This article will teach you the step by step process of processing the demo SMSF for the year ending 30 June 2020 (no cash transactions exist after this date).
These instructions may be slightly different if you have an older demo SMSF loaded in your Class Business. If the start date of your Demo is before 01/07/2019 you can raise a support ticket addressed to the Class Consulting team and ask for new demo SMSF and/or Trust to be loaded in your Business.
- From the Browse Funds screen search the word "demo"
- Select the Demo Superannuation Fund
- Navigate to Feeds > Feeds Console > select the Demo Broking Account
- The product is already pre-filled for you, you just need to click the "Load Demo Data" button which will provide historical transactions
- Confirm Historical Data Request. The 'From' date will default to 01/07/2019 which is the fund start date on Class.
If the From Date is later it is likely because you have entered manual transactions. In this case, the From Date will be the day after the last manual transaction date but you can still manually override this date
- Navigate to Investment Holding shortcut and check the balance reconciliation of investments. You should notice that the Macquarie bank account has no data feed (quantity in black) and there are 4 investments that are unbalanced (quantity is red). All other investments are reconciled (quantity is green).
- Navigate to Feeds > Feeds Console > select the Macquarie CMA bank account. The account number will be pre-filled as 1808202010 and BSB 010-999. Click "Load Demo Data" and leave the From Date as 01/07/2019 in the Confirm Historical Data Request pop-up.
- Navigate to Investment Holding shortcut and after waiting about a minute for transactions to load, refresh the screen to check the bank balance is reconciled (quantity should now be green).
- Navigate to Investments > Browse Corporate Actions select the WBC corporate action first
- Enter 1,000 units for WBC share purchase plan. You do not need to change any other field
- Select the first TPM corporate action, after reviewing the information click Submit. For the second one, start by clicking Update Parcelling then select with Rollover Relief then click Submit.
- Navigate to Match Transactions shortcut and click Generate income
- In the pop-up box, check the tick box 'Create announcements prior to Opening Position', this creates business events for dividends of listed security where the ex-dividend date was prior to 30 June
- Click the Refresh button before clicking Create Income Events
- Click Automatch to match off the transactions
- Leave the Extended Search Days to Auto and click Run Automatch and Save Suggested Matches
- In the Match Transactions screen, match off the 'Distribution Receivable' from the opening balance to the three cash payments (IOO, SBC & VAS distribution payments).
- In the Match Transactions screen next to a transaction with 'Pension Payment' in the description click on the Menu and Create Rule For
- Select Classify As 'Drawdown Payment (Proportional)'
- Tick the box for both pension accounts - This will allocate minimum pension payments for both accounts then click Save
- In the Match Transaction Screen click theMenu and Match To New next to 'Personal Contribution'. Select Member Income > Member Contribution enter $19,000 as a personal concessional contribution for Ellyse.
- In the Match Transaction Screen click theMenu and Match To New next to 'ATO Refund'
- Select Fund Expenses > Fund income tax payment then click Submit
- In Match Transactions, click the menu button then select Match To New next to the 'Accounting Fee', classify as Fund Expense > Accountancy Fee change the amount to $1,700 click Submit to part match the transaction.
Click on the menu again and Match To New to match the remaining $800 amount to Audit fees. Click Submit to the transaction.
- In Match Transactions select the property purchase transaction and on the menu button click Match to New. Select Investment Buy > Property purchase deposit
- Enter $612,000 in the Remaining Amount and click Submit
- In Match Transactions select the property purchase transaction and on the menu click Match to New. Select Investment Buy > Property purchase settlement
- The purchase information should pre-fill from the deposit event that you previously created, click Submit.
- In Match Transactions select one of the rental income transactions. On the menu button select Create Rule For and create a transaction rule for the net rent. Select Classify As 'Rental Statement' and next to Property Account select the Demo Property. Click Save then in the next pop up click Create Business Events.
- Navigate to Transactions > Fund Income > Rental Statement.
- Next to Property Account select Demo Property. Input the date range 01/07/2019 and 30/06/2020. Enter the same amount in income as the total of the expense for the year to correctly record the rental statement for the year. Click Submit
- Navigate to Periodic Processing > Tax Statement Console select the 2019-20 Financial Year Click the tick box to select all and click Generate to generate the tax statements
- In Reports check the Exception Report all the fields should be validated.
- Go to the Period Update shortcut and select the 2019-20 Financial Year
- Process the Period Update followed by a Tax Finalisation then Close the Financial Year then you can generate a Report Pack to review the Financials.
We will teach you Demo Discretionary Trust Processing FY20