to be affected (usually a reduction if investments have increased in value) by deferred tax payable provisions associated with investments allocated to that pension member. _________________________________________________________________________________________ 116 © BGL Corporate Solutions Task 9.2 - Member Allocation Worksheet This option will have no effect if it is: • selected or unselected and there are no pension members in the fund; or • selected or unselected and there are no accumulation members in the fund. Display Member Allocation Worksheet Select this checkbox. Simple Fund will open a Member Allocation Worksheet where the profit and tax allocation to members can be changed from the weighted percentage calculated by the system to your own specifications. In this fund, we will be adjusting the members profit allocation to : • John Jones (501) - 50% • Mary Jones (502) - 40% • John Jones (503) - 10% Run Security Prices check Select this checkbox. If selected Simple Fund does a check if a security attached to an investment has a zero price, or if the security price date is different from the Create Entries date. Prepare "Create Entries" report Select this checkbox. Simple Fund will display the Create Entries report each time entries is processed for the fund. It is strongly recommend that the Create Entries report be printed as it provides information to users and auditors regarding the tax calculations and profit allocations performed by the Create Entries process. Prepare PDF file of the "Create Entries" report Check this box for Simple Fund to create a PDF file of the Create Entries Report each time entries are processed for a fund. Check this box for Simple Fund to create a PDF file of the Create Entries Report each time entries are processed for a fund. _________________________________________________________________________________________ © BGL Corporate Solutions 117 Task 9.2 - Member Allocation Worksheet Click Simple Fund will now display the Member Allocations Worksheet. The current allocation as shown on this worksheet is based on each member's weighted balance in the fund. To adjust the profit allocation to the members based on the following percentages : • John Jones (501) - 50% • Mary Jones (502) - 40% • John Jones (503) - 10% Click on the shaded column for John Jones profit to change the system generated weighted percentage to 50%. _________________________________________________________________________________________ 118 © BGL Corporate Solutions Task 9.2 - Member Allocation Worksheet Repeat the steps for account 502 and 503. NOTE: Ensure the Total Profit and Tax Allocated is a 100 % before completing the Create Entries Process The calculation of the members profit and tax allocation amounts will display on the Create Entries Report. Click Accept to complete the Create Entries process. You wish to permanently adjust Mary Jones profit allocation to 40% of total profit of the fund. The member allocation worksheet is not a permanent change. What can you do in Simple Fund to implement this permanent change? End of Task 9.2. Proceed to Task 9.3. _________________________________________________________________________________________ © BGL Corporate Solutions 119 This page has been left intentionally blank. _________________________________________________________________________________________ 120 © BGL Corporate Solutions Task 9.3 - Reconciliation of Members Balance Task 9.3 - Reconciliation of Members Balance Objective In this task you will learn how Simple Fund allocates profit and tax to members of the fund. By the end of this task, you will be able to manually reconcile the allocation of profit and tax as well as the members balance using the create entries report. Overview Simple Fund allocates profit and tax to members based on a a pro rata basis based on the members daily account balance or by a fixed percentage. The daily account balance method adds the total amount allocated to the members account for the year placing a weighting on each dollar based on the transaction date. The remaining profit (or loss) and income tax applicable is then allocated to members accounts based on the total of weighted members account balance at year end. This method ensure that members who make contributions during the year receive an appropriate percentage of the profit (or loss) of the fund at year end. Where a fixed percentage is input, this percentage overrides the daily account balance method. A fixed percentage can be input for members on the Member Allocation Worksheet as demonstrated in Task 9.2. This lesson will demonstrate the allocation based on the John Jones (501) daily account balance as well as the profit and tax allocation to John Jones (501) and Mary Jones (503) using a fixed percentage. Instructions Review the Create Entries Report for the year ended 30/06/2012. From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click to preview the Create Entries Report in pdf format. Extract from the Create Entries Report displaying a summary of the Profit/(Loss) and Tax Allocations to Members: Refer to Appendix E for the complete create entries report as at 30/06/2012. _________________________________________________________________________________________ © BGL Corporate Solutions 121 Task 9.3 - Reconciliation of Members Balance Part 1 : Profit/(Loss) and Tax Allocations to Members Refer to the Figure 1 below to calculate the weighted percentage for John Jones (account 501). Figure 1 Part 2 : Breakdown of John Jones (account 501) weighted balance using the daily account balance method Figure 2 below is an example of how the pension payment to John recorded on the 5th of February 2012 is pro-rated during the year. _________________________________________________________________________________________ 122 © BGL Corporate Solutions Task 9.3 - Reconciliation of Members Balance Figure 2 Part 3 : Profit Allocation for John Jones (account 501) Figure 3 below demonstrates the profit allocation using the weighted percentage calculated in Figure 1 as well as using the 50% adjusted percentage from the Member Allocation Worksheet in Task 9.2 Figure 3 Part 4 : Tax Allocation for Mary Jones (account 502) Figure 4 _________________________________________________________________________________________ © BGL Corporate Solutions 123 Task 9.3 - Reconciliation of Members Balance The remaining tax of $ 4 684.66 (31 367.80 - 26 683.14) will be allocated to John Jones (account 503). NOTE To calculate tax allocation to accumulation members, the total weighted amount for the fund must be adjusted as no tax will be allocated to the pension members. The total weighted amount will now be: Total weighted amount - pension members weighted amount : 600 189.52 - 390 382.61 = 209 806.91 Therefore Mary's weighted percentage used to calculate the tax allocation will be : 178 473.12/209 806.91= 85.0654% For more information on members allocation refer to the Simple Fund help file topic - Allocation to Members Accounts. End of Lesson 9. Proceed to Lesson 10. _________________________________________________________________________________________ 124 © BGL Corporate Solutions Lesson 10 - Preparing SMSF Annual Return Objective In this lesson you will learn how to review the SMSF Annual Return data. By the end of this lesson, you will be able to reconcile : • Label B - Gross rent • Label M - Gross trust distribution • Section F/G - Opening account balance • Section F/G - Label - Allocated earnings or loss • all other labels in the tax return using the transaction listing reports. Details In the financial reports screen, select SMSF_AR. This screen provides all details of the prefilled tax return items. Clicking on any red labels will provide a transaction report that makes up the total. Learning Tasks Task 10.1 - Reconciling labels in the tax return This task will demonstrate how to review and reconcile the labels in the tax return. The labels that will be reviewed are : • Label B - Gross Rent • Label M - Gross Trust Distribution • Labels in Section F/G _________________________________________________________________________________________ © BGL Corporate Solutions 125 This page has been left intentionally blank. _________________________________________________________________________________________ 126 © BGL Corporate Solutions Task 10.1 - Reconciling labels in the tax return Task 10.1 - Reconciling labels in the tax return Objective In this task you will learn how to reconcile gross rent, gross trust distribution, members' opening balance and members' allocation of earning or loss. By the end of this task, you will be able to identify the Red Labels