The year-end process in Class revolves around the Period Update which does a lot of key tasks such as revaluing listed investments, allocating profit or loss and tax. At year-end, it is quite normal to run a period update, check key reports and roll back the period update if changes are required to be made. It is very easy to roll back and redo a new period update.
After the Period Update, you have the ability to request an Actuarial Certificate from one of our integration partners if you need one and then process a Tax finalisation to generate a Tax Return (SMSFs only).
When you are ready to send accounts to the auditor make sure you close off your year so that no changes can be accidentally made whilst the fund is being reviewed by the auditor. You can still update the date the audit was completed when the auditor has finalised everything without re-opening the year but if you do need to make a change it is also easy to re-open the year.
This article includes:
Key Learning Modules
The Key Learning Module and what it covers for Year-End is listed in the table below.
You need to complete the Class Fundamentals Course in order to progress to the below-listed course.
|Module Name||What this Module Covers|
Key Learning Articles
Links to recommended articles for this section
|Article||What's in this article|
|Fund Settings||Under the Fund Defaults section, this article explains how to set up fund policies|
|This article explains the different sections of the exceptions report and how to fix your Class data for any anomalies that may show on the report.|
|This article explains how you can request an Actuarial Certificate from different providers and what you need to do once the Actuarial Certificate has been obtained|
|This article explains how and when to run a period update as well as how to reverse them|
|View Fund Expenses Pension Exemption Calculation||This article shows you how to review the Fund Expense Pension Exemption Calculation|
|Tax Finalisation and Generation the Tax Return||This article shows you how to run tax finalisation (SMSF & Trust) so you can generate your Annual Return (SMSF only)|
|Accounting Reports||This article includes the Realised Capital Gains - produces a summary of all realised capital gains/(losses) for the fund. Runs for a specified Start and End date.|
|Tax Reports||This article includes the Statement of Taxable Income - provides a reconciliation of all figures presented in the tax return and provides a break down of the transactions that affect the figure in the annual return|
|Member Reports||This article includes the Member Statement - provides member benefit balances as well as showing net movements in the member accounts. Runs for a specified Start and End date.|
Best Practices: Learn More about Best Practice by reviewing the Best Practice Processing article.
Well Done you have now completed the Getting Started article series.
Next, take a look at our User Guide sections here.