Overview
A new data feed from North has been added into Simple Fund 360. The following information is imported through the data feed:
- Investment transactions
- Income transactions (dividends, distributions, interest)
- Bank transactions
- Bank and Investment balances
Authority Process
North adviser will need to activate the data feed via North Online.
Please refer to the following document for detailed instructions on how to complete this process:
How to link a SMSF administration service to a MyNorth account
Setup in Simple Fund 360
To set up a North data feed within Simple Fund 360, please navigate to the Feed Management screen and follow the below instructions.
| From the Main Toolbar, go to Connect | |
| Select Feed Management from the list. | |
| Select the Wraps and Platforms Global tab. |
Within the Feed Management screen, click the blue Setup button to create a new feed.
- Entity - Ensure that the correct entity has been selected.
- Feed Provider - Select ‘North’
- Account ID - Input the Account Number for the wrap account
- Bank Account - Select a Bank/Cash Account to link to this feed
- Do not import data before - Users can restrict the data that is imported by the feed by inputting a date. Clicking on the three dots will allow you to also enter a Do Not Import Data After date. If data has already been manually entered, this step will be necessary to prevent any duplication with manual work.
- Import Distribution Components. Select toggle to have the distribution tax components imported into Simple Fund 360. Users can turn this function off to allow flexibility to have all distributions imported with zero tax components and for users to enter in the tax figures at year-end.
- Account Mapping - Users are required to link asset accounts to the feed to ensure that data is allocated to the desired asset accounts. If this step is not completed, the system will create new accounts to allocate the data. If this results in duplicate asset accounts, please refer to our help article Wrap Feed has created duplicate accounts?
- Holding Accounts Report - Once BGL has begun receiving a data feed for the account, users can generate an excel report which displays all asset accounts and corresponding Security Codes and Portfolio Codes. This can assist with the Account Mapping process.
- Save - Click this button to ensure that any changes made are saved.
FAQ
Simple Fund 360 does not have a SMSF reference number located within the product. North has advised that the SMSF reference number is not mandatory and can be left blank. Alternatively, users may enter their Account Number from the North statement as their SMSF reference number.
The turnaround time will differ for each wrap and investment platform. If you do not receive a response within a week, please follow-up directly with the relevant wrap or investment platform.
The system can automatically match the following types of transactions provided that the debits and credits reconcile between the transactions and that the transactions are recorded within a similar date range.
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Investment movements (Buys and Sells) and the corresponding Bank movement(s).
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Income movements (Dividends and Distributions) and the corresponding Bank movement(s).
Any transactions which have not been automatically matched or coded by the system will need to be actioned manually.
If the Account Mapping process had not been completed when setting up the data feed within Simple Fund 360, then the system will create new accounts to allocate the data to.
If this results in duplicate asset accounts being created, please refer to our help article Wrap Feed has created duplicate accounts?
Simple Fund 360 automatically updates wrap feed distribution transactions with their respective final tax components when the annual statement is made available.
Please note that only cash components information are distributed through the data feed. Non-cash income components like AMIT is currently not available through the data feed.
For more information, please refer to Distribution transactions and tax components.