Upon finalising your transition we have placed a specific "Transitions Report" in your report packages screen.
Please use this report pack to check your opening balances match the data from your old systems data supplied to our team
Navigate to Business Level > Reports > Report Packages > Transitions Report
Complete the following steps to Review your Entities
- Basic Fund Details
- Cost Base History/Tax Deferred/Investment Codes
- Member Details
- Beneficiary
- Unit Holding
- Property
- Statement of Financial Position
- Feed Products
- Adjusting Opening Balances
The table below runs through the recommendation of what to check and what reports in the pack to use.
Basic Fund Details
| What To Check | Tips | Class Report to use |
|---|---|---|
|
ABN, TFN, Contact Details. |
Only need to check for non-automated transitions. For automated transitions these details will be exactly as they were entered into the old system, so you may need to check them in the event that the details are out of date. |
|
Cost Base History/Tax Deferred/Investment Codes
| What To Check | Tips | Class Report to use |
|---|---|---|
|
Cost base of assets compared to your previous system. Tax-deferred per Investment Investment codes |
Market values per our reports may vary slightly from your own, however, this is due to Class automatically picking up market prices and applying them to the holdings. If you check the opening balances screen you can see the market values that were originally entered. If the investment was already linked to an ASX/APIR code in your old automated system, it will be linked to the same codes in Class. If the assets were not linked we will attempt to match your holdings to the correct ASX/APIR codes. Double check the codes are correct in this case. |
|
Member Details
| What To Check | Tips | Class Report to use |
|---|---|---|
|
Member Details (e.g. DOB/TFN) Preservation & Taxable Components Pension Type & Start Date |
Member Details (e.g. DOB/TFN) do not need to be checked for migrations from BGL & Desktop Super. Pension Start dates for all ABP & TRIS pensions will be set as 01/07/07 if they were started prior to this date. The initial start date will need to be entered manually. |
|
Beneficiary
| What To Check | Tips | Class Report to use |
|---|---|---|
|
Beneficiary Details (e.g. DOB/TFN)
|
Need to review if basic beneficiary details, including address information, provided earlier to transition team match to Class reports. Beneficiary type on Class can be either 'person' which represents individuals or 'organisation' which represents company/partnership/trust. |
|
Unit Holding (only for unitised trust)
| What To Check | Tips | Class Report to use |
|---|---|---|
|
Unit Holding & Contributed Unit Capital
|
For a specific beneficiary/ies for unitised trust there can be multiple branches of unit holding and contributed unit capital that represents different Class of Units (e.g. A Class, B Class) and type of Units (e.g. pre 2009, post 2009) |
|
Property
| What To Check | Tips | Class Report to use |
|---|---|---|
|
Check property value is correct Check depreciation is correct |
The depreciation worksheet only needs to be checked if this is set up by the transitions team. Note that we will only combine the fixtures and fittings accounts if this has been requested. |
|
Statement of Financial Position
| What To Check | Tips | Class Report to use |
|---|---|---|
|
Ensure all balances tie into the statement of financial position from the old system. |
Please note that there may be some discrepancies with how your old system treats some accounts (e.g. debtors or income tax payable/refundable) and how they will appear on Class. |
|
Feed Products
| What To Check | Tips | Class Report to use |
|---|---|---|
|
1. Ensure all Wrap and Broker Accounts details (including holding reference codes) tie into Wrap and Broker Account statements 2. Ensure for all bank accounts that BSB and account numbers tie into bank account statements |
Please ensure to check this for automated and non-automated transitions. |
|
Adjusting Opening Balances
In the fund opening balances screen you can make quick changes to the Opening Balances of your Entity.
While we encourage you to make any minor adjustments to the opening balances, if there are wholesale changes you should reject your fund via Transitions Management System (TMS) the transitions team will fix this for you.
Navigate to Fund Level > Fund > Load Opening Balances.
You can navigate through the various tabs at the top to make any necessary adjustments.
For example, if you wanted to change the acquisition date of the property, find the property by scrolling down and click on edit parcel history:
Make any necessary changes, and make sure you click on save:
You can also make changes to member balances, reserves, tax position and assets and liabilities (i.e. accruals).
Once you have made the changes, ensure you review the opening balances by clicking on the review button at the top of the page, ensuring that the fund still balances. If you are satisfied with the changes, click on the submit button:
Please review the user guide for a more in depth understanding on the workings of the opening balances screen. Please see enclosed link to the User Guide article Load Opening Balances and Transition Review Guide