In this article, we will guide you through Best Practice processing. The following areas will be covered:
- Best Practice Processes
- Key Learning Modules
- Key learning Articles
- Best Practice Checklists
- More Resources
- What's Next?
Best Practice Processes
Processing in Class is a little bit different from traditional accounting software. You don't enter journals in Class, the key objective is to match off transactions e.g. cash to a Business Event. Class has an automated General Ledger which means that journal entries are taken care of for you by Class when you create and match off transactions.
Class has tools that automate many parts of the processing of an entity to help speed up the administration of an entity. To maximise the efficiency of processing it is very important to follow the order of processing so you don't have to repeat steps.
Key Learning Modules
The Key learning Modules for Best Practice Processing are listed in the below table and what you learn.
You need to complete the Class Fundamentals Course in order to progress to the below-listed course.
|Module Name||What this Module Covers|
|Introduction to Class||
|Class and the processing workflow||
|Processing in Class||
Key learning Articles
|Article||What's in this article|
|Processing a Fund||
We will run you through best practice order and steps to process a fund;
|Generate Income||Creates dividends and distributions for listed securities|
|Automatch||This will match two or more transactions that are within 7 days of the processed date, this could be Cash to Cash transactions or Cash to Business Event Transactions|
|Transaction Rules||Teaches you best practice in setting up and managing Transactions Rules|
|Match Transactions||Guides you through how to match other types of transactions not already matched by one of the automation tools|
Best Practice Checklists
The following checklists have been created to give you a quick reference guide to the Best Practice processes. These documents can be added to your practice's documented policies and procedures around how best to process with Class.
- How to Process a Fund.pdf
- Process Checklist for SMSFs.pdf
- Process Checklist for Trusts or Portfolios.pdf
Webinar: We have two really informative Webinars on the Data Feeds
Check out the next step 7 - Processing Investments & Property to learn all the steps to getting started with Investments & Property Processing.