Introduction
So your funds are now on Class. What's next?
After your funds have been transitioned it is highly recommended that you review your funds and ensure other set-up considerations applicable to each fund are completed. This page will provide you with a step-by-step guide to reviewing your funds and other set-up considerations.
1. Review Transitioned Funds
Log on to Class Transitions Management System (TMS) and review the funds that have been transitioned.
A Transitions Report Package is available to help you with the review process. From the Business Dashboard navigate to Reports > Maintain report packages to access this report pack. The report pack includes the following reports:
- Member Statement
- Statement of Financial Position
- Investment Summary Report
- Unrealised Capital Gains Report
It is recommended you review the above reports and any assumptions made during the transition process before you begin processing funds.
To make changes to the opening balances of a fund, this can be achieved by navigating to Fund > Load Opening Balances screen. Generally, the opening balances screen is where you will be able to make changes to the opening balances that were transitioned. For further information regarding the opening balances screen click here.
It is important that your opening balances are reviewed prior to processing your funds, as the opening balances cannot be amended once you have run a period update.
2. Review Fund Setup
Check that the basic fund information is correctly recorded.
Fund Dashboard
The Fund Dashboard will be the landing page when you access a fund on Class. The fund dashboard is made up of various widgets which gives you snapshot of key elements of the fund.
Fund Relationships
Take a note of the information recorded on the Relationships widget. If you have already set up your Business - Business contacts then go to Fund > Fund contacts to add the various relationships relevant to this fund. Alternatively, if majority of your funds have the same tax agent, auditor, etc. then it is recommended you set up the contacts as defaults for reporting purposes. Refer to the Business - Business contacts page for guidance setting up your tax agent or auditor and creating defaults.
If you haven't set up your contacts it is recommended you do so now. Typically you can expect to set up the following:
- Auditor
- Auditing Firm (if applicable)
- Tax Agent (Person) – individual(s) authorised to sign on behalf of the lodging entity
- Tax Agent (Organisation) – to be set up when tax agent lodging the income tax return is an entity and there is more than one tax agent nominee
- Accountant/Bookkeeper – pre-populates the compilation report
For more help on this please see, How To Setup Business Contacts And Defaults
The relationships that need to be added to your fund will depend on the reporting requirements and functions you perform on Class. Generally,
- If you are going to lodge Income Tax Returns and print a SMSF Annual Returns or Annual Trustee Minute you will need to add the following relationships to the fund:
- Tax Agent (Person)
- Auditor
- If you are going to generate an Audit Report you will need to add
- Auditor
- Auditing Firm (if applicable)
- If you are going to print a Compilation Report from Class you will also need to add an Accountant/Bookkeeper role.
- Additionally, you can also add an adviser relationship to the fund if an external adviser requires access to client view.
Fund Structure
Once you have added all necessary relationships to the fund, navigate to Fund > Fund structure to assign the Chairperson role to a Director or Trustee of the fund to ensure the correct signatory is shown on all Class reports and letters.
3. Enter Profit/Loss Comparatives
(Optional)
Prior year operating statement comparatives don't come across as part of the normal transition process. You will need to enter this information into Class if you would like to generate an operating statement with prior year comparative figures.
From within the fund navigate to Fund > Load Opening Balances and select the Prior Year Operating Statement tab. Here you can enter a summarised version of the prior year operating statement for comparative purposes. Please refer to the page How do I enter prior year operating statement balances for new funds? for further instructions.
This is an optional step and you can choose to turn off profit and loss comparatives for the operating statement report for first year funds on Class.
Please note this is not applicable for non-super entities.
4. Other Set-Up Steps
The following information will not flow through as part of the normal transition process.
- Member insurance details
- Beneficiary details
- Member transition records
- Prior year contribution cap information
-
Asset Strategy information
- Pension Account Identifier
We recommend you enter this information to ensure Class has the most up to date data recorded for all your funds. The above details flow through various reports such as the Members Statement, Asset Strategy Comparison Report, etc.
Please note for non-super entities the following information will not flow through as part of the normal transition process.
- Starting net cumulative balance This is relevant if using the Investment Movement and Returns Report and by default the balance will be set as zero.
- Asset Strategy
- Investor details in a personal portfolio. This is required to give the investor access to Client View.
- GST registration. This will only be set up if the Transition team has been notified through the manual data collection form.
5. Set-Up Data Feeds
Read through the Data Feeds page to understand more about Class' Direct-Connect Feeds before going through the process of setting up data feeds. It is also recommended you attend Class Data Feeds training module to ensure you have a thorough understanding of how to set up a bank, broker or wrap data feed.
The Feeds Console provides a business level view of your data feeds set up on all your funds providing information on feed status, errors and last update date. You should review the feeds console regularly to ensure data feed authorities set ups are progressing as expected and being activated in a timely manner.
A 'Data Feed Setup' report pack is available as a report pack which you can use to generate a cover letter and data feed authority forms in bulk for your clients. It is best to only run this report pack once you have confirmed that the account details entered in Class are correct and correspond to what's on the bank, broker or wrap statements.
6. Back-filling Data
Not all data feeds will provide historical transactions once they are activated. As such you may need to go through the process of back-filling bank statement transactions from 1 July to the day before the feed activation date. Please refer to the Manual file loading page which takes you through the process of manually filling in historical information and setting up transaction rules on your funds.