Simple Fund Desktop requirements before migration

Read the following Simple Fund requirements to ensure funds to be migrated to Simple Fund 360 are ready to go:

Ensure you are running the latest version of Simple Fund

It is recommended to be on the latest version of Simple Fund. To download the latest version of Simple Fund, go to the BGL Client Centre > Your Support > Software Downloads.

Microsoft Windows Requirements

At least Windows 7 Service Pack 1 is required on the computer that is running the migration utility.

Error: Unable to connect to Simple Fund 360

If you are running at least Windows 7 Service Pack 1 and you are still getting this error, this could be due to connecting through a proxy server.

To test your connection through a proxy server:

1. Under the Home tab, click Defaults in the Setup group
   
2. Under the Tasks/Help tab, ensure that your proxy server settings are correct:
   
3. Click Test Connection to verify that Simple Fund can connect through the proxy. If Simple Fund can connect through the proxy, you will receive the following message: 
   Successfully connected to http://clients.bglcorp.com.au
   

Finalise Fund to Year End (30 June) and Balance Forward

Please note that Simple Fund 360 will support the 2012-2013 financial year going forward. As a minimum requirement the 30th June 2012 must be finalised in Simple Fund desktop before migrating to Simple Fund 360. It is also required that you Balance Forward to the next financial year in Simple Fund Desktop before migration. 

What is meant by finalised? 

A fund will need to be finalised to the end of the financial year in Simple Fund Desktop Prior to migration. 

• Year-end create entries completed in Simple Fund Desktop.
• Fund Audited in Simple Fund Desktop.
• Annual Return Lodged in Simple Fund Desktop.
• Fund Balanced Forward in Simple Fund Desktop.

Unallocated transactions cannot be migrated to Simple Fund 360. The following clearing accounts will need to be cleared to 0 before migration in Simple Fund 360:

• 491 Disposal of Investments Proceeds Account 
• 492 Member Clearing Account
• 991 Investment Upload Clearing Account
• 998 Data Upload Clearing Account
• 999 Suspense 

What should I do if I have transactions processed in future years? 

You have a few options available:

• If you are using the BGL Bank Data and Contract Note service, you can remove the future period transactions in Simple Fund and migrate your fund (BGL recommends completing a fund backup prior to deleting any transactions). Once the fund is migrated, you can then re-request the bank and contract note data directly into Simple Fund 360. For bank data re-request assistance, click here.
• If you have input bank statement transactions manually in Simple Fund, you can export these transactions into a CSV file; Once exported remove the future dated transactions from Simple Fund and then migrate the fund to Simple Fund 360 (BGL recommends completing a fund backup prior to removing any transactions). Once migrated, you can import the CSV data into Simple Fund 360. Refer to Migration - How to export a CSV for future period transactions. 

• You can wait until the next financial year has been finalised to 30 June and then migrate to Simple Fund 360.

If you require any further assistance with completing the above options, please contact BGL Support on 1300 654 401. 

Tax Return Lodgement in Simple Fund 360:

Please note that Simple Fund 360 will support the 2012-2013 financial year going forward.

• 30 June 2013 Annual Return - Paper lodgement only supported in Simple Fund 360.
• 30 June 2014 Annual Return onwards  - Electronic lodgement supported using SBR.

Input the Tax Free Percentage for active Pension Members

If a fund has an active pension member, a Tax Free Proportion percentage will need to be entered in Simple Fund. Select Click to auto resolve to automatically calculate the tax free proportion at the last create entries date.

Alternatively, you can input the percentage manually in the Members screen:

In Simple Fund, from the Ribbon Toolbar select Fund Data Input and then select Members. 

Select the member and then select the Member's Mode icon. 

Input the Tax Free Proportion and click Process. 

Refer to the BGL Wiki Article 429 for more information

Ensure Member Accounts have been setup correctly

This error message will indicate that an individual from the contact list has not been correctly attached to the member account listed in the Members screen. 

This error can also arise where a member does not have a Date Joined Fund input. Keep the migration utility open and enter Simple Fund. Select Fund Data Input | Members and review the Date Joined Fund column. The date the member joined the fund will need to be input. Select the checkbox to the left of the member and then select Edit. Input the date in the Date Joined Fund field.

If the date of birth has not been input, select Click to Resolve to input the date of birth for the affected member prior to migration. 

Please contact BGL Support for additional assistance on correcting the member account on 1300 654 401. 

Member accounts do not exist - The members listed below have missing member sub accounts

Keep the migration utility open and enter Simple Fund. Select Fund Data Input | Members and edit the member. To do this, select the checkbox to the left of the member and then select Edit. Select Save straight after and this will re-generate the accounts. Proceed with the migration. 

