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Article 479: Imputation Credits are different on Statement of Taxable Income and Tax Return |
| Article Description |
Imputation Credits are different on Statement of Taxable Income and Tax Return |
| Article Location(s) |
Simple Fund: General
|
| Article Addition Added |
10/11/08 |
| Article Last Updated |
21/11/08 |
| Software Version |
Simple Fund - Any Version |
Article Details |
| Imputation Credits are different on Statement of Taxable Income and Tax Return. The amount which appears in the Tax Return is correct however the amount in the Statement of Taxable Income is incorrect. |
Article Solution |
This is caused by an incorrect amount posted to 850/002. Check account 850/002 in the General Ledger Report for the following:
1. Manual Entries
850/002 should contain system generated entries only. Manual Entries should not be posted to this account
2. Balance Forward journals
Ensure that the Balance Forward process has not been done twice by accident. Also ensure that the balance of the account is zero at 01/07/xx after the balance forward process has been done.
The Balance Forward Process can be re-done.
To do this, delete all the balance forward journals in the TRANSACTION screen. These journals are created by Simple
Fund and have the descriptions of "Fund ledger balance forward at 01/07/20xx".
Then go to the Fund Details | Reporting screen and change the Financial Year and Current Period to the previous year (e.g.
01/07/2006 - 30/06/2007 if you are currently in the 2007/2008 year) and Balance Forward again. |
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