Welcome to the March edition of Class FAQs.
This month we would like to show you a few Help Centre articles that will help increase the efficiency of processing SMSF on Class.
Bulk Processing
- Bulk Classify Cash and Bulk Generate Income and Auto match at the business level
- Bulk processing corporate actions at the business level
- Process Authority forms for Data feeds in Bulk at the business level
Warning: Please refrain from processing auto transaction rule for employer contributions, as these contributions typically flow through from the SuperStream message. Creating an auto transaction rule for employer contributions may result in duplicated business events.
Data Feeds
Ausiex
Ausiex has ceased to be part of the CommSec Adviser Services. The provider is presently in the process of updating the new form. Activation of any new data feeds from Ausiex will require adviser authority If you currently have data feeds from the product(Ausiex (Formerly known as Commsec Advisor Services),you may observe a warning message indicating that Account Holder authority is disabled until further notice on the feed console. Please be aware that this will not impact existing incoming data feeds. However, this will apply to the activation of new data feeds
Here are some useful articles to help you maximize the potential of Class through effective data feeds management. Here's what you need to know:
- Data Feeds Overview: Discover more about the 200+ supported feeds by exploring our comprehensive Data Feeds Overview
- Data Feeds Status: Stay informed with real-time updates on any issues with your data feeds by visiting the Data Feeds Status page
- Quick Reference Guide: This guide will help you work out who to send the signed data feed authority forms to.
- Resolving Duplicate Holdings: Encounter duplicate investment holdings when your data feeds started? Refer to our article for step by step guidance on resolving this issue
- Feeds No Longer Active Status: Learn about the possible reasons behind inactive data feeds and how to address them in our informative article.
- Data Not Flowing Through: Facing challenges with data not loading after a specific date? Our solution guide for "Fund End Date" or "Do Not Load Data After Date" issues has got you covered.
- Unbalanced Macquarie or Hub24 Feeds: If your Macquarie or Hub24 feeds are unbalanced or missing transactions, utilize the Request History button to fill in the gaps seamlessly.
- BSB Validation Enhancement: Our recent enhancement validates BSBs of bank accounts when you setup new bank feeds, providing prompts for unsupported BSBs. Check out the user guide page for a list of unsupported BSBs.
- NAB Data Feed Reactivation: In case your NAB data feed has ceased due to a BSB number change, learn how to reactivate it effectively through our detailed instructions.
Tax statements processing
Tax Statements on Class can be created in four different ways:
- Automatic - by generating them in the Tax Statement Console (for directly held investments only)
- OCR (Optical Character Recognition) - by uploading and extracting the data from a file in the Tax Statement Console
- Wrap/Platform feed - some data feed providers that support tax statements as part of their data feed. Otherwise retrieving Tax Statements is available for investment in Wrap accounts which do not have an Automated Tax Statement feed provided.
- Manually entered - when none of the other options is available.
This section of the Help Centre provides an overview of the above 4 options.
Tax Statement Console FAQs article provides answers many questions about this functionality.
An additional reminder to ensure that Tax Statement Processing is recommended to be completed after all Investment Buy & Sells, Processing Corporate Actions, Ensuring all unit balances reconcile before you Generate Income to ensure that Automated Tax Statements can be processed most efficiently.
How to Enter a Tax Statement with AMIT and How to Enter a Tax Statement with Expenses are also a couple of very helpful articles.
Webinar and Training
From 13 February 2024, our dedicated support team have been hard at work to provide the "Four Steps to Lodgment" webinar series - a comprehensive four part series on processing in Class. If you're relatively new to processing in Class, we invite you to watch the completed webinars in our extensive Library of Recorded webinars before joining our team live by Registering at the links below for the remaining Live Webinars complete with in-app demonstrations guiding you through each step. Our aim is to provide you with the knowledge to facilitate a seamless experience from new fund setup to lodging SMSF returns.
|
Date |
Title | Link |
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13 Feb 2024 |
4 Steps to Lodgment- Step 1 Data loading |
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29 Feb 2024 |
Processing Wind Up Fund |
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14 Mar 2024 |
4 Steps to Lodgment- Step 2 Transaction Processing & Reconciliation (Part 1) |
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26 Mar 2024 |
Explore Property Processing in Class |
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09 April 2024 |
Tax Calculation- Investments Disposal |
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11 April 2024 |
4 Steps to Lodgment- Step 3 Reconciliation (Part 2) & Reports |
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24 April 2024 |
4 Steps to Lodgment- Step 4 Year End & Lodgment |
Registration Link |
Be sure not to overlook our prominent pop-up notification detailing how to register for our upcoming webinars
For those interested in our live zoom paid training, consider joining our monthly Class Essential Training. Alternatively, we offer a complimentary online course, Class Essentials, covering modules and topics presented in our live training courses. These modules can be attempted in any order, and upon completion of all, you will receive a certification of achievement.
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