Watch the related Video below:
Add a Franking Account Balance. You can find this in the prior year company tax return or if it is a new company, there will be no franking account balance until tax is paid. This is the example we are using below
Add the balance
In the case where tax is paid, import the payment from the ATO Tax Account
Ensure that you have followed the instructions for importing the tax account into the Income Tax Validator from the ATO Portal web page.
Make sure the date range covers the tax paid.
Tax instalments can be imported from the Integrated Account while the balance of tax can be imported from the Income Tax Account.
Select & classify the transactions to import to the franking account. In the example below, the tax payments form credits in the franking account & are imported.
Be sure to select the right type of transaction to import to your Franking Account.
Manual Transactions can be added to the Franking Account where necessary
Simply add the following variables
Be sure to select the Type of transaction correctly
Payment of a Dividend using the LodgeiT Dividend Payment system will automatically create the appropriate transaction in the dividends section
The franking credit associated with the dividend is based on the franking percentage
Note how the payment of the dividend impacts the franking account
The dividend payment can easily be reviewed