Issue
How to set up Transaction Rules when the bank interest has TFN Withheld.
Resolution
To resolve this issue:
Step 1: Set up Transaction rule for interest received
Step 2: Set up Transaction rule for TFN withholding credits
Set up Transaction rule for interest received
Navigate to Fund Level > Transactions > View Transaction Rules
- Click on Add New
- Enter relevant fields to set up a transaction rule for Interest, see below screenshot as an example
- Click on Save
Set up Transaction rule for TFN withholding credits
Navigate to Fund Level > Transactions > View Transaction Rules
- Click on Add New
- Enter relevant fields, see below screenshot as an example
- Click on Save
- The above transaction rule is allocating 100% of the TFN Withheld amount paid to TFN tax credit.
- If not entering -100% to the Net Interest field, when running transaction rule, Class will allocate the TFN withholding credits to the Interest Received account.