Introduction

This page provides a step-by-step guide on how to process a fund in its first year on Class. test

Steps to follow:

1. Load all Cash Transactions:

   1. Data feeds - review the feeds console at the fund level and ensure a Bank, Broker or Wrap feed authorities has been set up and feed activation process initiated, and if provider sends historical refresh via data feed.

   2. For all bank feeds, with the exception of Macquarie CMA/Bendigo bank/Bell Potter Capital/Commsec Adviser Service, historical transactions will not be available and transactions will need to be back-filled from 01 July 20XX to today’s date.

   3. Back-fill bank statement transactions where data feeds are not available:

      1. Check if data available in Banklink,

      2. In the absence of Banklinkdatausers should request client to provide CSV extracts of bank statements

   4. Uploading CSV extract by referring to the following pages on the user guide for further instructions:

      • Uploading Bank Statements via CSV

      • Manual File Loading
        
        

2. Process buy/sell transactions:

   1. If the fund has an active broker/wrap feed most of the buy/sell transactions should have been processed for you automatically.

   2. Where a data feed isn’t available it is always recommended to explore avenues where buy/sell transactions can be imported into the fund using a CSV file or uploaded using the Excel transaction loader. Processing buy/sell transaction from the Match Transaction screen is a tedious process and should be avoided if an alternative is available.

   3. Please refer to the following user guide pages for further instructions on the following:

      • Manual File Loading

      • Import Contract Notes

      • Import Wrap Portfolio Transactions

      • Excel Transaction Loader - Portfolio Tab

      • Investment - Buy

      • Investment - Sell

        
        

3. Process corporate actions:

   1. Once all buy/sell contract notes have been processed go to Investments > Browse corporate actions and action the corporate actions that have been taken up by the client. If the fund has an active broker/wrap data feed, the feed will provide hints in regards to which corporate actions need to be processed. In some cases corporate actions, optional in nature or haven’t been taken up by the client, can be ignored.

   2. Please refer to the following User Guide pages for further instructions on the following:

      • Business level Corporate Actions Console

      • Fund level Investment – corporate actions
        
        

4. Generate Income:

   1. It is recommended you only Generate Income once you have processed all the unit holding movements during the year, so that you give the system the best chance to estimate the income based on a correct unit holding on the ex-date. In most cases where we have an active broker feed and wrap feed, generating income will be automated for you.

      Note: You can run Generate Income again if any unit holdings changed due to Corporate Action movements during the year. The system will automatically update any income that has already been generated with new unit holding information when you re-run generate income. For example when dividends were re-invested during the year, re-running Generate Income will update subsequent dividends automatically.

   2. Once income events have been created click Auto-match to match cash transactions to corresponding business events.

      Note: The Auto-Match process can only be run for a period of 0 to 7 days. Always review the items being matched and unselect matches where you think it might be incorrect to avoid incorrect matches.

   3. Review income events that couldn’t be matched as there could be various reasons as to why Class wasn’t able to match them to a cash transaction. Typical reasons why this may have occurred:

      • Cash transaction amount different from business event amount

      • Payment dates different and outside the automatch catchment

      • Dividend deposited to a personal account

      • Dividend paid as a DRP

      • Dividend withheld by share registry

   4. Please refer to the following user guide pages for further instructions on the following:

   1. • Generate Income

      • Auto Matching

      • Manual Matching

        
        

5. Set-up transaction rules:

   1. At the fund level go to Transactions> Match Transactions to start creating transaction rules.

   2. Transaction rules that should be set up for a fund:

      • Interest received

      • Bank interest paid

      • Bank fee

      • Administration fee

      • Adviser fee

      • Member contribution

      • Pension drawdown

      • Member insurance premium

      • Rental statement
        
        

      Note: it is not recommended that you set up transaction rules for Dividends & Distributions for ASX listed securities and Managed Funds with an APIR code. These events should always be processed using the Generate Income button on the fund.

6. Please refer to the following user guide pages for further instructions on the following:

   • Creating transaction rules on the fly

   • Applying transaction rules

   • Transaction Rules - Overview

   • Transaction Rules - Wildcards

     
     

7. Process ad-hoc transactions from the Match Transaction screen. Please refer to the following links for further instructions:

   • Classifying cash transactions in match transactions
     
     

8. Review Exceptions Report from Reports > Exception reports for error messages that need to be dealt with before you can finalise the accounts.

   • Distribution Tax statement:

     1. Processing of Tax Statements validation messages listed in step 7 you will need to process an end of year tax statement. Some Wrap data feeds also include tax statement data which will automate this process for you.

     2. Tax statements can be processed individually at fund level or in bulk using the Excel transaction loader.

        1. Tax Statement Console

        2. Generating Bulk Tax Statements using Excel transaction loader

        3. Manual individual Distribution - tax statement entry

        4. Tax Statement Template Release Schedule

            

9. Revalue any unlisted investments:

   1. Property valuations

   2. Revaluing an investment from the Browse Holding Account screen

   3. To review the revaluations always run the period update to the end of the period and run the Investment Revaluation Report at period end to ensure that all investments have been revalued as at 30 June.
       

10. Process Period Update and do Tax Finalisation to complete the process.
    
    
11. Once the fund is ready to be sent to the auditor it is best practice to Closing the Financial Year to prevent automatic or accidental processing in that financial year.