Understanding Inter-Entity Accounts in Simple Invest 360
Inter-Entity Accounts in Simple Invest 360 allow you to seamlessly record dividend or distribution journal entries between different entities within your license.
For example, if all entities are set up in Simple Invest 360, a trust can distribute income to an individual, and the platform will facilitate the process for you.
The Inter-Entity Journal tool automates the posting of these income transactions, ensuring accuracy and efficiency in your record-keeping.
Creating the Inter-Entity Account
In this scenario a Company is adding a Unlisted Trust, the Trust is also managed on Simple Invest 360.
Step 1 - Create an Investrment Account
| From the Main Toolbar, hover over Accounting | |
| Under Add New Chart Account, Select Investment |
Step 2 - Create Security
After selecting Investment, you will be taken to the New Investment Account table on the Chart of Accounts screen. From here you will need to enter the deatils of the new investment account.
The first task is to create a new security for the investment account. To do so click "Select Securites" and then click Create New.
You will be taken to the New Secuirty screen, enter the details relevant to the boxes below.
|
Screen Options
|
Explanation
|
|---|---|
| Security Code: | Input the name of Investment |
| Security Name: | Input the name of Investment |
| Market Type: | Select Unlisted and Direct Property, this is located under Unlisted / Managed Securties at the bottom. |
|
Folio No: |
This field is optional and can be left blank. |
|
Property ID: |
This field is optional and can be left blank. |
Once the information has been entered, select (located at the bottom of screen) to create the new security.
Step 3 - Create the Account
Once the secuirty has been created, you will return to the New Investment Account table on the Chart of Accounts screen.
The next task is to search and select the security that you have created in Step 2.
Once that is complete, select the Investment Type.
| 72400 | Fixed Interest Securities (Australian) |
| 73200 | Interests in Partnerships (Australian) |
| 73300 | Interests in Partnerships (Overseas) |
| 73800 | Leased Assets |
| 73850 | Leased Assets - Unitised |
| 74200 | Loans to Associated Entities (In house loans) |
| 74250 | Loans to Associated Entities (In house loans) - Unitised |
| 76000 | Other Assets |
| 76100 | Other Investments |
| 76500 | Plant and Equipment (at written down value) |
| 77800 | Shares in Unlisted Private Companies (Australian) |
| 77900 | Shares in Unlisted Private Companies (Overseas) |
| 78400 | Units in Unlisted Unit Trusts (Australian) |
| 78500 | Units in Unlisted Unit Trusts (Overseas) |
Please Note
The chosen Security and Investment Type will dictate which Code and Investment Code used for this account.
Step 4 - Attaching the Investment Account to an Entity
The final step is to attach the Inter-Entity Journal Investment Account to the receiving Company or Trust entity.
Steps to Attach the Investment Account
-
In the New Investment Account table, select More Details>>.
- Click Select Entites.
-
The Multi-Entity Selector screen will appear. From here, you can attach the investment account to different entities.
- For Trust Accounts: Attach the account to the Beneficiary entities.
- For Company Accounts: Attach the account to the Shareholder entities.
- Select the entities you want to link to this investment account.
- Click Save Changes to confirm the attachment.
- Select
to create the account to finalise the steup.
Once complete, the Inter-Entity Journal tool is ready to use.