Ensure no Transactions are posted to Member Control Accounts

This error indicates the fund has transactions entered directly to control accounts such as 501 (members), 334 (depreciation) and 239 (dividends) instead of the sub account.

Please re-code the transactions from the control account mentioned in the error message to the correct sub account.

Keep the migration utility open and enter Simple Fund.

Filtering Transactions in Simple Fund Desktop:

From the Ribbon Toolbar, select Fund Data Input and select Transactions.

The Transaction Filter provides users with the ability to filter the transactions displayed in the Transaction Search screen.

Select the Account filter from the drop down Transaction Filter list. Input the control account from the error message:

Press [ENTER] or click  to display all matching records. Edit the transactions posted to the control account and re-code them to the correct sub account (334/001 for example). Repeat these steps for all listed control accounts in the error message. 

Ensure contact details attached to the fund are complete

All individuals attached to the fund must have a first name and surname in Simple Fund before you can migrate the fund. Keep the migration utility open and enter Simple Fund.

You will need to go to the People screen in Simple Fund (select Home >> People) to edit the individual's details and add the missing first name and/or surname.

Bank Accounts listing in Simple Fund Desktop

The following prompts will require a review of the Bank Account Listings in Simple Fund Desktop:

• "Bank accounts listed below must be linked to a chart account" - Any accounts in the listing that do not have a specified account number under the Chart Number column will need to be allocated an account (for example 604, 605).
• "Bank accounts listed below have identical BSB and account numbers recorded in the bank screen." - Ensure all bank details are correct and no two bank details entered are duplicated in Simple Fund Desktop.
• "Bank accounts listed must have an account name, BSB and account number" - A bank chart account will need to have bank details attached through the Bank Accounts screen prior to migration. Input the correct bank details in Simple Fund Desktop.

If you have on hand the banking details these can be input directly into the utility and linked to the correct chart account. Otherwise refer to the Bank Account Listings In Simple Fund. Keep the migration utility open and enter Simple Fund. From the Ribbon Toolbar, select Fund Data Input and from the Listings group select Bank Accounts. Review and edit/remove/add any details for chart accounts. 

Invalid Chart Account

If you receive this error when migrating, please contact BGL Support on 1300 654 401.

This issue has arisen as the fund you are trying to migrate has transactions posted to an account no longer appearing in the Chart of Accounts, or you have a transaction posted to a control account.  

There is a balance remaining in the following clearing/suspense accounts - Please finalise before migration

The following clearing accounts will need to be cleared to 0 before migration in Simple Fund 360:

• 491 Disposal of Investments Proceeds Account 
• 492 Member Clearing Account
• 991 Investment Upload Clearing Account
• 998 Data Upload Clearing Account
• 999 Suspense

Fully disposed investment has cost base on hand

Any flagged investments will currently have an average cost remaining after all units have been disposed of. 

Select Click to auto resolve for Simple Fund 360 to automatically journal this amount out. For more information on this issue, refer to BGL Wiki FAQ 74.

Alternatively, you can review and complete the journal yourself. Check the Investment Summary Report in Simple Fund under Financial Reports | Investment Reports and ensure that there is no amount showing under the Average Cost column for investments that have been fully disposed of.

If there is an amount under that column for those investments, refer to BGL Wiki FAQ 74 on how to fix this before migrating to Simple Fund 360.

Tax Deferred Warning

"Tax components entered for income account below cannot be claimed in future as account is not linked to an investment."

The income accounts listed in the warning message are not linked to an investment in Simple Fund and have tax deferred amounts recorded to them. If this validation is ignored, the tax deferred will not be migrated to Simple Fund 360 and will not be considered for an investment during disposal.

You have the following options available:

-       Select Click to Ignore and proceed with the migration. Tax Deferred will not be migrated across.

-       Or first tally the amount of Tax Deferred or Tax exempt for the accounts and record it manually into the linked distribution account post migration in Simple Fund 360. 

Take note of the accounts to search for. Keep the migration utility open and enter Simple Fund. Select Fund Data Input | Transactions and within the Transaction Filter use the option Sub Account. Record the sub account code and open the date range back to the establishment date of the fund to ensure we capture all relevant information.

Select the Preview  option to generate the Transaction Listing. Keep a note of the Tax columns totals and save the report.

Complete this step for each account flagged during the validation.

To determine which investment the tax deferred can be recorded for you will need to complete a Chart of Accounts Review to confirm the appropriate account. Post migration, this can be recorded via a $0 Journal in Simple Fund 360 to the linked investment income account 23800.  