in the tax return that will help you reconcile any amounts in the tax return. Instructions All reports displayed in this task can be accessed from Appendix F. From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click Click on the Income tab. Simple Fund will display the Income information for the fund. Reconciling rental income in the tax return: Click on Label B - Gross Rent. Simple Fund will display the transaction listing for this label. Use this report to identify each transaction that makes up the total in Label B. _________________________________________________________________________________________ © BGL Corporate Solutions 127 Task 10.1 - Reconciling labels in the tax return In this fund the total of $3,773 is made of Rental Income and a GST Adjustment. Reconciling gross trust distribution in the tax return: Click on Label M - Gross Trust Distribution. Simple Fund will display the transaction listing for this label. This report will display a summary page which will correspond to the totals in the Transaction Listing and reconciles the transaction amount which appears in the ledger to the amount at Gross Trust Distributions (Label 10M) in the SMSF Annual Return. Reconciliation Page : Summary Page : _________________________________________________________________________________________ 128 © BGL Corporate Solutions Task 10.1 - Reconciling labels in the tax return Summary Page: Transaction Listing: Reconciling Opening account balance in the tax return data: Click on the Members tab. Highlight John Jones and click on Click on Edit to view John's information. Opening Account Balance. _________________________________________________________________________________________ © BGL Corporate Solutions 129 Task 10.1 - Reconciling labels in the tax return Simple Fund will display the transaction listing for this label. This report displays a breakdown of the opening balance transactions for the member. Reconciling allocated earnings or losses in the tax return: Click on the Members tab. Highlight John Jones and click on Click on Edit to view John's information. Label O - Allocated Earnings or Losses. Simple Fund will display the transaction listing for this label. This report displays a breakdown of share of profit/(loss) and income tax allocations. _________________________________________________________________________________________ 130 © BGL Corporate Solutions Task 10.1 - Reconciling labels in the tax return Note: To push the tax return to Portal refer to Task 4.2 of the Simple Fund Introduction Training Manual. Which report in Simple Fund will assist you in the reconciliation of Exempt Pension Income? End of Lesson 10. Proceed to Lesson 11. _________________________________________________________________________________________ © BGL Corporate Solutions 131 This page has been left intentionally blank. _________________________________________________________________________________________ 132 © BGL Corporate Solutions Lesson 11 - Reporting Objective In this lesson you will learn how to preview, edit and customise reports in Simple Fund. By the end of this lesson, you will be able to: • preview system reports • edit existing reports • export documents to Microsoft Word • create freeform documents • create document setting templates in Simple Fund. Overview Simple Fund has an extensive reporting system. Users can prepare fund specific reports i.e. financial reports, ledger reports and various member reports. Users also have the flexibility to prepare system wide reports. Some of these reports are: Document Management Reports - Lists documents in the Simple Fund Document Management system by, fund, entry type and/or date. Fund Investments Report - Lists funds that have units in a selected security. Fund Status Report - Provides a list of funds in Simple Fund. This report can be customised to include the formation date,TFN/ABN, deed details, member details, trustees and auditor details. Members Balance Summary - Lists all members balances, mode and age of members in all funds or in specific funds. People Usage Report - Lists details of a particular member and where he/she is used in Simple Fund. Securities List - Lists securities and its prices in the Simple Fund database. All reports can be exported to PDF, Microsoft Word and Excel and are fully editable. Users also have the flexibility to create their own customised reports, letters and minutes and resolutions. Learning tasks Task 11.1 - System Reports Prepare a members balance summary for all members aged 55 - 60 and a people usage report for John Jones. _________________________________________________________________________________________ © BGL Corporate Solutions 133 Lesson 11 - Reporting Task 11.2 - Customising Reports Using Microsoft Word Export the BGL Training Fund's Statement of Financial Position into Microsoft Word to customise the heading and formatting of the report. Task 11.3 - Creating Freeform Documents To teach you how prepare a freeform letter using the Other Documents screen in Simple Fund. Task 11.4 - Document Settings Template To set a defaults document settings templates for number of copies and types of reports to be printed for all funds in Simple Fund. _________________________________________________________________________________________ 134 © BGL Corporate Solutions Task 11.1 - System Reports Task 11.1 - System Reports Objective In this task you will learn how to prepare a members balance summary for all members aged 55 - 60 and a people usage report for John Jones. By the end of this task, you will be able to generate various reports from the System Reports screen. Instructions From the Ribbon Toolbar: On the Reports and Documents tab, in the Global Reporting group, click System Reports Simple Fund will display a list of reports and listing that can be customised for all funds or selected fund data. Prepare the Members Balance Summary Report : Select Select the following options for this report : Mode Accumulation Member Age 50 - 65 Fund Range First to Last End Date 30/06/2012 _________________________________________________________________________________________ © BGL Corporate Solutions 135 Task 11.1 - System Reports Click Preview to prepare the Members Balance Summary report. Alternatively, click Print to print the report. Prepare the People Usage Report for John Jones : Select Click Highlight Search Jones,John and click on Select Click Preview to prepare the People Usage report. Alternatively, click Print to print the report. End of Task 11.1. Proceed to Task 11.2. _________________________________________________________________________________________ 136 © BGL Corporate Solutions Task 11.2 - Customising Reports Using Microsoft Word Task 11.2 - Customising Reports Using Microsoft Word Objective In this task you will learn how to edit BGL Training Fund's Statement of Financial Position in Microsoft Word. By the end of this task, you will be able to: • preview a report in Simple Fund then export it into Microsoft Word • choose to export the document to Microsoft Word with only text boxes or with only plain text • change the font type and size of the report heading Instructions From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click Preview next to the Statement of Financial Position Click to select Export to Application. Click to select Microsoft Word. Simple Fund will display MS Word and Rich Text Options. Select Only export Text and Click OK. Simple Fund will now display the Statement of Financial Position in Microsoft Word. _________________________________________________________________________________________ © BGL Corporate Solutions 137 Task 11.2 - Customising Reports Using Microsoft Word To reformat this report, the following needs to be changed: • Highlight the heading - BGL Training Fund and Statement of Financial Position as at 30 June 2012 to change the font to Garamond and font size to 16. • Add a line below the headings. The Statement of Financial Position should now look like the following image : Note: To push this edited document manually to Portal, you must ensure you save a copy of the document. Once a copy has been saved, you can push the document by following the steps in Task 10.2 of the Simple Fund Advanced Training Manual. End of Task 11.2. Proceed to Task 11.3. _________________________________________________________________________________________ 138 © BGL Corporate Solutions Task 11.3 - Creating Freeform Documents with Embedded Text Task 11.3 - Creating Freeform Documents with Embedded Text Objective In this task you will learn how to prepare a freeform letter using the Other Documents screen in Simple Fund. By the end of this task, you will be able to: • create freeform documents from the Other Documents screen • use Embedded Text codes in documents Details You are required to prepare a letter using Emdedded Text codes confirming the Tax File Numbers of the Members of BGL Training Fund. Embedded text codes can be used in all reports in Simple Fund. The embedded text items can be included in text paragraphs where users wish to select a variable rather than a fixed item. For example, instead of creating a document with the year end date in the body of the document, you can enter the code ?