With the introduction of the Franking Account Worksheet, Simple Invest 360 users can now produce a record of all of the franking debits and franking credits that have occurred within the financial year.
Access
The Franking Account Worksheet can be accessed from within the Period Compliance screen for Companies. Please take the following steps to access the Period Compliance screen.
| From the Main Toolbar, navigate to the Compliance icon. | |
| From the Compliance menu, select Period Compliance. |
Once you're in the Period Compliance screen, you should see a Franking Account Worksheet icon. See the image below.
The Franking Account Worksheet
See the following example of a Franking Account Worksheet.
The Franking Account Worksheet contains the following columns.
| Column Title | Explanation |
| Date | The date that the transaction occurred. |
| Type | The Transaction type. The following transaction types can be entered.
|
| Description | Users will be able to enter a description. |
| Debit | These will be the amount fields. The user will be able to enter a debit amount for each line (Except System calculated amounts). |
| Credit | These will be amount fields. The user will be able to enter a credit amount for each line (Except System calculated amounts). |
| Balance | This is a running balance field. Any Credit Increases the balance, Any Debit Reduces the balance. This column is not editable. |
Note that the Worksheet can be moved across Financial Years by selecting the appropriate Financial Year on the bottom left hand corner of the Worksheet
If you have made any changes to the worksheet, be sure to select Save.
System Calculations
The following is an explanation of how each section is calculated:
Franking Credits Received calculation:
This is the sum of all the Franking Credit amounts from Dividend and Distribution transactions. The sum of the franking credits total for each quarter will be shown separately.
Date: This will show the end date of each quarter
Credit: The summed total will go to the Credit column
Description: Total Franking Credits Received for "September" Quarter (The month will change depending on the quarter)
Instalments Paid calculation:
This will be the Debit transaction to the 85000 account where in the 'More Details' section, the current Financial Year has been selected
Date: This will show the date of the transactions (if the double entry is not against a bank account, this transaction will also appear in the next financial year)
Credit: The total amount will go to the Credit column
Description: Payment of PAYG instalment
Instalments Refunded calculation:
This will be the Credit transaction to the 85000 account where in the 'More Details' section, the current Financial Year has been selected
Date: This will show the date of the transactions (if the double entry is not against a bank account, this transaction will also appear in the next financial year)
Debit: The total amount will go to the Debit column
Description: Adjustment of PAYG instalment
Income Tax Paid calculation:
This will be the Debit Transaction to the 85000 account where in the 'More Details' section, the prior Financial Year has been selected.
Date: This will show the date of the transactions
Credit: The total amount will go to the Credit column
Description: Payment of Income Tax
Income Tax Refunded calculation:
This will be the Credit Transactions to the 85000 account where in the 'More Details' section, the prior Financial Year has been selected.
Date: This will show the date of the transactions
Debit: The amount will go to the Debit column
Description: Receipt of Income-tax
For the Income Tax refund, an additional check will be done to check whether in the prior year, the company has an amount of R&D tax offset (Tax adjustment) amount in the prior year. If it does, then the type will appear as Deferred Debit Instead of Income Tax Refund. Note: Deferred debit does not affect the balance column
Importing/exporting the Franking Account Worksheet
Importing:
Users have the ability to copy and paste data from excel into the Date, Debits, Credits and Description fields. It is recommended to use the following format for the columns. The second row is an example.
| Date | Type | Description | Debit | Credit | Balance |
| 30/06/2020 | Income Tax Paid | Payment of Income Tax | 3333 |
Copy the data you wish to bring across, then paste it into the worksheet and the data will appear, as seen below. The balance column will be automatically updated based on the existing running balance.
Exporting:
The contents of the Franking Account Worksheet can be exported as a CSV file. From within the Franking Account Worksheet, select the Export as CSV icon. All of the contents will then be automatically downloaded in the form of a CSV. file.