Opening the utility after obtaining the tax component information, we can now select Ignore All to proceed with the migration. 

For further assistance please call BGL Support on 1300 654 401. 

Security Code Warning

"Warning: The following accounts will be merged upon migration as they have the same security link."

This warning appears as the accounts listed in the message each uses the same security code. Simple Fund 360 will merge these accounts together during the migration process. If you wish to keep these accounts separate you will need to attach a different security to each investment in the Simple Fund chart of accounts. 

Refer to Duplicate Investment Security Codes for more.  

Bank accounts listed below are outside the 600-699 account number range

This validation message will display if you have bank accounts set up outside of the 600-699 range.

If you select Click to ignore and proceed with the migration process, these bank accounts will be added as sub-accounts under Account 60400 in Simple Fund 360.

For more information on bank accounts in Simple Fund 360, refer to the Bank Accounts help.

Note: Select Click to Ignore for any LRBA loan accounts that have been flagged by the utility in this message. This is the correct way of setting up the loan account as a Bank type to ensure it will migrate to account 85500 in Simple Fund 360. 

Accounts have incorrect account links

Example: This message will display if an investment account 776/001 has a linked account pointing to 776/001.

You need to exit out of the migration utility and go to the Chart of Accounts in Simple Fund to check that the linked account is correct.

Refer to BGL Wiki Article 316 for more information on investment-linked accounts.

Custom Migration Mapping Rules

If a migrated fund contains the following investment accounts in Simple Fund, select Custom Chart Mapping to map these accounts prior to migration. 

• Fixed Interest Securities under account 724 or 608;
• Fixed Interest Securities (Overseas) account 725;
• Fixtures and Fittings account 726;
• Leased Assets account 738;
• Insurance Policies account 740;
• Loans to Associated Entities account 742;
• Motor Vehicles account 755;
• Plant and Equipment account 765.

Example: 

By default, Fixed Interest accounts will map to: 

• Account 72450 if the Fixed Interest account contains units in the transaction screen;
• Account 72400 if the Fixed Interest account does not contain units  in the transaction screen;
• Account 60800 if a BSB and Account Number has been input for the Fixed Interest account under Fund Data Input | Bank Accounts in Simple Fund.  

To change the mapping of these accounts, select the different account from the drop down list. You can select from the following: 

• 72450/INVESTCODE (Investment will be unitised in Simple Fund 360);
• 72400/INVESTCODE (Investment will be non-unitised in Simple Fund 360);
• 60800/BANKCODE (Investment contains a BSB and Account number, and may be used under the BGL Bank Data Service).

To learn more about the Chart of Accounts in Simple Fund 360, see Chart of Accounts. 

The screens listed below contain dates outside the allowed range (01/01/1900-31/12/2019)

A fund will receive this validation error if one or more of the following dates is outside the Simple Fund accepted date range:

• Date Formed (Fund Data Input | Fund Details)
• Financial Year (Fund Data Input | Fund Details)
• Transactions Screen (Fund Data Input | Transactions) 
• Member Start Date and/or Date Left Fund (Fund Data Input | Members)
• A person's Date of Birth and/or Date of Death (Home | People) 

To resolve, review and correct the affected dates. Please contact BGL Support on 1300 654 401 for further assistance.

Investment Account checkbox in the Chart of Accounts is not ticked

A fund will receive the validation warning: "Accounts listed below will have units removed as investment account checkbox is not ticked."

if an investment account in the range of 700-799 has the Investment Account checkbox unticked in the Chart of Accounts (Fund Data Input | Chart of Accounts). 

During the migration process, Simple Fund 360 will remove any units associated with this investment (if units are on hand). Select Click to Ignore to proceed with the migration. Alternatively, if the check box was not meant to be unticked, re-tick the checkbox in the Chart of Accounts in Simple Fund and then proceed with the migration. 

Same account appearing more than once in Chart of Accounts

A fund will receive the following validation error: "Chart accounts listed below appear multiple times in the Chart of Accounts" if the account is duplicated in the Chart of Accounts.

Example: A fund has account 776/001 twice in the Chart of Accounts.

To resolve please contact BGL Support on 1300 654 401.

Investments with decimal places on hand

Simple Fund 360 will list any current investments on hand with units held ending in decimal places. Select Click to Ignore to proceed with the migration. 

If units held should not end in decimal places, in Simple Fund, complete a subdivision/consolidation to the investment prior to migration to eliminate the decimal places. Refer to the BGL Wiki for more information. 

Chart of Account Code missing for transactions

A fund will receive the following validation error: "Transaction entered on XX/XX/XXXX has chart account code missing in Transaction List" or "account does not exist" if:

• Any transactions are not currently allocated to an account in the chart of accounts;
• An account has been used that is not compatible for migration (this includes a bank account such as 604 which as been converted to a control account such as 604/001). 

