Overview

The purpose of this tool is to consolidate and track the detail of the franking accounts across all of the private companies within your practice.

Here's a short video to give you a feel for how the Franking Account Register works - check it out and you'll all be up to speed in minutes!

The Franking Register List

On the list page, you can see a full list of all franking registers being maintained within your practice, which can then be filtered by family group.

1. Create new...

Press this to establish a new franking register; If it already exists, it will take you to this register since you can't have more than one register for any given company.

2. Search

Quick search function if you're looking for a specific company.

3. Views

Select and create views to find specific schedules for your clients. See the shared elements help for more detail about your options.

4. View filters & actions

Use these functions to assist you in finding the schedules you require. The actions menu allows you to export your list to excel.

5. Franking Register List

Shows the full list of franking registers within the practice:

Company : Identifies the legal company name
ACN : This is the identified company's Australian Company Number
Entry Date: This is the date of the most recent entry within the franking register.
Balance: This is the balance of the franking register as of the last entry.
Lasted Edited: Identifies the date and time the register was lasted edited and by whom.
Link: The link button allows you to link documents from your document management system directly to the franking account register.
Actions: Options to edit or print the select register.

6. Shared tool bar

See the shared elements help for more detail about your options.

The Franking Register in Detail

On this page, you will see a glimpse into the available franking accounts and you have a number of choices from this screen.

1. Company

The company name and ACN for the currently selected franking account Register

2. Actions menu

Export to Excel: Click the 3 dot

menu to extract a copy of the schedule to Excel.

3. Description

Here you can add a quick description about the schedule to ensure other users understand the function.

4. Franking Register Table

This is where you enter each of your franking register entries:

Move handles: enables you to drag and drop the different lines. Of limited use, as you should be always sorting by entry date.
Entry Date: Enter the date the transaction occurred.
Type: Define the type of entry against the franking register (which can be customised - see below)
Description: Enter a more detailed description such as the source of the franked distribution, the year a tax payment is relevant to or the BAS quarter a PAYG Instalment is in relation to.
Debit / Credit: The applicable debit or credit amount to your franking register.
Balance: The running balance of your franking register.
Three-dot menu: Click to open the drop-down menu to delete the whole line.
Lock / unlock: You can lock/unlock off each financial year after it has been completed to help track if people make changes to comparative balances and/or to indicate when the register is updated.

5. Save

Click Save to save the changes

Go to your practice settings if you would like to customise the "types" list attributable to the franking register.

Creating a New Franking Account

You have a couple of options as to how to establish a new register from the list page. You can either build it up manually or import it via Excel.

To begin either of these methods you will need to add the schedule using the plus at the top of the page:

From here, a dialogue box will open which will allow you to select the client and enter a brief description (optional), after which click 'Create' to continue:

Adding entries manually:

Here you simply work your way down adding entries as you go until the table is fully populated and your balance reconciles with your source work paper.

Please note: If you are entering information into a year prior to the current financial year please enter the date in the prior financial year and fill out the entry to completion. From here, the entry will post into the financial year required. (See the example in the GIF below).

Importing Historical Data

This option just requires you to massage your historical schedules into our import format before importing in bulk. Head to the action button from the list page and select import from excel.

Per the instructions, don't change any of the headings before you attempt to import the schedules. Any changes will cause the import to fail.

Exporting to Excel or PDF

To export head to the shared tool bar at the bottom of the schedule and click the print option .

This will open this window for your to choose your export settings which can be either pdf or excel:

Franking account register