This article outlines information about the migration of Foreign Bank accounts in Class to a new foreign bank account type including:
On Saturday 6th July 2024, Class migrated all existing foreign bank accounts and associated transactions
Overview
Class has created a new foreign bank account for the primary purpose of preventing Period Update errors when the bank account goes into negative balance. The new foreign bank account has update parcel matching to prevent period update errors but functionality will look and feel very similar to before.
Reason for the new foreign bank account
The original implementation of foreign bank accounts in Class was not able to handle situations where the account balance went into a negative balance. This resulted in error messages when trying to run the Period Update for the period where the balance was negative.
While a workaround has helped clients overcome this issue until now, Class has re-engineered foreign bank accounts to provide a seamless experience and prevent encountering these errors. Foreign bank accounts can now be processed with negative balances.
FAQ
How do I create a new foreign bank?
Select foreign bank under the Investments menu.
Which foreign bank accounts have been migrated?
All foreign bank accounts including those with a zero balance or suspended have been migrated.
Are there any changes to reports?
All reports will retain the same look and feel.
Do I need to process foreign bank transactions differently?
The processing of foreign bank transactions remains unchanged, you do not need to do anything differently.
What was migrated?
All details from existing foreign bank accounts were migrated including the name, security code, foreign cash tax election, data feed connection and asset classification. Transactions and associated parcels for foreign bank transactions were also migrated.
Where if there was a Period Update error relating to foreign bank having a negative balance before the migration?
This will no longer cause an error in the new foreign bank account.