Solution

Point 1

filter the transactions screen by the date received in the error message. The code column will appear blank. Edit the affected transactions(s) and input the correct account code to proceed. Refer to the BGL Wiki for more information on filtering transactions. 

Point 2

filter the transactions screen by the account received in the error message. Edit the affected transactions(s) and input the correct account code to proceed. Refer to the BGL Wiki for more information on filtering transactions. 

Member Date Joined Fund missing

This fund has member accounts with no Date Joined Fund input in the Members screen. Select Click to resolve option to input the date manually.
Alternatively, selecting Click to auto-resolve will input the fund's Date Formed (fund formation date) from the Fund Details screen as the Date Joined Fund for the relevant member.

Bank account with $0 balance

The bank account flagged contains a $0 balance. Select Auto Resolve to mark as inactive or click to ignore to keep the account active. If you select Auto Resolve this will hide the bank account from the bank feed page in Simple Fund 360. It is recommended that inactive accounts are closed prior to migration to avoid clutter in the Bank Feed Management Screen. 

Non-residential property mapped to account 77250

The properties flagged by the utility have one of the following regulatory return labels:

• SMSF Assets - Non-residential real property or SMSF Assets - LRBA Non-residential real property. Accounts listed with this label will be mapped to account 77250 Non-Residential Property in Simple Fund 360.  
• SMSF Assets - Australian residential real property or SMSF Assets - LRBA residential real property. Accounts listed with this label will be mapped to account 77200 Residential Property in Simple Fund 360. 

You have the following options available prior to completing the migration of the fund:

• Select Switch to Residential to move the property to residential account 77200;
• Select Switch to Non-Residential to move the property to non-residential account 77250;
• Click to Ignore this message and proceed with the existing account mapping for each investment;
• Select Ignore All to proceed with existing account mappings.

If the election to switch properties is made this label change will occur in Simple Fund Desktop and then will be carried over to Simple Fund 360 after the migration. 

In order to proceed, either the Switch option or Click to Ignore option will need to be selected for all flagged properties. 

Once all switches are made, the utility will present a confirmation screen displaying the changes. Select Ignore All to continue with the migration. 

In the above example, all properties were switched. To proceed with the migration select Ignore All for both the residential and non-residential accounts to confirm the account change. 

Transactions dated prior to Fund Formation Date

If transactions have been input prior to the Fund Formation Date (note this date down before proceeding) found in Fund Details (Simple Fund Desktop) the migration cannot proceed. 

To resolve in Simple Fund Desktop complete the following: 

1. Select Fund Data Input >> Fund Details >> Reporting tab.
2. Change the Financial Year start period to 01/01/1000 (leave period end date as is) and select Save. 
3. Select Fund Data Input >> Transaction List. 
4. Review the ledger for any transactions that are dated before the Fund Formation Date. If any transactions exist, they will need to be re-coded to the correct date after the Fund Formation Date. 
5. The Fund Formation Date in Fund Details will need to be adjusted to the day before the earliest incorrect transaction input.
6. Once all transactions have been corrected, adjust the Fund Formation Date back to the correct date and adjust the Reporting Period in Step 2 back to normal. 
7. Proceed with migration. 

Note: If this still does not resolve your issue please contact BGL Support on 1300 654 401 for further assistance as this will be a database issue. 

Investment Account has linked accounts to itself

This error is flagged in the utility if an account in the Simple Fund Desktop Chart of Accounts is linked to itself. The account(s) will be displayed (for example 782/002). 

1. Take note of the listed accounts and exit the utility. 
2. In Simple Fund Desktop, select the fund from Fund Selection and from the Ribbon Toolbar select Fund Data Input | Chart of Accounts. 
3. Select and Edit the first account flagged by the migration utility and then select the Linked Accounts (Chain) icon. 
   
   
4. Remove the account link to itself and select an appropriate alternative account.  
   
   
   
   In the above example the Investment Expense account was linked back to the investment account. This will need to be changed to another account such as 375/XXX. 
5. Select the Save icon twice (once in linked accounts and once in the Edit Account screen and complete  the above steps for the remaining accounts flagged. Re-migrate when all accounts are corrected. 

TBAR Marked as Lodged

"Enter date of lodgement for the following lodged TBAR events"

Any previously lodged TBAR events in Simple Fund Desktop must have a date lodged input prior to migration. 

Select Auto Resolve to save the lodgement date as 30 June of the financial year, or select Click to Ignore to input the correct date of lodgement.