How do I enter capital gains into Simple Fund 360 when processing a wrap account investment, without recording a disposal? Previously in Simple Fund realised capital gains could be posted to accounts 235 and 236. Has this changed in Simple Fund 360?
|From the Main Toolbar, go to Accounting.|
|Select Transaction list|
- From the Transaction List screen, select New Transaction. From the drop down list, select Journal.
- Input the date of the transaction.
Select the income account (23800/INVESTCODE), this will prompt Simple Fund 360 to display the More Details Panel to enter the Distribution Details.
The capital gains / losses can be entered under the Non-Cash Capital Gain / Losses section. Click the arrow beside Non-Cash Capital Gain / Losses to display the relevant fields.
To save the transaction you will need to post a debit and credit of $0.00.
Debit Investment account $0.00
Credit account 23800/INVESTCODE $0.00
By recording the capital gains to the More Details panel of the distribution account, the realised capital losses will be populated on the tax return and the capital gain reports. As there is $0 amount being posted to the distribution account, this will not appear in the operating statement. The tax return gets populated based on what has been recorded to the More Details panel.
- Select Save. The capital gain / losses recorded as above will appear in the CGT Schedule and in the Realised Capital Gain reports as a new line item.