Companies processing their first financial year in Simple Invest 360 can enter their existing Franking Account balance into the system, ensuring the future Franking Account calculations are correct.
This can be done by using the Franking Account Worksheet in the Period Compliance screen.
|From the Main Toolbar, navigate to the Compliance icon.|
|From the Compliance menu, select Period Compliance.|
- Click on the Franking Account Worksheet to open a popup window:
- In the bottom-left corner, ensure the correct Financial Year is selected:
- In the first line available, input the details of the Opening Franking Account Balance, this can be found on documents such as the prior year's Franking Account Worksheet:
- Click Save.
The Opening Franking Account Balance will only need to be input during the first active financial year in Simple Invest 360. Going forward, Simple Invest 360 will carry forward these amounts automatically. Select Franking Account Worksheet to view the carried forward amounts at any time.