This article covers recommended steps to review other set-ups in Class once a fund has been transitioned.
It is highly recommended that you review the funds or portfolios and ensure other set-up considerations applicable to each fund/portfolio are completed.
Important Steps
The below steps are to be reviewed for each fund that may have the below requirements.
| Steps Recommended | Detail |
|---|---|
| Reviewing Entities Transitioned | You should have reviewed your transitioned funds or portfolios and Accepting them on TMS before commencing the next steps |
| Review Fund Setup | Guides you through steps to Review Funds |
| Assign Chairperson | Guides you through assigning the relevant chairperson to the fund |
| Adjust Foreign Cash Account in the Opening Balance | Guides you through Adjusting Foreign Cash in the Load Opening Balance Screen, where you have an entity with foreign cash accounts |
| Processing DRP Residual Amounts | Guides you through configuring DRP Residual amounts in the Load Opening Balances Screen |
| Processing Prior Year PAYG Instalment Not Accrued | Guides you through steps to Process Prior Years PAYG Instalments |
Other Steps
The following information will not flow through as part of the normal transition process.
We recommend you enter this information to ensure Class has the most up to date data recorded for all your funds. The below details will flow through various reports such as the Members Statement, Asset Strategy Comparison Report and so on.
Other Considerations SMSF
| Steps Recommended | Detail |
|---|---|
| Guides you through how to enter member insurance details | |
| Beneficiary Details | Guides you through how to enter any Beneficiary details, such as binding death benefit nominations |
| Member Transition | Guides you through how to record a particular Condition of Release, such a Retirement against the member |
| Prior Year Contribution Cap Information | Guides you through how to record any prior year contribution cap information |
| Asset Strategy | Guides you through how to enter an asset strategy |
| Pension Account Identifier | Explains how the Pension Account Identifier is created, best practice and steps to change. |
Other Considerations Trust / Portfolio
Please note for non-super entities the following information will not flow through as part of the standard transition process.
| Steps Recommended | Detail |
|
This is relevant if using the Investment Movement and Returns Report and by default, the balance will be set as zero. |
|
| Asset Strategy | This is a documented investment strategy (also known as an asset strategy) to sets out the fund’s investment objectives and specify the types of investments that can be made. |
| Investor details | 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. |
What's Next?
You are now ready to begin processing your first fund on Class. Refer to Processing a Fund article.