^EDAT?. Simple Fund will then automatically insert the 30/06/xxxx into the document when printed. For a list of all embedded codes in Simple Fund, refer the Embedded Text Codes help page. Text type Fund Text Text Code Letter Document Type Other documents Paragraph Title Letter Confirming the Members TFN Text Please find below the TFN of members of the ^FUND. ^MNAM501 ^MTFN501 ^MNAM502 ^MTFN502 Instructions From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Other Documents Text Paragraph 1 Click Search to create a text paragraph. _________________________________________________________________________________________ © BGL Corporate Solutions 139 Task 11.3 - Creating Freeform Documents with Embedded Text Simple Fund will display the Text Search screen. Leave the text type as Fund Text as were are preparing the letter for the BGL Training Fund. Click New to create a new text code. Text Code Input LETTER Document Type Select Other Documents Paragraph Title Input LETTER CONFIRMING THE MEMBERS TFN Text Click this field and input Please find below the TFN of members of the ^FUND. ^MNAM501 ^MTFN501 ^MNAM502 ^MTFN502 Click Save Simple Fund will highlight Letter Confirming The Members TFN on the Text list. Click Minute/Letter Date Select Leave this as Today's Date _________________________________________________________________________________________ 140 © BGL Corporate Solutions Task 11.3 - Creating Freeform Documents with Embedded Text Letter Addressee Click Click Click Click to select John Jones from the people list. Preview to preview this document. Click to Close the preview screen. Print or click Export to save these documents in electronic PDF, MS Word or MS Excel format. Exit For more information on embedded text codes, refer to Lesson 9 of the Simple Fund Advanced Training Manual or the Simple Fund help file topic - Embedded Text Codes. Note: To push this freeform document manually to Portal, you must ensure you save a copy of the document. Once a copy has been saved, you can push the document by following the steps in Task 10.2 of the Simple Fund Advanced Training Manual. End of Task 11.3. Proceed to Task 11.4. _________________________________________________________________________________________ © BGL Corporate Solutions 141 This page has been left intentionally blank. _________________________________________________________________________________________ 142 © BGL Corporate Solutions Task 11.4 - Document Settings Template Task 11.4 - Document Settings Template Objective In this task you will learn how to set a defaults document settings templates for number of copies and types of reports to be printed for all funds in Simple Fund. By the end of this task, you will be able to create relevant document setting templates. Details Set default document settings in the BGL Training Fund for number of copies and types of reports to be printed. This default setting is then to be used as a default document template for all funds in Simple Fund. Instructions From the Ribbon Toolbar: On the Reports and Documents tab, in the Fund Reporting group, click Financial Reports Click Number of copies Clear to clear the number of document copies selected. Input number of copies next to each document you would like printed. This can be completed for all subsections in the Financial Reports screen. Click to save these document selection settings for this fund only. _________________________________________________________________________________________ © BGL Corporate Solutions 143 Task 11.4 - Document Settings Template Click to save these document selection settings for all funds. Once the settings have been saved, click on Simple Fund. to restore these document settings in your other funds in Is it possible to adjust the order in which Financial Reports are printed? End of Lesson 11. Proceed to Lesson 12. _________________________________________________________________________________________ 144 © BGL Corporate Solutions Lesson 12 - Additional Tips Objective In this lesson you will learn various tips and tricks that will help increase your efficiency when using Simple Fund. By the end of this lesson, you will be able to: • update investment account names based on the security attached • customised user settings • customise the Simple Fund Explorer • view user shortcuts from the Simple Fund Menu • view a list of transaction notes • reverse balance forward • use the automated income calculation function • restore deleted transactions • filter the transaction screen to allow for easier sorting of options • auto filter by sorted column • select multiple transaction/entries • view a summary of all transactions in the transaction screen • change account codes or transaction dates • reset labels in the chart of accounts • delete allocation of investments - using the direct allocation or investment pooled method • re-size columns Learning tasks This task will demonstrate how to get the most out of the Simple Fund software. These tips will save the time spent on data entry, deleting reports and overall use of the software. _________________________________________________________________________________________ © BGL Corporate Solutions 145 This page has been left intentionally blank. _________________________________________________________________________________________ 146 © BGL Corporate Solutions Task 12.1 - Additional Tips Task 12.1 - Additional Tips Login Screen New Simple Fund login screen at startup now shows tips and BGL news with links. Updated Banks screen The new Banks screen will automatically pick up the institution name, branch name and address once a BSB is input. This will then be saved in Simple Fund. The bank account can also be automatically linked to the bank account code in the Chart of Accounts. _________________________________________________________________________________________ © BGL Corporate Solutions 147 Task 12.1 - Additional Tips Financial Reports Three new reports have now been added to the Financial Reports screen. These reports are: • Detailed Balance Sheet(Statement of Financial Position) • Members Contribution Report • Pension Summary Report Contribution Journals to Pension Accounts Simple Fund will display a warning message if you attempt to post an amount to to the Contribution Accounts 242 - 245 or 259 - 264 for pension members. The following message will be displayed: _________________________________________________________________________________________ 148 © BGL Corporate Solutions Task 12.1 - Additional Tips Pension Payment Journals to Accumulation Accounts Simple Fund will display a warning message if you attempt to post an amount to to the Pension Payment Accounts 412 - 417 for an accumulation member. The following message will be displayed: Dividend Data Uploaded Automatically Simple Fund will now automatically calculate Franked/Unfranked and Imputed Credits for transactions to Account 239/xxx when uploading data from an external data source using the Transaction Upload screen. The income details are based on the information in the Securities | Income Details screen. You must ensure the Automatically calculate income amounts in the Transaction Data input screen? in Administration | Defaults | Data Input. A number of days from the payment data of the dividend can also be input. Printing all member pages from Section F/G of the SMSF_AR You can now choose to print all member (including blank pages) from Section F/G of the SMSF_AR. Update Investment Account Names Based on the Security Attached You can click on in the Chart of Accounts to change all investment account names to match the security names. This process will however reset ALL investment account names with security names. _________________________________________________________________________________________ © BGL Corporate Solutions 149 Task 12.1 - Additional Tips Current account name After changing the account name to match the security name _________________________________________________________________________________________ 150 © BGL Corporate Solutions Task 12.1 - Additional Tips Customised User Settings This new option allows users to set their own settings for certain default options. From the Ribbon Toolbar: On the Administration tab, in the Setup group, click User Settings You have the option to change your reporting options, grid colours, set up your email details and to customise the list order for funds and securities. _________________________________________________________________________________________ © BGL Corporate Solutions 151 Task 12.1 - Additional Tips Customising the Simple Fund Explorer The Simple Fund Explorer has ten items. The five top items are fixed and cannot be changed. The five bottom items can be customised by users. Each user can create user shortcuts or customise these items. These shortcuts will only be accessible when the particular user logs into Simple Fund. To customise the Simple Fund Explorer, users can use the drag and drop function to save these shortcuts. The Simple Fund Menu The Simple Fund Menu located in the top left hand corner of the Simple Fund interface gives users access to additional shortcuts. The button provides quick access to recently used items, help and explorer functionality. _________________________________________________________________________________________ 152 © BGL Corporate Solutions Task 12.1 - Additional Tips Transaction Note A drop down menu in the Transaction Add/Edit screen allows you to select a previous narration input. The notes that appear depend on which notes has been previously added for the account group. For example, Account 238 will display all distribution narrations entered. Reverse Balance Forward You can click on Forward journals. in the Financial Reports screen to automatically delete Balance _________________________________________________________________________________________ © BGL Corporate Solutions 153 Task 12.1 - Additional Tips When you click on , Simple Fund will display the Reverse Balance Froward screen. You must ensure you have backed up your data before completing this step. Simple Fund will automatically: 1. Delete all Fund Ledger Balance Forward journals in the current year 2. Change the financial year back to the previous year Note: You cannot reverse the balance forward journals if the create entries for the current year has been processed. You must reverse any entries before reversing the balance forward. Refer to Reversing Balance Forward in the Help Files for more information. Automated Income Calculation To utilise the automated income calculation function, you must ensure the following conditions are met: • Default option to automatically calculate income is selected in Administration | Defaults and the number of days has been specified. This was set up in Lesson 1. • Income recorded must be either a dividend or a distribution • The investment has units on hand at the ex-dividend date. • The income details have been entered/uploaded in the Securities Screen When you enter an income transaction in the Transaction screen, Simple Fund will use the income details in the Securities Screen and calculate the income, franked, unfranked and imputed credits amount. Restore deleted transactions Any transaction that has been deleted from the transaction screen, can be restored by clicking deleted transactions. Restore Simple Fund will display all deleted transactions for this fund. _________________________________________________________________________________________ 154 © BGL Corporate Solutions Task 12.1 - Additional Tips Select on any transaction you would like to restore and click on Alternatively, click on . to select all transactions. All deleted transactions can be cleared by indexing the fund in the fund selection. To index a fund: Highlight Click BGL Training Fund Index Indexing also recreates all the files indexes and sorts out data in tables. Transaction Filter The Transaction Filter provides users with the ability to filter the transactions displayed in the Transaction List screen. Select the desired filter from the drop down Transaction Filter list. Some of the options you can select are: • Accounts • Credits • Dates • Debits • Discounted Gains • Disposal Method _________________________________________________________________________________________ © BGL Corporate Solutions 155 Task 12.1 - Additional Tips For example, to filter the transaction by date : Click Input and select Date from the list. 01/07/2009 and click to filter the transaction screen. Auto Filter by Sorted Column The Transaction screen can be sorted by any column by clicking on the header of the column you wish to sort. You can then 'Auto Filter(Sorted Column) if you wish to narrow down your search. For example, click on the Narration header to sort by Narration. _________________________________________________________________________________________ 156 © BGL Corporate Solutions Task 12.1 - Additional Tips To further search within the narration, input a search term in the Transaction Search field.Simple Fund will only display the narration with the relevant search term. Selecting Multiple Transactions/Entries Clicking on enables you to select multiple entries at a time. For example, if your transaction screen is filtered as above, you can click on the transactions on a particular date.Clicking on will clear all options selected. icon to select all _________________________________________________________________________________________ © BGL Corporate Solutions 157 Task 12.1 - Additional Tips Trial Balance view in Transaction Screen To view a quick summary of the trial balance in the transaction screen without having to access the ledger reports screen. To view the summary in the Transaction Screen : Click and select Summarised Simple Fund will now display all the total balances of each account. _________________________________________________________________________________________ 158 © BGL Corporate Solutions Task 12.1 - Additional Tips Replace/Change Account Codes/Transaction Dates Allows journals to be transfered from one account code to another without having to do any manual journals. To change the account codes : Click Additional Functions Select Replace/Change Account Period Change the Start Date to the fund formation date 14/06/1994. This will ensure all historical data will be transferred to the new account. Type of change Leave it as Account Code Old Account Code Input the Share Code New Account Code Input the Unit Code Click to accept the change. _________________________________________________________________________________________ © BGL Corporate Solutions 159 Task 12.1 - Additional Tips This task can also be completed by clicking on in the Chart of Accounts. Resetting Labels Clicking on Reset to reset tax, APRA and regulatory return labels for accounts in the chart of accounts. Simple Fund will restore the labels to the default from the Master Chart of Accounts. Any labels of newly created accounts ( accounts not in the Master Chart of Accounts) will not be reset by clicking on the icon. This option can be used to fix errors in the financial reports and the tax return. Deleting Allocation of Investments Clicking on Delete Allocations deletes all asset allocations for a fund. This option can be used if: • the direct asset allocation method is used • investment pool method is used • the direct asset allocation or the investment pool methods are used simultaneously _________________________________________________________________________________________ 160 © BGL Corporate Solutions Task 12.1 - Additional Tips Resizing Columns Simple Fund will automatically save each user's column settings for the grid portion of the screen. To resize columns on the grid, use the mouse to select and drag the end of the column or double click on the end of the column to make Simple Fund auto resize the column width to the length of the longest record. Clicking on Restore will restore the default column sizes for this screen. End of Lesson 12. _________________________________________________________________________________________ © BGL Corporate Solutions 161 This page has been left intentionally blank. _________________________________________________________________________________________ 162 © BGL Corporate Solutions Exercise 1: Reconciliation of Create Entries Report in a Segregated Fund Objective To reconcile exempt pension income, profit, tax and members balance in a segregated part accumulation and pension fund. Details The Trustee's of the BGL Training Fund have elected to allocate (segregate) assets to John Jones, these assets will form his segregated current pension assets. An actuarial certificate is not required