How to Prepare Accounts for Superannuation Funds to Import to LodgeiT

Created OnOctober 24, 2019

byAndrew Noble

LodgeiT can import accounts in order to auto-fill the SMSF Form and the related Special Purpose 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.