In this article, we guide you through the Business Settings menu that allows you to adjust your settings
It important to configure your Business Settings before loading any new entities to Class especially during New client transitions, this article includes;
- Business Defaults
- Feeds Console
- Business Yield Defaults
- Client Access
- Fund Defaults
- Integration Settings
- Investment Register Settings
- Security Settings
Navigate to Business Level > Settings > Fund Defaults
On the Business Defaults tab, a user with administrator or access controller access can set business level defaults for the Feeds Console and Business Yield Defaults.
The Feeds Console setting on the Business Defaults tab allows you to display unlinked assets on the feeds console. This means that if a feed has not been set up for an account, it will show as unlinked.
You can manage whether or not you wish to show unlinked holding accounts per the Feeds Console screen by selecting the appropriate option.
Business Yield Defaults
Yield defaults can be set for market types that do not receive a data-feed, i.e. those that are unlisted or user-created such as property accounts. The default value will then apply to all holding accounts that are created for that market type.
To enter the Business Yield Defaults, type the required percentage in the relevant field under Yield,%.
The Client Access tab allows users to turn on or off client messaging and set notifications for client messaging.
|Client Portal||This is automatically set to Client View|
|Enable messaging to Member/Trustees||This allows you to Enable or Disable client messaging for Client Vie|
|Admin notification recipient||This automatically sets to Disable.|
The Fund Settings tab allows for Business Level configuration of Fund Policies, Integrated Services and Tax Returns. For general information on these settings please refer to Fund Settings.
Any setting at a Business level is overridden by a different setting at Brand and Fund level. Please also note that the setting only impacts funds as they are loaded onto Class. Changing these settings at either Business or Brand level will not affect the settings in funds already loaded.
- Days Tolerance (in Beta) Relates to the feeds auto-matching engine and allows for a tolerance in the number of business days to match cash and business events. A value of 0 implies that there is no tolerance and that the cash and business events need to be on the same date for auto-matching to match. A value of 1 or higher would accommodate the number of days difference that can be auto-matched.
- Value Tolerance (in Beta) Relates to the feeds auto-matching engine and allows for a tolerance in the value of a transaction to match cash and business events. A value of 0 implies that there is no tolerance and that the cash and business events need to be of the same value for auto-matching to match. A value of 0.01 or higher would accommodate the value difference that can be auto-matched.
- Use Tax Effect Accounting - Default is No, Select Yes to enable tax effect accounting
- Gross Franking Credits - Select Yes to have dividend franking credits included as fund income, Select No to have franking credits treated as tax adjustments only
- Merge Market Gains - Select Yes to have unrealised and realised gains and losses in the Operating statement merged under the heading of Market Gains, Select No to have realised and unrealised gains and losses reported separately
- Report Member Benefits Paid As Expense - Select Yes to have member benefits expense appear in the Operating Statement, Select No to have member benefits appear in the Liability for Accrued Benefits note in the Notes to the Financial Statements
- Unpaid Present Entitlements Classification - Determines how unpaid present entitlements are accounted for (Trust entities only). Select from Equity or Liability method
- Asset Valuation Method (Portfolio or Trust) - Determines how the assets are valued after a period update has been run, for SMSFs this is always set to carry assets at market value Default for Portfolio is to carry assets at book cost, can be changed to carry assets at market value
- Include CWD in Accounting Book Cost (Trusts) - Capital Works Deductions will reduce the accounting book cost of the property and show on Profit and Loss Statement as an accounting depreciation expense when this is set to Yes
- Asset Valuation Method (Companies and Partnerships) - Determines how the assets are valued after a period update has been run, for SMSFs this is always set to carry assets at market value Default for Portfolio is to carry assets at book cost, can be changed to carry assets at market value
- Actuarial Certificate Provider - Using the drop-down list, select an actuarial provider that automatically integrates from Class.
- Annual Return Address Default - Select which address will show on the Tax Return
- Annual Returns Super Payments and EFT Default - Select which EFT details will show on the Tax Return
On the Integration Settings tab, you can set up your integration with the following 3rd party systems:
- Xero Practice Manager (XPM)
- SuperStream Provider - The default is SMSF DataFlow. If you select another SuperStream provider from the drop-down, you will opt out the funds from receiving super stream data.
- XPM Client Account Key - If you use Xero Practice Manager, you can enter your XPM Client Account Key here to integrate Class and XPM for more details please refer to Xero Practice Manager Integration.
- Mandrill - Integration allows you to customise your client view invitation emails. You will need to set up a Mandrill account in order to get a Mandrill Key. Enter your Mandrill Key. The From email address field should be the email address that you want the invitation emails to show as coming from e.g email@example.com
Investment Register Settings
Investment Register Settings will allow you to set setting for how your fund or portfolio investments function.
- Parcel Match Method - Determines which strategy that will be applied for selecting cost base parcels when finalising the realised capital gain or loss from a sale. Select from First in, First Out; Last in, First Out; Maximise Taxable Gain; or Minimise Taxable Gain
- Property Market Valuation (Depreciation Worksheet) - Determines whether or not the property valuation should be adjusted by accumulated depreciation
- Track Property Valuations - Select whether or not to track property valuations
On the Security Settings tab you can customise the Client View inactivity time and user inactivity time
- Client view Inactivity Time - Select a time from the drop-down list. The nominated time selected, will automatically log-out a user accessing Client View after inactivity for more than the nominated time.
- Inactivity Time - Select a time from the drop-down list. The nominated time selected, will automatically log-out a user accessing Class after inactivity for more than the nominated time.
Learn how to set-up your Business Contacts, such as the Tax Agent and Auditor contact.