LodgeiT can import accounts in order to auto-fill Special Purpose Financial Reports (SPFR)
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.