In this article, you will learn how to process general fund income events. Class has six different categories:
- Fee Refund
- Bank Interest
- Non-Taxable Income
- Prior Period Unallocated Member Entitlements
- Rebate
- Sundry
- Interest - ATO Interest Payments
Navigate to Fund Level > Transactions > Fund Income > Fund general income
- Select Income Type from the drop-down menu
- Enter Income Date the date income was recorded
- Enter Gross Amount of the income
- Enter GST Amount manually or,
- Calc button (automatically calculates GST)
- Claimable GST Amount displays any GST that is claimable (will automatically populate)
- Net Income amount (the income after GST has been withheld, this will automatically populate)
- Enter Description (the default is Fund General Income)
- The option to allocate the income to the fund as a whole or to a specific member account (default is 'Fund' but can be overridden)
- The option to include or exclude this income amount as assessable income (default is 'Assessable' but can be overridden)
- Default is Non-Creditable Acquisition (this can be changed at the business level Income and Expenses Type Settings)
-
Indicates whether the fund is registered for GST or not
- Click Submit