if all pension assets are segregated at all times during the income year and the pensions are only account based pensions. More information on segregated funds can be found in Section 295-385 of the ITAA 1997. Refer to the following links on the ATO's website for more information: • Self-managed super funds and tax exemptions on pension assets • What are the requirements for claiming the tax exemption? Allocating assets can also be a useful tool in Simple Fund. It allows for better monitoring and reporting, especially when diverse investment strategies are undertaken, and can often be a better choice where there are other accumulation members in the fund. Simple Fund requires a linked income account to be setup for any asset or investment account that is to form part of segregated current pension assets. This includes Bank or Cash Management Accounts allocated to pension members, otherwise the income derived from these segregated current pension assets will not be correctly allocated by the create entries process, nor will the income be exempt from 15% Income Tax. Refer to Lesson 8 of the Simple Fund Pension Training Manual for more information. Based on the information provided below, reconcile the relevant fields in the create entries report attached in Appendix G • Distribution Income for Colonial First State Imputation Fund recorded on 30/06/2010. Details of the income are as follows: Amount $4070.00 Imputed credits $56.10 Tax Deferred $220.00 Foreign Income $220.00 Foreign Credits $20.00 Discounted Gains $280.00 • John Jones has a tax free percentage of 9.82% as at 30/06/2010. • A disposal was recorded for 1 255 BHP shares on the 26/06/2010. This transaction recorded a $13,079.68 capital loss. _________________________________________________________________________________________ © BGL Corporate Solutions 163 Questions Questions 1. What is the exempt pension income amount for Colonial First State Imputation Fund for John Jones? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2. What is the discounted gains amount for Colonial First State Imputation Fund? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------3. Calculate the current year capital loss carried forward for this fund. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------4. Which report can be used to reconcile the total profit of the period - $254,709.81? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------5. Reconcile the $12 Foreign Tax Credits allocated to John Jones. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------_________________________________________________________________________________________ 164 © BGL Corporate Solutions Questions 6. Reconcile the $ 244.20 tax on income Mary Jones received from Colonial First State Imputation Fund. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------7. Calculate the profit/(loss) for period before allocations. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------8. Calculate the total profit/(loss) available for allocation to members. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------9. Calculate the unrestricted non preserved/taxable portion of share of profit/(loss) for John Jones. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------10. Calculate the unrestricted non preserved/tax free portion of share of profit/(loss) for John Jones. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- _________________________________________________________________________________________ © BGL Corporate Solutions 165 Questions 11. Calculate the transfers in - preserved/taxable amount Mary Jones is entitled to receive on 30/06/2010. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------12. How much profit/(loss) will be allocated to Mary Jones at the end of the year? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------13. Calculate Mary Jones share of tax on profit at the end of the year. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------14. Based on the information in the create entries report, what is John Jones total share of net income/(loss) as displayed in the members statement? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------End of Exercise 1. Proceed to Exercise 2: Common Support Queries. _________________________________________________________________________________________ 166 © BGL Corporate Solutions Exercise 2 : Common Support Queries 1. My capital gains on my operating statement does not match my tax return. Why? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2. When creating entries, I receive the following error : Fund ledger has not been balanced forward from previous accounting period. What are the possible reasons this error might occur? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------3. The tax losses in my pension fund appears to be treated incorrectly. What reference material can I use to reconcile Simple Fund's calculations? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------4. How do I record pension payments in Simple Fund using the proportioning rule? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- _________________________________________________________________________________________ © BGL Corporate Solutions 167 Exercise 2 : Common Support Queries 5. Non deductible expenses in my fund is being calculated incorrectly or are displaying as NIL. Why? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------6. What step must be completed when processing a disposal in a fund with archived transactions? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------7. The profit and loss in my fund is not being allocated correctly. What areas can I look at to resolve this issue? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------End of Exercise 2. _________________________________________________________________________________________ 168 © BGL Corporate Solutions Appendix A : 2011 Members Statement BGL TRAINING FUND MEMBER'S INFORMATION STATEMENT FOR THE YEAR ENDED 30 JUNE 2011 JOHN JONES Withdrawal benefit at beginning of year (01/07/2009) 376,751.78 Allocated earnings 44,046.22 Contributions from employer 15,000.00 Income tax expense (5,848.00) Amount of contributions tax deducted (2,250.00) Benefits paid during year 0.00 Withdrawal benefit at end of year (30/06/2011) $ 427,700.00 Preserved Tax Free $ 42,000.00 Taxable $ 385,700.00 Restricted non-preserved - Unrestricted non-preserved - Death benefit at 30.6.2011 $1,000,000.00 _________________________________________________________________________________________ © BGL Corporate Solutions 169 This page has been left intentionally blank. _________________________________________________________________________________________ 170 © BGL Corporate Solutions Appendix B : 2011 Balance Sheet Investments Shares in listed companies 2011 87,600.00 87,600.00 Other Assets Cash at bank 355,270.00 355,270.00 Total Assets 442,870.00 Less Liabilities Income Tax Payable (Note 7) 15,170.00 15,170.00 Net Assets Available to Pay Benefits 427,700.00 Represented by: Liability for Accrued Benefits (Notes 2,3,4) Jones,John 427,700.00 427,700.00 _________________________________________________________________________________________ © BGL Corporate Solutions 171 This page has been left intentionally blank. _________________________________________________________________________________________ 172 © BGL Corporate Solutions Appendix C : 2011 Investment Schedule BGL TRAINING FUND - INVESTMENTS SCHEDULE FOR THE PERIOD 30 JUNE 2011 Investments Purchase Date Purchase Qty Purchase Cost Total Qty Total Cost Mkt Value as at 30/06/2011 Unrealised Gain/(Loss) Shares in listed companies BHP Billiton Total BHP Billiton Limited Total Investments 02/07/1994 1,000 11,200.00 1,000 11,200.00 87,600.00 76,400.00 11,200.00 87,600.00 76,400.00 _________________________________________________________________________________________ © BGL Corporate Solutions 173 This page has been left intentionally blank. _________________________________________________________________________________________ 174 © BGL Corporate Solutions Appendix D : BHP Disposal Journals Journals Posted Prior to CGT Optimisation Journals After CGT Optimisation _________________________________________________________________________________________ © BGL Corporate Solutions 175 This page has been left intentionally blank. _________________________________________________________________________________________ 176 © BGL Corporate Solutions Appendix E : Create Entries Report BGL TRAINING FUND CREATE ENTRIES REPORT AT 30/06/2012 Date Code Description Market Value, Ledger Amount or Percentage Create Entries Amount 2.75 (1,226.35) 