When completing a reconciliation of data between SF Desktop and Simple Fund 360 please note the following points that will cause discrepancies between the reports prepared from each product.
Account 24700 - Changes in Market Value
Simple Fund Desktop Accounts 247 and 330 and capital gains Accounts 235 and 236 have been combined into the one account in SF360 (account 24700 Changes in Market Movement) which will produce the NET amount of realised and unrealised market movements.
Note: There is no setting to change this functionality in Simple Fund 360.
Further to this, various accounts have been consolidated in Simple Fund 360. Refer to Consolidation of Chart of Accounts.
Gross up of TFN/Foreign/Imputation Credits
If you were using Simple Fund Desktop, please note that in Simple Fund 360, the following grossing up options are not available:
- Add imputed credits?
- Add foreign credits?
- Add TFN credits?
Simple Fund 360 will not add/gross up imputation, TFN or foreign credits to income accounts. These amounts will be offset against the Income Tax Expense account (48500) of the fund.
Simple Fund 360 follows the XYZ General Reporting Standards which do not require the gross up.
Note: This will cause a discrepancy in comparative amounts for the first processed financial year in Simple Fund 360. A note can be added as an APES footer (Badges).
One Accumulation Account per Member
Members can only have one accumulation account in Simple Fund 360. If a member had more than one accumulation account in Simple Fund, they will be combined into the one accumulation account upon migrating to Simple Fund 360. Only one accumulation Member Statement will be prepared per member.