This article will provide you guidance on how to successfully transition your funds onto Class from BGL Desktop.
In order for the Class Transitions Tool (CTT) to work, you will need to download the CTT to the computer where the BGL application is installed, or where you have network access to the BGL Simplefund data files.
Note the below prerequisites:
- You must have write access to the folder/drive where you save the tool.
- You must have .NET installed on your computer. Ordinarily, most computers will have .NET already installed. If you do not have .NET, you will need to liaise with your IT to download and install .NET on your computer. You can access Microsoft .NET here.
We will guide you through the following;
- Downloading the Class Transitions Tool
- Preparing your Reports
- Using the CTT to Load your Funds
- Uploading your Funds to your BGL File
- Submit Files to TMS
Downloading the Class Transitions Tool
You will need to download the latest version of the Class Transitions Tool by clicking the link below;
Once you click on the link you may get a pop-up message requesting that you confirm you trust the source the application is coming from as shown below:
- A file will appear at the bottom of your screen, select the arrow on the right-hand side.
- Select Open
- You will see the following files: ClassTransitionsTool & ClassTransitionsTool.exe.config
- Save these files on your desktop (depending on the type of pc you have these steps for extraction can be different). The CTT is now ready to use.
Contact us if you use Citrix or terminal services for additional instructions if not using the portable version.
If you have already installed this installer application prior to 20/08/2015, then please uninstall the application and then reinstall from the above link.
Preparing your Reports
We will require the following reports in order to load your funds:
|- Member Statements|
|- SMSF Annual Return|
|- Detailed Projected Investment Disposal (Profit/Loss)|
|- Trial Balance|
|- CGT Reset Cost Base (only required where the fund had applied for transitional CGT relief)|
|- Contribution Cap Report|
|- Total Super Balance (if records available in BGL)|
|- TBAR cancellations and pending cancellations (if records available in BGL)|
|- TBAR Events History (please use Manual data collection form for SMSF)|
|- For Wrap and Broker accounts, please provide either a recent Broker or Wrap statement that shows all of the assets held in the broker or Wrap account|
|- For bank account details, please provide either the bank statement with the BSB and Account Number clearly readable, or alternatively provide a list of BSB's, account numbers, and fund codes that the bank accounts belong to. If you have multiple bank accounts in a fund, you should also include a means for the team to tell which account belongs to which BSB/Account Number.|
Make sure you run the first 4 reports as a bundle, and don't change the default name of the report pack.
If you would like to run these reports in bulk, please follow the instructions here.
Once you have run the reports, you can just follow the steps below to upload your data files and reports to the TMS.
Using Transitions Tool to load your funds
Please ensure that you have downloaded the transitions tool prior to attempting the next steps.
- Click on the Transitions Tool icon that you have saved on your desktop
Depending on your security settings, you may encounter a security warning. Click run if you see this message.
- If you are already logged in to Class, you can just click on the Login with Class button to login to the CTT. If you are not logged in, you will be redirected to the Class log in screens to authenticate. You may need to enter in MFA details.
- Once logged in, the tool will try to automatically locate the drive that the SFUND directory is located in. If the tool fails to find the relevant directory, click OK then point the tool to the directory where your SFUND directory is located.
- Select the business and brand if it is different to what is listed:
- You can navigate to a different SFUND location by clicking here
- Select the funds you would like to load to Class.
- You can either select or unselect all
- Use this filter to show specific create entries date
- Click upload selected funds.
- Review and accept the fee schedule.
- Click continue
The Class Transition Tool will now upload your data to the TMS.
The Class Transition tool will create an unsubmitted batch in TMS. To submit the batch, click on the link in the TMS batch number column. This will take you directly to the unsubmitted batch. This will take you to upload files screen in Class, from where you can continue following the standard steps to create a batch on TMS per the instructions here.
There may be a short wait while the app points to the selected BGL folder location and collates all the relevant BGL data and PDF files. Its advised that you should limit your batch numbers to 20 funds at a time to avoid delays. For PDF files the app will be programmed to search and collate the Trial Balance, Financial Statements and Tax Return, but if these are missing in the BGL folder the TMS batch will also not show these missing reports.
If you are having trouble using the transitions tool, please see the article on manually loading the required data files.
Once all files are uploaded you go to TMS to review fund details and relevant files. The batch number is a hyperlink.
Submit Files to TMS
For step by step instructions on how to submit your files, please review the article on the Transitions Management System.
Timelines & More
It will take between 1 to 2 weeks for your funds to be loaded by Class. Please be aware that any missing details or reports may result in a delay in transitioning your funds. Once a fund has been loaded, we will advise you that this has occurred along with any assumptions we may have made during this process.
The Class Transitions team can perform additional services for you, including entering historical transactions, portfolio reconstructions, entering depreciation schedules, and data feed identification. For more information please see Additional Transitions Services