400,000.00 375,000.00 30.00 (62,394.00) Asset revaluation amounts 30/06/2012 747/001 30/06/2012 772/001 30/06/2012 776/001 Cfs Imputation Fund (Market Value Date: 30/06/2012, Code: FSF0013AU) Unit 7, 270 Grange Road, Toorak (Market Value Date: 30/06/2012, Code: IP-002) Bhp Billiton Limited (Market Value Date: 30/06/2012, Code: BHP) . Total Amount 311,379.65 . . Calculation of permanent difference on revaluation 30/06/2012 30/06/2012 30/06/2012 30/06/2012 30/06/2012 772/001 772/001 772/001 772/001 772/001 30/06/2012 30/06/2012 30/06/2012 30/06/2012 30/06/2012 30/06/2012 772/001 776/001 776/001 776/001 776/001 776/001 30/06/2012 776/001 30/06/2012 776/001 Unit 7, 270 Grange Road, Toorak - Market Value - Cost - Projected Disposal Cost - Non Taxable Profit/(Loss) on Disposal (Discounted) - Permanent Difference Bhp Billiton Limited - Market Value - Cost - Projected Disposal Cost - Non Taxable Profit/(Loss) on Disposal (Discounted) - Previous Non Taxable Profit/(Loss) on Disposal (Discounted) - Permanent Difference 400,000.00 25,000.00 150,000.00 125,000.00 125,000.00 22,350.00 8,344.00 13,012.67 4,668.67 25,466.67 (20,798.00) . Total Amount 104,202.00 .. GST Amounts 01/08/2011 28/08/2011 280/001 301 Unit 7, 270 Grange Road, Toorak (1) Accountancy Fees (1) (227.27) 109.09 . Total Amount (118.18) . . Calculation of tax entries Calculation of timing differences 30/06/2012 238/002 Cfs Imputation Fund 150.00 30/06/2012 247 Bhp Billiton Limited (776/001) 30/06/2012 247 - Revaluation (62,394.00) 30/06/2012 247 - Permanent Difference on Revaluation (20,798.00) 30/06/2012 247 - Timing Difference (41,596.00) 30/06/2012 247 Unit 7, 270 Grange Road, Toorak (772/001) 30/06/2012 247 - Revaluation 375,000.00 30/06/2012 247 - Permanent Difference on Revaluation 125,000.00 30/06/2012 247 - Timing Difference 250,000.00 _________________________________________________________________________________________ © Corporate Solutions 177 BGL TRAINING FUND CREATE ENTRIES REPORT AT 30/06/2012 Date Code Description 30/06/2012 30/06/2012 30/06/2012 247 247 247 Cfs Imputation Fund (747/001) - Revaluation - Timing Difference Appendix E : Create Entries Report Market Value, Ledger Amount or Percentage Create Entries Amount (1,226.35) (1,226.35) . Total Amount 207,327.65 . Calculation of permanent differences 26/06/2012 30/06/2012 30/06/2012 236/001 247 247 05/07/2011 05/07/2011 02/01/2012 05/02/2012 05/02/2012 30/06/2012 30/06/2012 285/002 286/002 301 412/001 415/001 Bhp Billiton Limited Bhp Billiton Limited (776/001) - Non Tax Revn Unit 7, 270 Grange Road, Toorak (772/001) - Non Tax Revn Jones, Mary Jones, Mary Accountancy Fees (Perm Diff Percent: 45.00%) Jones, John Jones, John Exempt Pension Income Current Year Capital Losses Carried Forward 294.17 (20,798.00) 125,000.00 170,945.04 10,000.00 (1,012.50) (994.50) (14,005.50) 3,370.00 (10,870.00) . Total Amount 261,928.71 . Calculation of Exempt Pension Income Jones, John 30/06/2012 30/06/2012 238/002 280/001 Cfs Imputation Fund Unit 7, 270 Grange Road, Toorak 45.000 45.000 1,672.24 1,697.73 . Member Total Amount 3,369.97 Total Amount 3,370.00 . . . Pension Member Non Deductible Expenses 02/01/2012 301 Accountancy Fees (Perm Diff Percent: 45.00%) (1,012.50) . Total Amount (1,012.00) . Calculation of Net Capital Gains Indexed Gains 26/06/2012 235/001 Bhp Billiton Limited (Indexation method) 1,929.51 1,929.51 . Total Amount - Indexed Gains 1,930.00 . Discounted Gains 30/06/2012 238/002 Cfs Imputation Fund (Discounted method) 280.00 280.00 . Total Amount - Discounted Gains 280.00 . Losses _________________________________________________________________________________________ 178 © BGL Corporate Solutions BGL TRAINING FUND CREATE ENTRIES REPORT AT 30/06/2012 Date Code Description 26/06/2012 235/001 Bhp Billiton Limited (Other method) Appendix E : Create Entries Report Market Value, Ledger Amount or Percentage Create Entries Amount (13,079.68) (13,079.68) . Total Amount - Losses (13,080.00) . Other Items 30/06/2012 Current year capital losses carried forward 10,870.00 . Total Amount - Other Items 10,870.00 Fund Tax Rate (Percentage) Total profit for period Less Permanent Differences Less Timing Differences 15.00 471,046.61 261,928.71 207,327.65 Taxable income for period 1,791.00 Income Tax Expense (Profit less Permanent Differences @ taxrate) Add/(Less) Deferred Tax change 31,367.80 . Entry Summary . . (31,099.15) . Total Income Tax Payable (Taxable Income @ taxrate) 268.65 . Total Income Tax Payable Less Total Imputed Credits Used Less Total Foreign Credits Used Less Total Instalments paid 268.65 56.10 11.00 560.00 Income Tax Payable Add Supervisory levy Total Amount Due or Refundable (358.45) 200.00 (158.45) . . Profit/(Loss) and Tax Allocations to Members The first amount column shows the actual value of the transaction and the second amount column shows the weighted value of the transaction . Members Weighted Amounts 30/06/2012 30/06/2012 30/06/2012 501 502 503 Jones, John - Preserved Jones, Mary - Preserved Jones, John - Unres Non Pres 390,382.61 178,473.12 31,333.79 . Total Amount 600,189.52 . Profit/(Loss) Available for Allocation to Members 30/06/2012 Profit/(Loss) for period before allocations 471,046.61 30/06/2012 Unused Current Year Foreign Credits (9.00) 30/06/2012 Transfers in from other funds (180,945.04) 30/06/2012 Pensions paid 15,000.00 _________________________________________________________________________________________ © BGL Corporate Solutions 179 BGL TRAINING FUND CREATE ENTRIES REPORT AT 30/06/2012 Date Code Description Appendix E : Create Entries Report Market Value, Ledger Amount or Percentage Create Entries Amount . Total Amount 305,092.57 . Income Tax Expense Available for Allocation to Members 30/06/2012 Income Tax Expense for period before allocations 31,367.80 . Total Amount 31,367.80 . . Fund Rate or Return Calculation Total profit for period (excluding Super Surcharge) Less amounts excluded from fund rate calculation: 471,046.61 . Total exclusion . Profit after exclusion 471,046.61 Total member opening balance 427,700.00 . . Fund Rate (Profit after exclusion/Total member opening balance) 110.13 . . Jones, John Preserved Members Balance 01/07/2011 05/02/2012 501/055 05/02/2012 501/059 01/01/2012 501/171 01/01/2012 501/172 Opening balance - Preserved Pensions Paid - Preserved/Taxable Pensions Paid - Preserved/Tax Free Internal Transfers Out - Preserved/Taxable Internal Transfers Out - Preserved/Tax Free 427,700.00 (14,005.50) (994.50) (59,160.03) (4,200.00) 427,700.00 (5,586.89) (396.71) (29,256.74) (2,077.05) . Total Amount - Preserved (Weighted) 390,382.61 . Member Allocations 30/06/2012 501/031 30/06/2012 501/030 Members share of profit/(loss) - Preserved (Adjusted Worksheet Percentage - 50.0000%) Members share of profit/(loss) - Preserved (Adjusted Worksheet Percentage - 50.0000%) 142,432.47 10,113.82 . Closing Balance - Preserved 501,886.26 . Jones, Mary Preserved Members Balance 05/07/2011 502/021 Transfers In - Preserved/Taxable 170,945.04 168,609.73 05/07/2011 502/022 Transfers In - Preserved/Tax Free 10,000.00 9,863.39 _________________________________________________________________________________________ 180 © BGL Corporate Solutions BGL TRAINING FUND CREATE ENTRIES REPORT AT 30/06/2012 Date Code Description Appendix E : Create Entries Report Market Value, Ledger Amount or Percentage Create Entries Amount . Total Amount - Preserved (Weighted) 178,473.12 . Member Allocations 30/06/2012 502/031 30/06/2012 502/053 Members share of profit/(loss) - Preserved (Adjusted Worksheet Percentage - 40.0000%) Members share of tax on profit/(loss) - Preserved (Adjusted Worksheet Percentage - 85.0654%) 122,037.03 (26,683.15) . Closing Balance - Preserved 276,298.92 . Jones, John . Unrestricted Non Preserved Members Balance 01/01/2012 503/161 01/01/2012 503/162 Internal Transfers In - Preserved/Taxable Internal Transfers In - Preserved/Tax Free 59,160.03 4,200.00 29,256.74 2,077.05 . Total Amount - Unres Non Pres (Weighted) 31,333.79 . 