This article will detail all the different tabs found in the Load Opening Balances menu.
Navigate to Fund Level> Fund > Load Opening Balances
- Fund Opening Position
- Prior Year Operating Statement
- Pre-Commencement Foreign Income Tax
- Starting Net Cumulative Balance
1. Fund Opening Position
This screen typically consists of five tabs listed below. More information on each of these tabs is listed out below.
- Holdings: Shows asset categories such as Cash, Securities, Properties, etc.
- Members: Member and pension balances and accounts can be altered here.
- Reserves: Any reserve accounts can be edited here
- Tax Position: Details of Carry Forward Losses and Tax Provisions can be entered here.
- Assets and Liabilities: Details such as Sundry Debtors, Sundry Creditors, and Fund Suspense can be entered here
- Equity: Allows you to enter the values of any equity accounts (This tab only displays for Trust product)
- Beneficiaries: Details such as Beneficiary Loan Account and Unpaid Present Entitlements (This tab only displays for Trust product)
This tab allows you to update the costs and closing market values for the assets held in the fund. Note that you will not be able to make any changes to the data on this screen once you run a period update.
- Click into this field and update the Market Value amount
- Click into this field and enter the DRP Residual amount
- Click Submit (To save any changes you made to Market Value and/or DRP Residual fields)
The Edit Parcel History screen allows you to amend the cost base information relating to an investment.
- Click the Edit Parcel History link
- Click + Add
- Enter the date, quantity, book cost, and description
- Click + Add within the adjustments box if you need to enter any cost base adjustments for a specific parcel (tax-deferred, tax-free, etc)
- Click on x to delete a parcel
- Click + Add to add additional parcels if required
- Click to Remove all parcels to delete every parcel entered
- Click Revert changes to parcels to undo all changes made to parcels
- If the investment type is a Property, click Add next to Adjustments:
- Enter the Date, Original Cost and a Description of the adjustment to recognise the purchase of the depreciable asset. The Type of adjustment will always be First Element:
- Click Add button to add the accumulated depreciation at year-end
- Enter the Date, Amount, Type of adjustment and Description per the below table:
|Total Accumulated Capital Allowance claimed as at Year-End Date. Must be entered as a negative number.||First Element||Accumulated|
Year-End Date Fund has entered Class
|Total Accumulated Capital Works Depreciation claimed as at Year-End Date Must be entered as a positive number.||Tax-Deferred||Accumulated|
This tab is used to enter balances for the members' accumulation and pension accounts.
Each account is separated into two sections - Preservation Components and ETP Components. The totals for these two sections should be equal within each account.
This tab allows the entry of reserve balances for all active reserve accounts.
For detail on creating reserve accounts see New Reserve Account.
4. Tax Position
The tax position tab allows the details of the tax balances for the fund to be entered.
- Carry Forward Income Loss (Income Losses carried forward from the previous accounting year)
- Carry Forward Capital Loss (Capital losses carried forward from the previous accounting year)
- Carry Forward Capital Collectible Loss (Capital losses on collectibles carried forward from the previous accounting year)
- ABN Credits (Tax credits withheld from ABN not quoted)
- Foreign And Other Tax Credits (Tax credits from foreign and other sources)
- GST Repayable Or Refundable (GST Payable amount of prior year activity statement)
- Imputation Credits (Franking credits from franked dividends or franked distributions)
- Income Tax Payable (Income tax liability, it indicates the amount of income tax a fund owes to the ATO)
- PAYG Payable (PAYG Withholding payable amount - not to be used for PAYG Instalments)
- Provision For Deferred Income Tax (Deferred tax liabilities attributable to unrealised gains)
- TFN Credits (Tax credits withheld from TFN not quoted)
Ensure that Carry Forward Losses tie back to the Tax Return and Income Tax Payable is accurate when a fund is first loaded on Class.
5. Assets and Liabilities
This tab allows entry of non-holding account-based assets and liabilities:
The Equity tab allows you to enter the values of any equity accounts.
- Gift (Only available for Trust)
- Reserve (Available for both Portfolio & Trust)
- Retained Earnings (Available for both Portfolio & Trust)
- Settlement Sum (Only available for Trust)
The Beneficiaries tab allows you to enter applicable amounts into unpaid present entitlements.
2. Prior Year Operating Statement
This tab allows you to enter prior-year operating statement figures for comparative purposes.
Prior year operating statement comparatives don't come across as part of the normal transition process. You will need to enter this information into Class if you would like to generate an operating statement with prior year comparative figures.
3. Pre-Commencement Foreign Income Tax
This screen allows you to enter in Foreign Income Tax details for years prior to your Opening Position.
This tab is only available for SMSFs and is not mandatory.
4. Starting Net Cumulative Balance
This tab is where you can enter the net cumulative investment as at the book close date. This figure will feed into the Investment Movement and Returns Report to show the cumulative net value of the portfolio with the equity contributions and withdrawals.
By default it starts at zero; however, you can set a starting net cumulative value in Class.