Transactions can be entered using the Workbook Wizard or the Data Entry Form.
The Workbook Wizard contains the entry forms required for most transactions.
The Data Entry Form is a standard form that can be used for entering transactions. You will need to select the necessary fields to enter for each transaction. This form is at the bottom of the Workbook page.
No, the system is designed for trustees to do their own recording using the data entry forms as described above.
No, the software cannot prepare and lodge your SMSF tax return. However, there are tax reports to assist with the preparation of the tax return and to calculate the income tax owing or refundable.
The software produces the necessary EOFY reports required for compliance purposes. Used correctly, the software should eliminate or minimize the necessity to use an accountant. However, you may want to engage an accountant for review purposes and to prepare and electronically lodge the tax return.
Yes, the reports include the financial reports, investment reports, notes to the accounts, trustee declaration, trustee resolutions, member accounts and tax calculations.
All reports can be printed to a PDF file.
To record a Disposal of Investment item go to the Investment Items page, select the investment item, then click the Record Disposal button.
The Workbook Wizard has entry forms for a share buy-back, company takeover and return of capital.
An Account Item name can be changed by going to the Account Items page, select the Account Item and then use the Edit function to change the name. The Account Item name change will be changed in the entire Workbook and in all relevant reports.
Some Account Item names cannot be changed. These are the ones listed as a “Regulation” account in the Account Items page.
You can check the recording of a transaction by viewing the transaction in the Workbook. You can also check the recording in the General Ledger report.
If you have made an error, or want to change a transaction, you can edit the transaction. This is done by highlighting the relevant transaction in the Workbook. Th original Data Entry form is then displayed which can be edited.
Yes, in the Fund page there is a section for Bank Accounts. You can nominate the names of the specific bank accounts here and include details of the bank accounts.
Recent end of financial year prices for most ASX listed investments are stored in the system.
These prices can be included in the investment movement report by using the “Price update Button”. If a price does not appear, eg for a non-listed Investment Item it can manually be entered by using the “Enter Price” button shown in the Investment Items page.
Please note it is necessary to record the correct ASX code for each listed Investment Item to use the prices stored in the system.