This user guide will take you through the processing of setting up a Property account in Class as well as verifying the property address with CoreLogic RP Data to obtain property valuations.
Navigate to Fund Level > Investments > Property
- Enter Code (A unique code within the fund should be entered)
- Enter Description (Property Description is to be entered in this field)
- Select Property Type (Residential or Commercial depending on the property details)
- Select Attracts GST? (Use 'Does Not Attract GST' or 'Attracts GST' if the property's income and expenses feature GST).
- Select Registered for Land Tax (Mark box if the property is registered for land tax).
Under Address Details, search the property address by entering the property details under the Address field.
Here you can select the property in order to verify the property address with RP Data CoreLogic. Once you have entered the address, the verification status should change to 'Verified With RP Data'.
- Click Activate.
In this section, we guide you through setting up a foreign property, you can change the reporting categories to reflect this.
Please ensure that you complete the steps from Property Set-Up and for Foreign Property update the screen with the below.
- In the same screen, tick the box Enable Editing of Reporting Categories.
- Change the GL Classification to 'Foreign Assets'.
- Change the Tax Return Classification to 'Overseas residential real property' or Overseas non-residential real property'.
- Change the Capital Gain Classification to 'Other Real Estate'.
- Click Save.
You have now set up a property account. Learn how to process a property purchase for both Residential or Commercial properties.