Bank Transaction where amount is net of TFN Credits (Single Transaction)
Gross Income Amount = $1000
TFN Withholding Tax = $50
Transaction to be recorded at net amount:
| Account | DR | CR |
| Bank - 60400/BankCode | $950 | |
| Interest Received - 25000/BankCode | $950 | |
|
More Details Gross Interest Less TFN Amounts Withheld |
$1,000 $50 |
Navigation
| From the Main Toolbar, go to Accounting. |
|
| Select Transaction list |
|
Instructions - Transaction Matching
If you are matching transactions through the Transaction Matching screen, after you select the Interest account on the right, the More Detail icon will display.
Select More Detail and the Distribution / Interest Details panel will show. You can then input the TFN Amounts Withheld.
Select Match to post the transaction.
Instructions - Manual Data Entry
- From the Transaction List screen, select New Transaction. From the drop down list, select Bank Statement.
- Input the Date of the transaction and a Reference number
- Under the Account heading, select the Bank Account and the Income Account (e.g. 25000/BANKCODE).
- Input the net income amount received. Simple Fund 360 will post a corresponding entry to the bank account fields on the screen.
5. Select More + and the Distribution/Interest Details section will appear below. Enter the TFN Amounts Withheld.
6. Select Post to save the transaction.
Bank Transactions where Gross Interest is Paid and then TFN Withholding is deducted separately (Two Transactions)
Bank has paid the fund gross interest income, then in a separate transaction has deducted the TFN withholding.
Interest Paid = $1000
TFN Withholding Tax = $50
Transactions to be recorded:
Transaction 1
Interest Paid
| Account | DR | CR |
| Bank - 60400/BankCode | $1,000 | |
| Interest Received - 25000/BankCode | $1,000 | |
|
More Details Gross Interest Less TFN Amounts Withheld |
$1,000 $0 |
Transaction 2
TFN Withholding
| Account | DR | CR |
| Bank - 60400/BankCode | $50 | |
| Interest Received - 25000/BankCode | $50 | |
|
More Details Gross Interest Less TFN Amounts Withheld |
$0 $50 |
Navigation
| From the Main Toolbar, go to Accounting. |
|
| Select Transaction list |
|
Instructions - Transaction Matching
For Transaction 1, on the Transaction Matching screen, after select the Interest account on the right,and select Match.
For Transaction 2, on the Transaction Matching screen, after select the Interest account on the right,and select More Detail.
Select More Detail and the Distribution / Interest Details panel will show. You can then input the TFN Amounts Withheld.
Select Match to post the transaction.
Instructions - Manual Data Entry
Transaction 1 - Interest Paid
1.From the Transaction List screen, select New Transaction. From the drop down list, select Bank Statement.
2. Input the Date of the transaction and a Reference number
3. Under the Account heading, select the Bank Account and the Income Account (e.g. 25000/BANKCODE).
4. Input the Interest income amount received. Simple Fund 360 will post a corresponding entry to the bank account fields on the screen.
5. Select More + and the Distribution/Interest Details section will appear below. The entire income amount will be in the Gross Interest field.
6. Select Post to save the transaction.
Transaction 2 - TFN Withheld
1.From the Transaction List screen, select New Transaction. From the drop down list, select Bank Statement.
2. Input the Date of the transaction and a Reference number
3. Under the Account heading, select the Bank Account and the Income Account (e.g. 25000/BANKCODE).
4. Input the TFN Witheld in the Debit field Simple Fund 360 will post a corresponding entry to the bank account fields on the screen.
5. Select More + and the Distribution/Interest Details section will appear below. The entire income amount will need to be entered into the Less TFN Amounts Witheld field.
6. Select Post to save the transaction.
Refund of TFN Credits included in account 85000
TFN withheld amounts recorded which are received as a TFN credit refund are offset against the income tax payable amount by being debited to account 85000.