How are "Contra entries" identified in the Observations?
Question
How are "Contra entries" identified in the Observations?
Answer
SMSF Sorted will show the debit and credit entries of the same amount regardless of if they are in the same cash account or not, and doesn't take into account whether they are matched with one another or processed as 2 separate transactions. The system only will consider the entries as a contra if the same amount is debited or credited in any bank account of the job.
Related Articles
SMSF Sorted Observations Feature Overview
SMSF Sorted Observations Feature Observations in SMSF Sorted are validations and checks that have been built into the system to highlight specific compliance situations that may require attention. What Observations are available? Observation Details ...
Auditomation Observations & Comparison with SMSF Sorted
Auditomation Observations Observations are automated analysis performed by Cloudoffis during the job creation, we acquire the data from specific reports that exist within the software where an API is available. once analysed the observation will ...
Generate Sorted File won't work
Problem When I click on Generate Sorted File, no file is created, and the system looks like it's still generating the file Cause The display has timed out. Hit F5 to refresh your browser. If this is still unsuccessful after a couple of minutes, ...
FAQs: Upgrade to Sorted Lite
Introduction We’ve developed the following frequently asked questions to assist you and your team with your upgrade experience from Sorted Basic to Sorted Lite. What is Sorted Lite? Sorted Lite is a software powered by Cloudoffis that integrates with ...
SMSF Sorted Release 2.1
Release Contents Multi-Factor Authentication has been added to SMSF Sorted logins. This will require users to confirm their identity when logging in using a third-party application, such as Google Authenticator. Click here for more details in our ...