How to Prepare Accounts for Superannuation Funds to Import to LodgeiT

Modified on: Fri, 22 Mar, 2024 at 10:22 PM

LodgeiT can import accounts in order to auto-fill Financial Reports

In order to use LodgeiT, please consider the following important accounting system configuration requirements -

Be sure to classify all revenue line items to some investment revenue category. (revenue strictly excludes all member/employer contributions, roll-in's and other forms of capital injection.)

Contributions, roll-in's, taxes, transfers & pensions must be classified to Equity Section under the following categories.

(There is no need to use Closing Balance unless you've chosen to maintain a single line item for each member in your source accounting system. This approach will not yield an auto-filled form.)

There will be profit/(loss) to attribute to the SMSF members. To appropriate profit/(loss), do the following -

a. Create an account (in your bookkeeping software) in the equity section called Profit appropriation. b. To allocate profit(on earnings before tax) Debit Profit appropriation account & Credit the respective members Allocated Earnings or Losses Account.

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