BEST PRACTICE MIGRATION GUIDE

Transcription

1 Australia s leading cloud SMSF admin solution BEST PRACTICE MIGRATION GUIDE VERSION 1.1 1

2 CONTENTS Introduction 3 Pre-Migration Steps 3 Which Funds? 3 To help you choose which funds 3 When to migrate 4 When is the best time to migrate funds 4 Migration Checklist 5 Migration process 6 Validation Errors and Additional Queries 6 Additional Queries 6 Post Migration - Steps 7 Step 1 - Access your Fund and Run Reports 7 Step 2 - Create Report Packs 7 Step 3 - Load Bank Contract Note Data using Re - request 8 Re-request BGL Bank Data Service 8 Re-request Macquarie Bank Data 9 Re-request Contract Notes 10 2

3 Introduction This guide is designed to help you understand the steps involved in the Pre- and Post-migration process to Simple Fund 360. This guide also discusses the setup of BGL s Data Services. The BGL Data Services allow you to automate the collection and processing of bank and broker data. This means you no longer need to input bank statements or contract notes, load files manually or wait for that shoe box of documents at year end. BGL s Data Services extend far beyond just providing data. Our dedicated Data Services Team will help you prepare your bank authority forms and broker notification letters. We can also provide you with marketing material to help you promote and encourage your clients to take on these services. This guide should also be read in conjunction with the Client Pre-Migration Checklist and the Simple Fund 360 Help Files. 1 Pre-Migration Steps Every firm is different when it comes to migrating to SF360 - some firms migrate all their funds at once, others prefer an iterative approach. While the time frame varies as to how many funds to migrate within a financial year, it is important to be realistic with managers and partners as migration work is additional work on top of a normal annual processing year, so do allow for additional time and be mindful of your available resources. Generally speaking, an iterative approach to migration works best for most firms. Using an iterative approach allows you to migrate a few funds and then learn from this experience. Based on this learning you can then modify your procedures and rinse and repeat. Which Funds? The best funds to migrate to Simple Fund 360 are those funds that have one or two bank accounts and a high proportion of direct share investments. It is also recommended to choose an accumulation fund first, as they are less involved. To help you choose which funds Run the Data Services Report 2 in your Fund Selection screen in Simple Fund Desktop. This report will help you qualify your funds for BGL s Data Services. The Data Services Report contains details of: o o o o The number of active bank accounts in a fund Bank accounts supported by the BGL Bank Data Service The number of Australian listed shares and units in a fund The number of trades in the last 12 months TIP PUT NEW FUNDS STRAIGHT ONTO SF360! Recently established funds are the perfect funds to dip your toe in the water and learn Simple Fund 360. Although not strictly a migration, these newly established funds are a great way to learn the product. There is no history to input. You can also learn a lot about the mechanics of adding Fund Details, Members, Addresses and the CGT Register. For newly established funds you want to think ahead and set up bank data, contract note and Super Stream documentation and present it as part of the establishment package. This will result in big savings in the information gathering process at year end

4 When to migrate SF360 simplifies data entry by linking automated bank feeds and automated share trades to your fund on a daily basis. To gain the benefit of automation you first need to invest time in setting up the data feeds. Therefore, before you even migrate funds from Simple Fund to SF360 we recommend you setup Bank and Share data feeds. It is possible to skip this step and migrate the fund to Simple Fund 360 and setup the data feeds in Simple Fund 360 using the Connect Manage Data Feeds option. However it is recommended to setup the data feeds in Simple Fund desktop prior to migration for the following 3 reasons: 1. You are more familiar with Simple Fund desktop therefore setting up the feeds is generally simpler. 2. As fund processing is a historical process you need to be thinking a year ahead. This means that if you sign up a feed today you will only get bank data from the date the form is approved by the bank. This is so the following year the fund has all the data automatically collected for you. 3. If you set up the data feed in Simple Fund desktop the data feeds will migrate with the fund. Below is a Pre-Migration check list to set up the data feeds in Simple Fund desktop. Pre Migration Checklist for setting up BGL Data Services Step 1 Step 2 Step 3 Step 4 Step 5 Need help? Instructions Open the Pre-Migration Checklist file Check if the Fund s Bank Accounts are supported feeds. If Bank Feed is supported follow the instructions to set up the BGL Bank feed. For funds with Share trades check if the client s Broker is supported. If the Broker is Supported read the detailed instructions for setting up the Contract Notes unique address. Once a unique has been created. Then select the broker and copy the instructions to your client. Our dedicated Data Services Team is here to help you every step of the way. More information Link dataservices@bglcorp.com.au When is the best time to migrate a fund? An important point when doing SF360 migrations is to choose the right time. The best time to start fresh in a new accounting system like SF360 is at the start of the financial year. 4

