This article will provide you guidance on how to successfully transition your funds onto Class, from Desktop.
You will need to complete the following steps;
- Prepare to Retrieve Data
- Prepare Data File for Transition
- Prepare Fund Specific Reports
- Submit Files to TMS
Refer to below to see detailed instructions and data requirements to be uploaded to Class Transitions Management System(TMS).
Prepare to Retrieve Data
- Log all users out (this process can only be run when no users are on the system)
If your server is used for file serving or other processes you will need to have users disconnect from the server (this is in case the server needs to be rebooted)
- Ensure that each fund is 'Closed' for the relevant Financial Year, you can close this by;
- Going to Fund Menu
- Selecting Financial Year
- Click Close Current FY and ensure the correct year is displayed.
Prepare Data File for Transition
- Once all users are logged out, choose 'Database Management' from the 'Tools' menu. The backup option can be found at the bottom of this window.
Click Backups to run a new back up.
- Allow users back on to the system (The system can be returned to regular operation)
- You are required to give a list of funds and the 'Backup' of the MS SQL database that contains the funds you wish to migrate.
Prepare Fund Specific Reports
Run below reports for each fund you would like to transition.
|- Member Statements|
|- Trial Balance and Detailed Balance Sheet and Operating Statement|
|- Investment Valuation Report as at book close date|
|- Investment Summary|
|- Annual Return as at book close date|
|- Total Super Balance (if records available)|
|- TBAR cancellations and pending cancellations (if records available)|
|- TBAR Events History (please use Manual data collection form for SMSF)|
|- For Wrap and Broker accounts, please provide either a 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|
Once all reports have been added for each fund folder, place the fund folders in to a batch folder. Zip your batch folder ready for uploading.
Submit Files to TMS
For step by step instructions on how to submit your files please see the Transitions Management System article.
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