There is no need to transfer or migrate trusts that are currently on Class Portfolio. Once Class Trust is enabled for your business, your existing trusts will have access to the new functionality, i.e. you will see new fields in the Beneficiary Distribution event for the Capital Losses Reserve & Trust Income Definition Reserve, etc. and when you generate the Financial Statements it will use the new version.
Things to consider:
Depending on your type of Trust, there may be a couple of items to consider so you get the most from the new functionality:
If you have manually posted capital losses or income adjustments to the (general) Reserve
You can use the Equity Adjustment event to transfer money from the Reserve to the new Capital Losses or Income Adjustment Reserve.
Some of your trusts are unit trusts
In this instance, the first step is to change the trust type (i.e. to Fixed Unit Trust). Once you have done that, you will see you have Unit Buy/Sell Adjustment events for this Trust. You can add the unit quantity using these events or by adjusting the opening balance and adding the Contributed Unit Capital and Contributed Unit Quantity there.
Review your business settings
- Unpaid Present Entitlement classification (Equity or Liability)
- Carry assets at book cost or market value – now that Class has an automated Asset Revaluation Reserve, you may wish to use the Market Value setting for more of your Trusts, but this can be selected at a Trust level so you can have some at book cost and some at market value.
- Select to include CWD in Accounting Book Cost yes or no
Review your report packs
Add any additional new reports as required. Five additional reports exist specifically in Class Trust:
- Compilation Report
- Trustee Declaration Report
- Tax Accounting Reconciliation Report
- Statement of Net Income Report
- Statement of Distribution Report
Re-process Period Updates
Where you have already processed the 2020 period update before Class Trust was on and you want to run the new Tax reports, you will need to re-process the period update.