The following article will demonstrate how to setup an investment loan that will display under Liabilities on the Statement of Financial Position. The article will demonstrate how to link the loan account to an investment, then how to automate bank transactions through the BGL Bank Data Service. This account can be used for Companies, Trusts and Individuals.
|Navigate to the Accounting icon from the Main Toolbar.
|Select Chart of Accounts.
- From within the Chart of Accounts, select Add Account, and from the drop-down menu, select Liability Loan.
- Enter the Account details, as well as the Account Name and Sub Account code. Please note that the information entered in the screenshot below is an example.
- The created Loan Account will now appear as a Sub Account for the 85660 Investment Loan account.
Setting up the loan account through an Investment
- From within the Chart of Accounts, locate the relevant Investment. For the below example I will be using 77600/ALD.AX. Please note that this is an example Investment.
- Click on the Investment to expand it.
- From within the Edit Investment Account screen, select More Details located at the bottom of the screen.
- Within the expanded Edit Investment Account screen, scroll to the bottom of the screen where you will see the Assets subject to Loan checkbox. Tick this and select Save.
- The Sub Account related to the Investment will now be created within the 85660 Investment Loan account.
Setting up the Loan Account with the BGL Bank Data Service
- Navigate to the Feed Management screen. The Feed Management screen can be located by hovering the cursor over the Connect icon, then selecting Feed Management.
- From within the Entity Summary tab, locate the account under the Bank Feeds header. Select (+) Setup.
- Select the Feed Provider as BGL Bank Data Service. Select Print Form to generate the Authority Form.
Simple Invest 360 will now populate the Authority Form which you are required to send to the entity's Account Holder(s) for signing. Once you receive the signed Authority Form, send the completed form to: