Overview
Simple Invest 360 can track your investments while utilizing the full benefits built-in within Simple Invest 360.
How to set up
In order to set up the Simple Invest 360 Entity to become an Investment tracker, please follow the requirements to do so below.
Entering Opening Balances
Once the Entity type has been set the next step is to enter all current investments held, such as; shares, managed investments, trusts etc.
There are three different methods of entering the investment data;
- BGL Setup Service
- Import Tools
- Manual Import.
Depending on the type of investments held some methods will be more useful than others.
BGL Setup Service
The Setup Service allows you to upload existing documents and select specific settings required for your entity. From there, BGL's Client Success team receives this information and will assist in the setup process. For more information click here.
This method will be most useful for those that have large investment portfolios or limited time.
Please note if this method is chosen, you will need to communicate with the Client Success team that this entity will be used as an investment tracker.
Import Tools
There are Import Tools within the Software, that can be utilised to aid in the set-up process.
These are the BGL Excel (XML) Import and the CSV Broker Import.
A BGL Import XML upload is available in Simple Fund 360. This XML will provide you with investment, cash and income transactions and can be uploaded via the Wraps screen.
- Enter and confirm Transactions in MS Excel
- Export Transactions
- Import into Simple Fund 360
An XML Import template has been prepared and is available to be downloaded within the BGL Excel (XML) Import article.
The steps on how to use the Import tool are also included in the article.
Simple Invest 360 allows the uploading of share buy and sells from brokers not supported by the Contract Notes Service through a CSV file upload.
A CSV Import template has been prepared and is available to be downloaded within the CSV Broker Import article.
The steps on how to use the Import tool are also included in the article.
This method will be most useful for those who use Excel to record investment information and those entities that hold a significant amount of shares.
Manual Import
In the situation where the methods above are less useful the final option is to import the investment data manually.
This can be entered by creating the investment accounts and then adding the investment data via the Transaction List Or Smart-Docs CGT. (It is recommended to utilise the Transaction List if there is limited Investment data to be entered such as real estate).
Transaction List
The previous Investment data can be entered manually by creating the Investment Account line by line through the Transaction List.
Smart-Docs CGT
The Smart-Docs CGT screen, allows users to enter multiple parcels seamlessly. This feature automates entering the Investment Purchases process. Where in the Accounting List transactions must be created one line at a time, the Smart Docs-CGT allows users to enter as many investments and parcels at the same time.
Once the Investment Data has been through Smart Docs-CGT the transaction will be available to be viewed on the Transaction List.
Examples of how to use the Transaction List and Smart-Docs CGT are shown in the section below.
Recording Investment Movements
After the entity has been set up, any further investment movements can be recorded using the methods outlined below.
Purchases
To record purchases they can either be recorded using CSV Broker Import, the use of Contract Notes Service or through manual import.
Manual purchases can be entered through the Smart Docs-CGT screen.
The following is an example of how to record a purchase, in the example below the entity has purchased 100 Shares of XYZ-Security at $10 per share.
- Navigate to Smart Docs-CGT, then click
- Select the investment account to record the purchase.
- Enter the date the transaction occurs.
- Enter the Contract Date of the transaction.
- Enter how units have been purchased.
- Enter the price per unit.
- The Debit amount will be automatically calculated.
- An editable description will be provided.
- Enter the Settlement Date of the transaction
- Select Create
Revaluations
There are methods to record revelations in Simple Invest 360, either utilising Automatic Revaluations or inputting Manual Revaluations.
Automatic Revaluations will record investments that are from supported markets. If the investments held by the Entity are un-listed investments such as Property and Managed Funds, manual revalations will be required in that scenario.
Automatic Revaluations
To enable Automatic Revalations navigate to Company, Trust or Individual Details (Based on the Simple Invest 360 entity created).
Under the Reporting Section, turn on the Automatic Revaluations toggle as shown below.
After toggling yes to enable the Automatic Revaluations Select
Manual Revalations
We recommend entering any manual revaluations at the end of the reporting period. For example, if the reporting period follows the financial year then it is recommended to enter any revaluation as of the 30th of June of that year.
The following is an example of how to record a revaluation, in the example below the entity is recording a $5,000 upward revaluation of XYZ-Security.
- Navigate to Smart Docs-CGT, then click
- Select the investment account to record the purchase.
- When entering a revaluation, please Select ADD PARCEL, following that then Select Revaluation Entry.
- Enter the date of the revaluation of the investment.
- Enter the value of the revaluation (Entering a value within Debit or Credit will increase or decrease the investment accordingly.
- An editable description will be provided.
- Select Create
Disposals
To record disposals, users will need to create a transaction through the Transaction List.
When disposing of any investments, Simple Invest 360 will automatically calculate the change in market value and will be able to be viewed from the Transaction List screen.
The following is an example of how to record a dispoal, in the example below the entity has disposed of 50 Shares of XYZ-Security at $20 per share.
- Navigate to the Transaction List
- Select New Transaction
- Select Journal
- Enter the date of the disposal.
- Optional, enter the Description of the transaction.
- Select the Investment Account.
- Input how many units are being disposed of.
- Input the value the Investment is being disposed of.
- Select the 99900 Manual Suspense Account (Simple Invest 360 uses the double accounting method, meaning that there needs to be another side of the journal to be posted. Posting to the 99900 will not affect any investment held by the entity, selecting other suspense accounts will also achieve the same effect).
- Input the same amount from the Debit table into the Credit table.
- Select Post
Corporate Actions
To process a Corporate Action within Simple Invest 360, this can be done through Investments > Corporate Actions.
Through the dedicated Corporate Action screen, there are two different methods of processing a Corporate Action.
Simple Invest 360 is connected with the ASX and is aware of a Corporate Action affecting an investment this will be displayed under Notification. Selecting one of the buttons will either process or ignore the corporate action.
If the Corporate Action does not appear within the Notification list. Users can create and process corporate actions accordingly.
Reports
We suggest creating the following reports as they are most effective for monitoring CGT.
- CGT Register
- Realised Capital Gains Report
- Unrealised Capital Gains Report
- Investment Reporting
- Tax Reports
- Investment Income Comparison
Important
When generating reports please edit the Start Date and End Date in the report portal. This will show only the period which the reports are being generated for.