30/06/2012 503/035 30/06/2012 503/063 Members share of profit/(loss) - Unres Non Pres (Adjusted Worksheet Percentage - 10.0000%) Members share of tax on profit/(loss) - Unres Non Pres (Adjusted Worksheet Percentage - 14.9346%) Closing Balance - Unrestricted Non Pres 30,509.26 (4,684.65) 89,184.64 . . BAS Instalment Income Reconciliation (Label T1) 30/06/2012 30/06/2012 30/06/2012 Gross Rent Gross Foreign Income Trust Distributions 3,773.00 240.00 3,476.00 . Total Amount 7,489.00 . . MCS Reconciliation _________________________________________________________________________________________ © BGL Corporate Solutions 181 This page has been left intentionally blank. _________________________________________________________________________________________ 182 © BGL Corporate Solutions © BGL Corporate Solutions Account Code * : Rebateable Credit Transaction Type: 02/05/2012 280/001 01/08/2011 280/001 01/08/2011 280/001 Date Label B Ref Type Units (3,772.73) (1,500.00) 227.27 (2,500.00) Amount Franked Unfranked Imputed Credits Tax Free Tax Exempt Tax Deferred BS: Bank Statement, CR: Cash Receipt, CP: Cash Payment, CJ: Cash Journal, NJ: Non Cash Journal, CCJ: Cash Closing Journal, NCJ: Non Cash Closing Journal, CTCJ: Cash Tax Closing Journal, NTCJ: Non Cash Tax Closing Journal, EJ: ETP Preservation Rollover Journal Unit 7, 270 Grange 2 CR Road, Toorak Unit 7, 270 Grange 300612 CCJ Road, Toorak Narration: GST adjustment at 30/06/2012 Unit 7, 270 Grange 020512 BS Road, Toorak Narration: RENT - UNIT 7 Account Name TFN Credits Expenses Foreign Income Foreign Credits Indexed Capital Gain BGL TRAINING FUND FUND TRANSACTION LISTING FOR THE PERIOD 01/07/2011 TO 30/06/2012 TRANSACTION TYPE: ALL / TAX LABEL: B / REGULATORY LABEL: ALL Appendix F : Transaction Listings _________________________________________________________________________________________ 183 Disc Capital Gain Other Capital Gain Disc For Capital Gains Other For Capital Gains For Capital Gain Credit (227.27) (227.27) GST Label M 184 Distribution Amount in Ledger 4,146.10 0.00 20.00 Add Foreign Credits Add TFN Credits 56.10 Add Imputed Credits 4,070.00 4,070.00 Total Total Distributions 4,070.00 56.10 56.10 0.00 0.00 Add TFN Credits 220.00 220.00 220.00 Less Foreign Income 0.00 0.00 Less Tax Free 0.00 0.00 Less Tax Exempt 150.00 150.00 150.00 Less Tax Deferred BGL Training Fund Gross Trust Distribution Reconciliation For Period 01/07/2011 to 30/06/2012 56.10 Total Add Income Imputed Credits FSF0013AU - Cfs Imputation Fund Income Transactions Investment Name _________________________________________________________________________________________ © BGL Corporate Solutions 0.00 0.00 Less Indexed Capital Gains 280.00 280.00 280.00 Less Discounted Capital Gains 0.00 0.00 Less Other Capital Gains 3,476.10 3,476.10 3,476.10 20.00 20.00 20.00 Equals Includes Gross Foreign Trust Tax Credits Distribution Appendix F: Transactions Listings LABEL 10 M * Less: Tax Free Tax Exempt Tax Deferred Foreign Income Foreign Credits Indexed Gains Discounted Gains Other Gains Disc For Cap Gain Other For Cap Gain 3,476 670.00 0.00 0.00 150.00 220.00 20.00 0.00 280.00 0.00 0.00 0.00 0.00 4,146.10 Amount Excluded from SMSF Annual Return Excluded from SMSF Annual Return Excluded from SMSF Annual Return Gross Foreign Income Gross Foreign Income Net Capital Gains and in CGT Schedule Net Capital Gains and in CGT Schedule Net Capital Gains and in CGT Schedule Net Capital Gains and in CGT Schedule Net Capital Gains and in CGT Schedule Tax Treatment BGL TRAINING FUND FUND TRANSACTION LISTING FOR THE PERIOD 01/07/2011 TO 30/06/2012 TRANSACTION TYPE: ALL / TAX LABEL: M / REGULATORY LABEL: ALL * All income from Stapled Securities should be shown as Trust Distributions at Label 10 M © BGL Corporate Solutions Add: Distribution Amount _________________________________________________________________________________________ 185 Appendix F: Transactions Listings 186 Account Code 30/06/2012 238/002 30/06/2012 238/002 30/06/2012 238/002 Date _________________________________________________________________________________________ * : Rebateable Credit Transaction Type: © BGL Corporate Solutions Ref Type Units (4,146.10) (20.00) (56.10) (4,070.00) Amount Franked Unfranked 56.10 56.10 Imputed Credits Tax Free Tax Exempt 150.00 150.00 Tax Deferred BS: Bank Statement, CR: Cash Receipt, CP: Cash Payment, CJ: Cash Journal, NJ: Non Cash Journal, CCJ: Cash Closing Journal, NCJ: Non Cash Closing Journal, CTCJ: Cash Tax Closing Journal, NTCJ: Non Cash Tax Closing Journal, EJ: ETP Preservation Rollover Journal Cfs Imputation Fund 300612 BS Narration: CFS MIF DISTRIBUTION Cfs Imputation Fund 300612 CCJ Narration: Imputed credit adjustment at 30/06/2012 Cfs Imputation Fund 300612 CCJ Narration: Foreign credit adjustment at 30/06/2012 Account Name TFN Credits Expenses 220.00 220.00 Foreign Income 20.00 20.00 Foreign Credits Indexed Capital Gain 280.00 280.00 Disc Capital Gain BGL TRAINING FUND FUND TRANSACTION LISTING FOR THE PERIOD 01/07/2011 TO 30/06/2012 TRANSACTION TYPE: ALL / TAX LABEL: M / REGULATORY LABEL: ALL Other Capital Gain Disc For Capital Gains Other For Capital Gains For Capital Gain Credit GST Appendix F: Transactions Listings © BGL Corporate Solutions Account Code * : Rebateable Credit Transaction Type: 30/06/2012 503/063 30/06/2012 503/035 30/06/2012 501/031 30/06/2012 501/030 Date Label O _________________________________________________________________________________________ 187 Ref Type Units (178,370.90) 4,684.65 (30,509.26) (142,432.47) (10,113.82) Amount Franked Unfranked Imputed Credits Tax Free Tax Exempt Tax Deferred BS: Bank Statement, CR: Cash Receipt, CP: Cash Payment, CJ: Cash Journal, NJ: Non Cash Journal, CCJ: Cash Closing Journal, NCJ: Non Cash Closing Journal, CTCJ: Cash Tax Closing Journal, NTCJ: Non Cash Tax Closing Journal, EJ: ETP Preservation Rollover Journal Share of Profit/(Loss) 300612 CCJ - Preserved/Tax Free Narration: Members profit allocation at 30/06/2012 Share of Profit/(Loss) 300612 CCJ - Preserved/Taxable Narration: Members profit allocation at 30/06/2012 Share of Profit/(Loss) 300612 CCJ - Unrestricted Non Preserved/Taxable Narration: Members profit allocation at 30/06/2012 Income Tax 300612 CCJ Unrestricted Non Preserved/Taxable Narration: Members profits tax allocation at 30/06/2012 Account Name TFN Credits Expenses Foreign Income Foreign Credits Indexed Capital Gain Disc Capital Gain Other Capital Gain Disc For Capital Gains BGL TRAINING FUND FUND TRANSACTION LISTING FOR THE PERIOD 01/07/2011 TO 30/06/2012 TRANSACTION TYPE: ALL / TAX LABEL: O / REGULATORY LABEL: ALLOCATED EARNING OR LOSSES Other For Capital Gains For Capital Gain Credit GST Appendix F: Transactions Listings This page has been left intentionally blank. _________________________________________________________________________________________ 188 © BGL Corporate Solutions Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ © BGL Corporate Solutions 189 Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ 190 © BGL Corporate Solutions Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ © BGL Corporate Solutions 191 Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ 192 © BGL Corporate Solutions Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ © BGL Corporate Solutions 193 Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ 194 © BGL Corporate Solutions Appendix G : Create Entries Report for Segregated Fund _________________________________________________________________________________________ © BGL Corporate Solutions 195 This page has been left intentionally blank. _________________________________________________________________________________________ 196 © BGL Corporate Solutions Answers : End of Task Exercises Task 1.1 - You have posted a disposal for ANZ shares in Simple Fund. However, you are not able to view the disposal report again. What steps must you take to ensure that you are able to preview the ANZ shares investment disposal report again? i. Delete the disposal transaction from the Disposal screen. ii. In Administration | Defaults | General, tick Create PDF file for investment disposals and Lump Sum forms? iii. Redo the disposal via the Disposal screen. Task 4.2 - Where else in Simple Fund (other than the transaction screen) are you able to select a GST rate for an account? From the Chart of Accounts, edit the account with GST and select a GST rate. Task 4.3 - GST amounts are being posted to the Bank account instead of the GST account. Why? A GST rate has been selected against a bank account. The GST rate is only to be selected for income or expenses accounts. Task 5.1 - You have recorded a transfer out to an accumulation member. However the transaction does not display in the Operating Statement of the fund. Why? Please refer to Article 351 for more information. Generally, transactions posted to the 486 - 499 do not appear in the Operating Statement as they are Tax/Allocation Accounts. Only accounts within the income or expense range will display in the Operating Statement. _________________________________________________________________________________________ © BGL Corporate Solutions 197 Answers : End of Task Exercises Task 6.2 - The pension member in your fund will be recording a fixed pension amount of $2000 every month. How can you set up this monthly transaction in Simple