Live Reports

This month we’ve updated our Live Reports including Statement of Financial Position, Operating Statement & Trial Balance to address feedback raised on our customer feedback portal and resolve an issue with the printing of these reports.

Updates to the reports include:

• Text will no longer overlap figures on the reports and when printing
• Update the look and feel of the reports and retaining the ability to expand and collapse detail for ease of review
• Comparison period now shows by default for quicker access
• Current year now displays on left side to align with industry standard format for these reports
• Selected dates will be retained when switching reports
• Account Postings shortcut will open in a new tab for a quicker review
• Date shortcuts from the date picker are retained and documented here 

ASAE 3402 Type II Report on Tax Statement Automation

• On February 19, 2024, Class successfully renewed its certification under the ASAE 3402 framework, as set by the Auditing and Assurance Standards Board, for its Tax Statement automation services.
• This KB article provides the detailed instruction on how to make request for this report. 

Data Feeds

• We've implemented data feed validations across more than 130 BSBs where automated data feeds aren't supported by the provider. This update enables you to streamline your efforts by concentrating on activating data feeds for supported BSBs. Moving forward, this enhancement will affect any ongoing data feed setups for unsupported BSBs, as well as new bank accounts being set up in Class. You'll notice the status of these feeds displayed as "Manually Imported." This refinement aims to optimise the workflow and ensure efficient data management.
• The user guide page here lists the unsupported BSBs

Property & Depreciation

We’ve implemented several enhancements for property accounts to prevent errors:

• Renamed property parcel adjustment types in the Load Opening Balance screen to make it clearer where to record adjustments and accumulated depreciation
• Added validations for parcel adjustment types for property to provide guidance when positive and negative numbers need to be entered which will prevent common setup errors
• Implemented a new error message in the Property Settlement event when a deposit event for that property hasn’t already been created
• Disabled editing of the Remaining amount field in a Property Settlement event to prevent unsettled trade displaying in the Financial Statements
• Added an error if you attempt to create a manual depreciation event in subsequent financial years, when a depreciation worksheet already exists for that entity

Bug Fixes & Other Updates

• Tax Statement Retrieve function has been updated so it works for entities with no opening balance
• Business Level Feeds Console has been updated to correctly display the consistent status that is displayed at Fund Level Feed Console
• We’ve added support for an additional 13 Corporate Actions for January documented here and an additional 20 for February which are here.
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