How do I finalise a fund for a financial year?
A majority of this work will be completed using the Period Updates screens.
Step 1: Initial Steps
Step 2: Running the Period Update
Step 4: Lodging the return
Step 5: Closing the financial year
There are several steps or checks you need to complete before you run your Period Update for the year.
Enter the pension exempt percentage
Navigate to Fund Level > Settings > Fund SettingsIf your fund has pensions and requires an actuarial certificate, you need to enter the pension exemption percentage into Class once you've received it from the actuary.
For more details, please refer to Requesting an Actuarial Certificate
Complete any parcel matching
Navigate to Fund Level > Periodic Processing > Maintain Parcel MatchesBefore running a Period Update, you should complete any manual parcel matches first. When you sell an investment in Class, you do not select the parcel you are selling. To complete the sale process you can manually match the parcel(s), or you can let the Period Update automatically do it for you, using the 'First in First Out' method.
For assistance with parcel matching, refer to Maintain parcel matches.
Review the exceptions report
Navigate to Fund Level > Reports > Exceptions ReportThe Exceptions Report will highlight any potential issues the fund may have. We recommend you review the Exceptions Report before running a Period Update. This report may highlight issues such as distribution tax statements that have not processed, Unallocated Profit and negative holdings.
Refer to the User Guide for more information on the Exceptions report.
- Other reports to review/check
Apart from the Exceptions Report, you should run a series of other reports for reviewing your fund or portfolio. You may consider setting up a Report Package if you want to run these same reports each time for multiple funds.
Some of the reports we suggest running are:
- Investment Summary Report - to check holding balances and their market values are correct (in conjunction with the Investment Revaluation Report)
- Investment Revaluation Report - to check the value of an investment and from what date that price applies
- Investment Disposal Capital Gains Tax - to check the disposals processed
- Investment Income Summary Report - to check the income processed for each investment
- General Ledger Account Movement Report - to check income and expenses are allocated to the correct account. You can also check any receivables and payables have been accrued correctly.
- Member Statement - to check the movements for each member account. Ensure contributions, rollovers, pension payments, etc. have been processed to the correct accounts.
Running the Period Update
The Period Update process does the following:
- allocates all of the profits to the member accounts
- completes any unmatched parcel matches using the parcel match set for the fund in Investment register settings
- revalues assets and all other necessary year-end adjustments
Refer to the User Guide for detailed instructions for running the Period Update.
Finalising tax and preparing the Annual Return
Once you have run one or more Period Updates for the complete financial year (i.e. the latest Period Update has a 'To Date' equal to 30 June of the relevant financial year), you can run the finalise tax process. This process finalises the tax calculation and prepares the tax return.
Refer to the User Guide for detailed steps on Tax Finalisation and Generating the Tax Return
You may use the tabs across the top of the screen to view the various sections of the tax return. You have the option of printing the tax return by clicking the Print button at the bottom of the page.
You can skip to the next schedule of the tax return by clicking the Next Schedule button. Once you have completed reviewing the tax return, you can click the Back button to return to the Annual Return Summary and then click the Back button again to return to the View Financial Year screen.
If there are any validation messages when attempting to lodge the tax return, you will need to address those issues before lodging the return.
Lodging the return
Submit the return to the tax agent for lodgment.
Refer to Lodging an Annual Return in the User Guide for further information.
Closing the financial year
Once you have completed reviewing the financial year, you may close the financial year.
For further information refer to Closing the Financial Year in the User Guide.