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Bank Accounts

 Bank Accounts in SF360

Bank accounts are fund specific and can only be added to one fund. 
 
The Bank Account code in the chart of accounts is 60400. Account 60400 is a Control account and any bank accounts added to a fund are setup as sub accounts. A BANKCODE is used to represent each bank account in the fund (for example, 60400/BANKCODE).


This code will:

  • allow up to twenty alphanumeric characters
  • be unique within the firm (one BANKCODE will be added for each bank account and no two BANKCODES will be the same across all funds)

This is an auto generated code based on the bank account's Financial Institution code, the full bank account number and an additional number to prevent duplication (if required. Remember, no two BANKCODES will be the same across all funds).

How to add a Bank Account to the Chart of Accounts

  1. From the Chart of Accounts screen, select Add Account and select Bank. The New Bank Account screen will appear. 

  2. Select the Bank Type. Select Cash at Bank (account 60400) or Term Deposit (account 60800).

  3. If you would like to make this bank account the primary bank account of the fund (the bank details will be used for the fund's tax return), select the check box next to Make Default Bank Account.

  4. Input the bank account's BSB and Account Number. The determined BANKCODE and bank account name will now appear (these are editable).  

    Optional Steps:

  5. Select More Details>> to view the Tax and Regulatory Return labels for the account.

  6. When the More Details tab is opened, you will be able to view the linked income, expense and liability accounts SF360 has automatically created. 

    Account Type Account Name Account Code
    Income Interest Received 25000/BANKCODE
    Income Other Investment Income 26500/BANKCODE
    Expense Investment Expenses 37500/BANKCODE
    Liability Investment Liabilities 83000/BANKCODE

     

    Select Add Link Account to add any additional linked accounts to the bank account. 


  7. Once you have finished inputting the bank account information, select Save to add the bank account to the chart of accounts or Cancel to not add the account.

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