Summary of Key Events
The following is a general checklist to assist you and your firm in transitioning from Simple Fund Desktop to Simple Fund 360.
This guide dives further into the transition process beyond just the migration process to provide you additional insight that is required for getting ready for Simple Fund 360.
|Fund Migration Strategy
|Click Adopting a migration strategy for more information on adopting a migration strategy.
|Assign a Product Champion
The Simple Fund 360 Product Champion is elected to oversee the transition process for your firm and ensure funds are completed and migrated in a timely manner. They are the lead in product knowledge and can be called upon to assist others during the onboarding journey.
It is recommended that the Simple Fund 360 Champion has full Admin user rights for Simple Fund 360.
|Invite Team Members to Simple Fund 360
Ensure all team members assisting you in the transition process are invited to Simple Fund 360. Refer to Invite User, User Roles and Reset Password option.
|Setup Tax Agent
If you will be using Simple Fund 360 to lodge Annual Returns, your firm will need to setup a Lodging Party (Tax Agent).
|SF Desktop Version Check
|Ensure your firm is running the latest version of Simple Fund Desktop. To download the latest version of Simple Fund, go to the BGL Client Centre > Your Support > Software Downloads.
|Review Fund Banking Details prior to Migration
A common validation error for the migration utility is the banking details being flagged are incorrect or not linked to a chart account. It is recommended to review the Bank Accounts screen for a fund in Simple Fund Desktop prior to migration.
Review the following key points.
- Each set of current bank details is correct;
- Each set of current bank details is linked to a chart account;
- No inactive/old details remain in this screen;
- There are no duplicate sets of bank details displaying.
If any banking details in this screen are not linked to a chart account, they will be flagged on migration for an onscreen resolution so it is recommended to act on these now.
Any old details or inactive account details should be removed.
|SF Desktop Year End Processing Checklist and SMSF Annual Return Export (per fund)
The below is a broad checklist and circumstances may differ.
Year End Processing Requirements Checklist
|Current Year Transaction Review (per fund)
|Click Future Period Transaction Review for more.
|Review Reversionary Pension Details
Reversionary Pension details attached to an existing pension (via the Pension calculation tab) will NOT be migrated to Simple Fund 360.
For information on how to enter reversionary details to an existing pension on Simple Fund 360 click here.
|Complete Fund Migrations
|The migration process can be completed for funds that are ready to be migrated. Refer to Migrate from Simple Fund to SF360.
|Prepare Reconciliation Report Pack and Complete Reconciliation
A reconciliation report pack can be produced in Simple Fund 360 to assist you on reconciling data post migration with the prepared SF Desktop reconciliation report pack.
These reports include Fund Summary, Balance Sheet, Operating Statement, Members Statement, Investment Summary and CGT Register Report (for CGT Relief Notional Gains).
When completing the reconciliation of data, some discrepancies may arise due to differences in the two products. Refer to Reconciliation Points for more.
|Review CGT Health Check screen
CGT Health Check screen will alert users if there are any errors with the investment cost base and allow the cost base to be adjusted for investments where applicable.
|Update Lodging Party and Import SMSF Annual Return for SBR Lodgement
The Lodging Party (Tax Agent) will need to have migrated funds attached to it in order to be able to lodge.
This step is completed after funds have been migrated. Refer to Adding a Lodging Party (Tax Agent).
If you exported the SMSF Annual Return .sbr file in SF Desktop the file can be imported for lodgement post-migration. Refer to Uploading Simple Fund Desktop Tax Return File into SF360.
|Review Additional Data Services
Additional data services should be reviewed and implemented to gain the most from Simple Fund 360 automation.
These services include:
|Migrated Data Services Statuses
Already setup existing bank and contract note feeds in SF Desktop?
Refer to Feed Status of Data Services after Migration for migrated data feed information.
|Re-Request Transactions from Data Services
If data feeds were setup in Simple Fund Desktop, or data was collected via SF 360 Inactive, transactions can be re-requested for the current year into Simple Fund 360.
|The BGL Learning Channel can be utilised to assist new users in learning Simple Fund 360. Refer to the BGL Learning Channel Integration for access and course lists.