Fund? Use the standing journal screen to set up monthly journals for the pension payment. Please refer to Task 3.2 of the Simple Fund Pension Training Manual for more information on standing journals. Task 7.1 - You have tried to upload transactions from an external source. However, the transactions did not upload successfully. What areas would you look at to resolve this issue? i. File format is correct. You can cross check the format with the examples in the Simple Fund help file. ii. If you have opened the file in excel, ensure that the file was not resaved in the excel as this will corrupt the file. iii. Ensure reference number has been input in Fund Details iv. Ensure the reporting period in Fund Details | Reporting is within the date range of the date in the upload file. Task 9.2 - You wish to permanently adjust Mary Jones profit allocation to 40% of total profit of the fund. The member allocation worksheet is not a permanent change. What can you do in Simple Fund to implement this permanent change? Input an income percentage in the Members screen. _________________________________________________________________________________________ 198 © BGL Corporate Solutions Answers : End of Task Exercises Task 10.1 - Which report in Simple Fund will assist you in the reconciliation of Exempt Pension Income? The Create Entries report. Task 11.4 - Is it possible to adjust the order in which Financial Reports are printed? Yes. The report order can be adjusted for all funds via the Administration | Defaults | Report Order screen. _________________________________________________________________________________________ © BGL Corporate Solutions 199 This page has been left intentionally blank. _________________________________________________________________________________________ 200 © BGL Corporate Solutions Answers : Exercise 1 - Reconciliation of Create Entries Report in a Segregated Fund 1. Exempt pension income for Colonial First State Imputation Fund for John Jones Total taxable income from Colonial First State Imputation Fund: = 4070+56.10-220+20-280 = $ 3646.10 Exempt portion based on 60% of the investment allocated to John Jones: = 3646.10*60% = $ 2 187.66 2. Discounted gains for Colonial First State Imputation Fund Total taxable discounted gains: = 280 - (60%x 280) = $ 112.00 3. Current year capital loss carried forward : Total current year capital loss for the fund = 13079.68 - (13079.68x60%) = 5231.87 Current year capital loss carried forward: = 5231.87-(1482.45x40%)-(741.23x40%)-(280X40%) = $ 4 231.00 4. The benefits accrued as a result of operations before tax on the operating statement can be used to reconcile the total profit of the period. 5. The pension members portion of foreign tax credit: = 20x60% = $ 12 6. Mary's portion of tax on Colonial First State Imputation Fund Portion of income allocated to Mary = 4070x40% = $ 1628 Income tax on income _________________________________________________________________________________________ © BGL Corporate Solutions 201 Answers : Exercise 1 - Reconciliation of Create Entries Report in a Segregated Fund = 1628x15% = $ 244.20 7. Profit/(loss) before allocations can be reconciled using the benefits accrued as a result of operations before tax on the operating statement. This same amount will also display in the Entry Summary on the Create Entries Report. This amount is = $245,709.81. 8. Total profit/(loss) available for allocation to members: = 245 709.81+(-8)+(12)+(-96 772.50)+4 666.82+(-180 945.04)+15 000 = $ (3,360.91) 9. Unrestricted non preserved/taxable portion of share of profit/(loss) for John Jones: Total weighted percentage for John Jones: 152 299.52/317 804.81 = 47.92% Total profit/(loss) allocated to John Jones = 47.92%x(3 360.91) = $(1 610.55) John's taxable proportion percentage = 100% - 9.82% = 90.18% Unrestricted non preserved/taxable portion: = 90.18%x(1 610.55) = $ (1 452.40) 10. Unrestricted non preserved/tax free portion of share of profit/(loss) for John Jones: = 9.82$x(1 610.55) = $ (158.16) 11. Transfer in for Mary Jones: Transfer was recorded on 05/07/2009 (Balance therefore has been in the fund for 360 days in the financial year). Mary is entitled to: = 360/365x170 945.04 = $ 168 603.32 _________________________________________________________________________________________ 202 © BGL Corporate Solutions Answers : Exercise 1 - Reconciliation of Create Entries Report in a Segregated Fund 12. Profit/(loss) to Mary: Total weighted percentage for Mary Jones: = 165 505.29/317 804.81 = 29.73% Total profit/(loss) allocated to Mary Jones: = 52.0777%x (3 360.91) = $ (1,750.28) 13. Tax to Mary: = $ 447.07 . Mary will be allocated all the tax because she is the sole accumulation member of the fund. 14. Share of net income/(loss) on members statement: Total income from allocated investments: = $ 96,772.50. Share of net income/(loss) = 96,772.50+(-1 610.63) = $ 95,161.87 _________________________________________________________________________________________ © BGL Corporate Solutions 203 This page has been left intentionally blank. _________________________________________________________________________________________ 204 © BGL Corporate Solutions Answers : Exercise 2 - Common Support Queries 1. Please refer to Article 283. 2. Please refer to Article 228. 3. A compliance change has been made in Simple Fund Version 12.0 to the Create Entries process and Tax Return/SMSF Annual Return for the treatment of Tax Losses when there is a deduction for Exempt Pension Income. Under section 36 ITAA1997, when there are tax losses and the fund has exempt pension income, the tax losses will be need to offset by the amount of 'Net Exempt Pension Income' (Net Exempt Income is equal to Exempt Pension Income less Non Deductible Expenses. This amount cannot be less than zero.) Then, any remaining tax losses can be offset against the assessable income of the SMSF. Once the assessable income is reduced to zero, any further losses can be carried forward to the next financial year. If the SMSF's net exempt pension income is greater than its total losses (prior and current year), you will reduce prior year losses, and the current year losses will be nil. Please also refer to Article 4663 for more information. 4. Ensure the tax free percentage has been saved in the members mode screen. Then record the total amount to one of the pension accounts. Simple Fund will split the total based on the tax free and taxable percentage. Please refer to Task 6.2 for more information. 5. Simple Fund will look at the actuary's percentage date entered in Fund Details when calculating non deductible expenses. For example, if you have the actuary's percentage date as 01/07/2009 and the Pension Expenses Percentage as 60%, then ALL the expenses for the year will be 60% non deductible (assuming you have created entries on 30/06/2010). Please refer to Article 957 for further information. 6. All archived transactions must be recalled to ensure that any tax deferred components are included in the investment disposal. Please refer to Task 2.4 for more information. 7. Please refer to Article 5291 for possible issues. _________________________________________________________________________________________ © BGL Corporate Solutions 205 This page has been left intentionally blank. _________________________________________________________________________________________ 206 © BGL Corporate Solutions Conclusion and Summary Thank you for investing your time to complete the Simple Fund Refresher Training Manual. Your efforts will be reflected in improved productivity and the efficient use of your Simple Fund software. You will now be able to: • setup a GST registered fund • transfer balances between members in the same fund • commence a superannuation pension and post manual pension payment journals • upload data from external sources and set up data import rules • use the CGT optimiser to calculate the most tax effective disposal method for all disposal entries • adjust members profit and tax allocation using the member allocation worksheet • reconcile labels in the tax return • reconcile members balances, profit and tax in a segregated fund • generate customised documents and to edit reports to Microsoft Word You will also have picked up additional tips to get the most out of your Simple Fund software. _________________________________________________________________________________________ © BGL Corporate Solutions 207 _________________________________________________________________________________________ 208 © BGL Corporate Solutions

Simple Fund Refresher - Bgl Corporate Solutions

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