5 It is important to remember SF360 can simplify data entry by linking automated bank feeds. As you complete a fund in Simple Fund desktop migrate it to SF360 and setup a bank feed. You can set up the data feed in Simple Fund desktop and the data feeds will migrate with the fund - it will take approximately one day for the feed status to update. You can also migrate the fund to SF360 and setup the data feeds using the Connect Manage Data Feeds option. Funds can only be migrated when they have been finalised at 30 June 20XX and only once the audit is complete and tax return has been lodged with the ATO. Simply completing the Create Entries process is not sufficient. TIP TAKE ADVANTAGE OF SF360 INACTIVE! This option allows you to begin setup/collection of your bank data feeds prior to your move to SF360. The data will be collected on behalf of your firm, for up to 18 months prior to your move to the cloud. Data collection can only begin from the time the bank approves the signed authority form, and you will be charged from when you begin to use this data in SF360. As a general guide the following types of funds should be selected for migration: o Funds completed to 30 June 20XX. o Funds currently using the BGL Bank Data and Contract Note services. o Unsegregated funds only. Migration Checklist After a fund has passed the pre-migration requirements outlined in the Client Pre Migration Checklist, the fund can begin the migration process from Simple Fund to SF360. What is meant by funds completed to 30 June 20XX? A fund will need to be finalised to 30 June 20XX in Simple Fund. This includes: o All transactions allocated (including corporate actions and tax entries); o Create Entries to 30 June 20XX; o Fund audited and Return lodged for 20XX; o Balance Forward to 1 July 20XX completed. Why? Unallocated transactions migrated to SF360 cannot be allocated. This step needs to be completed in Simple Fund. What about transactions processed in future years? If you have transactions posted for date ranges beyond the fund s migration date (post 30 June) you will receive an error upon migration. This includes any 20XX financial year bank and broker data loaded using your automation services. What should I do if I have transactions processed after 30 June 20XX? If you are using the BGL Bank Data and Contract Note services, you can remove the transactions uploaded for part of the 20XX financial year in Simple Fund and then migrate your fund. Once the fund is migrated, you can then re-request the bank and contract note data directly into SF360. If you are using MYOB Bank Link Data the process is similar however rather than re-request you simply follow the Bank Link Procedure

6 Migration process 1. From the Ribbon Toolbar, Select Data In/Out and then select Migrate Funds. 2. If it is the first time you are accessing the migration utility, a Migration Settings screen will appear. Input your Username and Password details for Simple Fund 360: Click Save. 3. Select the first fund from your selection of five and select Migrate Funds. 4. Confirmation of successful migration of funds to SF360 is confirmed by receipt of the following message: 5. Any documents for these funds will be migrated to SF360 in the background. Validation Errors and Additional Queries If during the migration process you receive any error messages, click on the link to the right of the error message. This will take you to the SF360 Online Help and provide you with a solution to resolve the error received. Additional Queries What data is transferred from Simple Fund to SF360 as part of the migration? All fund data is migrated across. This includes fund details, member details, Pension Policy details, all transactions from the date of transfer dating all the way back to the fund s formation date and the chart of accounts (including all custom accounts you have created). Documents will also be migrated. Can I migrate multiple funds at once? Yes funds can be migrated in batches of more than one. Just ensure each fund meets the migration requirements outlined so far. 6

7 Are Data Import Rules migrated? Most import expense and asset based rules from Simple Fund desktop are migrated across however some investments based rules may be obsolete so these will be excluded. If you use BankLink these memorisation rules will not be imported to SF360. Post Migration - Steps You can access SF360 from your preferred browser by heading to the SF360 login page. Type in your SF360 username and password and select Sign In. Step 1 - Access your Fund and Run Reports Once you have logged in to SF360, you will be automatically directed to the Fund Selection screen. This screen contains a list of all the funds created within your firm. Click on the fund you want to work on to log in to that fund. Once the fund has migrated you should now do a quick reconciliation between Simple Fund desktop and SF360. Print out the following non-rounded reports for the year ending 30/06/20XX: o Fund Summary o Statement of Financial Position (Balance Sheet) o Operating Statement (Income Statement) o Members Statements o Investment Summary Report Reconciling Tip - Member Accounts Members can only have one accumulation account in SF360. If a member had more than one accumulation account in Simple Fund desktop, these will be combined into the one account upon migrating to SF360. Step 2 Create Report Packs Become familiar with the reports in SF360 as soon as you can. There are a lot of similarities to Simple Fund desktop but there are differences as well. For example, the Market Movement report in SF360 is different to Simple Fund desktop. In SF360 this is a key report that will help you to reconcile unrealised and realised gains for a fund s investments. A further difference to Simple Fund desktop to learn is the concept of a Report Packs. A Report Pack is your own customised set of financial statements. SF360 allows you to simply Drag and Drop reports from the report list into a Report Pack to then view, download and print. This pack is then saved for future use. 7

8 Create a new Work Papers Report Pack drag each of these suggested reports in to the pack and Save: Trail Balance, General Ledger, Investment Income Comparison, Bank SF360 recalls the last report pack used by each user saving you time in having to select report packs. Statement and Contributions Summary Report Step 3 - Load Bank and Contract Note Data using Re-request Provided you followed BGL advice at the top of this document and you set up your data feeds first then you can now load the missing data for the year. Namely the bank and broker data can be re-requested into SF360. Important This bank feed status make take up to 24 hours after the migration. Re-request BGL Bank Data Service Navigation Transactions from the previous day will be automatically imported each night. In addition to this, you may re-request transactions for any given period using the inputs below. From the Bank Feed screen, under the Fund View, select the accounts you wish to import historical transactions for and select Re-Request Transactions. Input the date range for the request. Select Import. 8

9 Re-request Macquarie Bank Data Bank accounts and details input in Simple Fund desktop will be migrated to SF360 during the migration process. If Macquarie ESI details are setup in Simple Fund prior to migration, these credentials will be automatically migrated into SF360. See below on how to review the authentication details in SF360. From the Bank Feeds screen, select Macquarie esi settings. To import historical transactions you will need to do the following: 1. After you have set up your Bank Account, wait until the Feed Status has been changed to Feed Operating. Important: This feed status make take up to 24 hours after the migration. 2. On the Bank Feed Management screen, select the accounts you wish to import historical transactions for and select Re-Request Transactions. 3. Input the date range for the request and select Import. 9

10 Re-request Contract Notes You may re-request transactions for any given period using the inputs below. Simply select the funds to complete the re-request and input the date range for the request. 1. Under the Tools column of the Broker and Registry Management screen, select the fund(s) to re-request transactions for. 2. Select Re-Request Transactions. Input the date range for the request and select Import. If you require any assistance please feel free to contact us as per details below