Welcome to September edition of the Class FAQs.
Processing New Fund Setup
This article helps to guide you on how you can setup new funds in Class along with recommendations based on specific scenarios and requirements.
- Class Transition Management System (Chargeable Service): The Class Transition Management System offers transition service for fund setup, albeit as a chargeable service. This option is particularly advantageous when dealing with more complex scenarios, such as transitioning multiple funds or managing funds with numerous investment accounts and parcels. Choosing the Transition Management System can optimize both cost and time efficiency. To use Class Transition service, you will need to login TMS system , upload the data files require for fund setup whereby a batch number will be created for you to monitor, review and reject/accept the fund upload jobs.
- New Fund Wizards: . You can go to Business> New Fund Wizards tool to setup fund directly from Class apps. It is an ideal choice when dealing with setting up first-year funds that have no opening balances. This user-friendly interface simplifies the setup process for straightforward fund structures, ensuring a seamless experience for users.
- Excel Fund Loader via Fund Transfer Data Report: This method is most suitable when transitioning funds from a previous accountant who utilizes the Class platform. To proceed with this option you will need to request the previous accountant to download the fund transfer data report . Once obtained, the data can be imported into Class using the Excel Fund Loader.
- Excel Fund Loader - Business Level: For users who prefer a hands-on approach, you can download a copy of Excel Fund Loader via Business Level> Business>Excel Fund Loader. You can download this tool and use it to input the necessary data for new fund setup. This option provides greater control over the process and is especially useful for those who are well-versed in Excel and prefer a DIY approach.
Tax Statements Processing
Class has initiated the release of automated tax statement template for Financial Year 2023 (FY23) on a weekly basis. You may view the status and Class release date schedule for ASX Listed Securities, Managed Funds and MFunds tax statement templates which will be supported by Class for Financial Year 2023.
We note that the date of release listed here is the expected date of release by the investment provider. Class does not receive an automated tax statement from the provider, therefore once the tax statement has been released, our team goes through a thorough process to ensure the accuracy and validity of the data prior to releasing this to the platform. This is the reason you may notice a delay between the release date from the provider to when this is available through the Tax Statement Console.
To expedite the process of tax statement automation, we strongly encourage you send tax statement template requests to support@class.com.au and provide us with annual tax statements for the fund you are processing. For more details, please refer to the 'Prerequisites' and 'Tax Statement Template Request Details' sections in the article Tax Statement Template Request.
You have the flexibility to process tax statements using one of the following four methods:
- Automated (Highly Recommended!) -This method involves generating tax statements in the Tax Statement Console. Our latest release enhancement will now enables you to retrieve tax statement automation even if your investments are linked to wrap/platforms feeds. For a comprehensive guide, please consult our Help Centre article, accessible through the provided link.
- OCR (Optical Character Recognition) -Utilize OCR by uploading and extracting data from a file directly within the Tax Statement Console.
- Wrap/Platform feed - some data feed providers that support tax statements as part of their data feeds. This data will seamlessly flow as part of the business event under automated feeds.
- Manually entered -When none of the aforementioned options are available, manual entry can be employed to process tax statements.
Data Feeds - Setup Guides & Statuses
Setup Guides
Class provides a large number of automated data feeds from a range of providers. You can find out whether there is an available feed by access our Data Feeds - Overview page. From here you can find important information for each Data Feed regarding what data is included in the Feed and you can also quickly access the individual Help Guide page for each data feed.
Given the increase in digital signatures, any Feed that will accept electronically signed documents will be noted in the individual Feed Help Guide. This will include details of which e-signature platforms are accepted along with the additional information required to be included such as the audit trail for the e-signed documents. An example can be found here with Macquarie Cash.
Data Feed Status
From time to time, Data Feeds may stop due to a number of different reasons. If the data feed has stopped or you notice issues with the data, you can check the status at any time by visiting our Data Feed Status page.
You can search this page by using Ctrl + F and typing the name of the Feed or simply scroll through the page. Only Feeds experiencing a known issue will be shown here.
My Feed hasn't started - what do I do?
Most data feeds take up to 10 business days to be activated by the provider and we request that you wait this amount of time prior to following up with Class Support.
If it has been more than 10 days you can do the following:
- Ensure you have followed the correct setup process per the individual Help Guide article for the relevant Feed. Some feeds require additional steps after you have uploaded the signed Authority or selected the relevant Adviser.
- Check the Feed Status on in the Feed Console. If the provider has rejected the Feed, they may provide the reason here. You can see a list of Data Feed Provider Responses here.
- Once you have done the above you can request a Data Feed Follow Up by following the steps in this Help Guide article - How to log a feed follow-up request directly from Class
To view the FAQ newsletters from previous months, please click here.
As always, you can contact the Class Customer Service team on 1300 851 057, Chat with us via Live Chat, or email us at support@class.com.au