This article will teach you the step by step process of processing the demo SMSF for the year ending 30 June 2019 (no cash transactions exist after this date).
These instructions may be slightly different if you have an older demo SMSF loaded in your Class Business. If the start date of your Demo is before 01/07/2018 you can raise a support ticket addressed to the Class Consulting team and ask for new demo SMSF and/or Trust to be loaded in your Business.
- From the Browse Funds screen search the word "demo"
- Select the Demo Superannuation Fund
- Navigate to Feeds > Feeds Console > select the Demo Broking Account
- The product is already pre-filled for you, you just need to click the "Load Demo Data" button which will provide a historical transactions
- Confirm Historical Data Request. The 'From' date will default to 01/07/2018 which is the fund start date on Class.
If the From Date is later it is likely because you have entered manual transactions. In this case the From Date will be the day after the last manual transaction date but you can still manually override this date
- Navigate to Investment Holding shortcut and check the balance reconciliation of investments. You should notice that the Macquarie CMA has no data feed (quantity in black), BHP & Coles are unbalanced (quantity is red) and all other investments except for the property are reconciled (quantity is green).
- Navigate to Feeds > Feeds Console > select the Macquarie CMA bank account.
Click "Load Demo Data" and leave the from date as 01/07/2018 in the Confirm Historical Data Request pop-up
- Navigate to Investment Holding shortcut and after waiting 1 minute for transactions to load refresh the screen to check the bank balance is reconciled (quantity should now be green).
- Navigate to Investments > Browse Corporate Actions select the BHP corporate action first
- Enter 1,000 units in the Participating Quantity for BHP shares. These are being sold through off-market Buy Back. You do not need to change any other field
- Select the Wesfarmer corporate action spin-off of Coles and after reviewing the information click Submit.
- Navigate to Match Transactions shortcut and click Generate income
- In the pop up box check the tick box 'Create announcements prior to Opening Position' this creates business events for dividends of listed security where the ex-dividend date was prior to 30 June
- Click the Refesh button before clicking Create Income Events
- Click Automatch to match off the transactions
- Leave the Extended Search Days to Auto and click Run Automatch and Save Suggested Matches
- In the Match Transactions screen next to a transaction with 'Pension Payment' in the description click on the Menu and Create Rule For
- Select Classify As 'Drawdown Payment (Proportional)'
- Tick the box for both pension accounts - This will allocate minimum pension payments for both accounts then click Save
- In the Match Transaction Screen also create a Transaction rule for the 'BMC Employer Contribution' transactions. Classify these as Member Contributions select Ritchie Porte and 100 Employer Mandated
- If you haven't already matched off the transaction that the Transaction Rule suggested click Run transaction rules and Create Business Events
- In the Match Transaction Screen click theMenu and Match To New next to 'ATO Refund'
- Select Fund Expenses > Fund income tax payment then click Submit
- Navigate to Periodic Processing > Tax Statement Console select the 2018-19 Financial Year Click the tick box to select all and click Generate to generate the tax statements
- In Reports check the Exception Report all the fields should be validated.
- Go to the Period Update shortcut and select the 2018-19 Financial Year
- Process the Period Update followed by a Tax Finalisation then Close the Financial Year then you can generate a Report Pack to review the Financials.
We will teach you Demo Trust Processing