Introduction
With the introduction of the Beneficiaries screen, users are now able to easily set up and manage Beneficiaries for Trusts in Simple Invest.
Navigation
To Navigate to the Beneficiaries Screen, please take the following steps.
| From the Main Toolbar, hover the cursor over the Beneficiaries icon | |
| From the side menu, select Beneficiaries |
The Beneficiaries screen will be broken up into 3 sections.
| Section | Explanation |
| Current | Date commenced in prior or current financial year. Beneficiaries with cease dates in the current Financial Year will be considered active until the next Financial Year |
| Past | Date ceased in a previous Financial Year |
| Future | Date commenced after the current Financial Year |
Each of the sections will display Beneficiaries relevant to that section, as well as list information for the categories seen in the example below
Beneficiaries can be added from within the Beneficiaries screen by selecting the Add Beneficiary icon at the top left-hand corner of the Beneficiaries screen.
The Beneficiary would then be selected from an existing contact: Person, SMSF, Trust, Company or Other Entity. For more information regarding contacts, please see the following article.
The system will display the entity type when users hover the cursor over an existing contact.
The Beneficiary Type added will depend on the Trust type. For example, in a Discretionary Trust, a contact added as a Beneficiary will default to Beneficiary Type - Discretionary.
In a Unit Trust, a contact added as a Beneficiary will default to Beneficiary Type - Unitholder.
SMSF, Trust and Company Beneficiaries will have the option to link an Investment Account.
For SMSF, Trust and Company Unitholders, you can link the investment account to a unit class.
Investment accounts need to have a 23800 - Distributions Paid and 61800 - Distributions Receivable account linked. For more information on how to do this, refer to Linked Accounts.
Once linked, the investment account will appear to attach against the beneficiary/unitholder entity.
Custom Beneficiary Accounts can be added to Simple Invest 360 by selecting the following button:
A new popup window will display. Enter the details for the new custom account.
- Note: A unique account code between the range of 58730 - 58990 is required.
Once added, this custom account will be available for all current and future beneficiaries added to your Trust.
Beneficiary information that appears within the list can be edited by clicking within the row of the contact that you wish to edit
Information such as the Beneficiary Type, Date Commenced and Date Ceased can be edited by clicking on the relevant field
For Unitholders only: below this, the number of units that the Beneficiary holds will appear.
The units can be deleted by selecting
The units can be edited by selecting
Additional units can be added by selecting
Note that when adding units, and a negative amount is entered, it will reduce the amount of units for that person.
Any notes relevant to the Beneficiary can be added in the textbox at the bottom of the window
For changes to be recorded, users must select Save Changes.
Beneficiaries can be deleted by first clicking on the row of the contact that you wish to delete
Select the Delete icon from the bottom left-hand corner of the window
You will receive a confirmation message. Select Delete if you wish to proceed with the deletion, otherwise, press Cancel.
Note that you cannot delete a Beneficiary if there are any transactions that still exist for that Beneficiary