Overview
Simple Fund 360 allows a fund transfer from one firm's Simple Fund 360 Subscription to another active Simple Fund 360 Subscription.
This process will not remove the Fund from the current subscriber's licence but will transfer all data and any data feeds associated with the fund to the new subscriber. All data services will subsequently cease for the current subscriber's fund.
This transfer of fund ownership is subject to the terms and conditions of the BGL Cloud Subscription Agreement which can be found at www.bglcorp.com/about/policies/cloud-agreement/
Important
- The Fund Transfer process must be actioned on a fund by fund basis.
- Only Admin users by default will have access to the Fund Transfer function. All other User Roles will need this feature enabled by their Account Administrator.
- You will not be able to transfer a fund on the same database (copy fund).
- Funds that have been transferred will not be able to Reverse Entries. Adjustments to historical transactions will not be available.
- BGL will not mediate Fund Transfer discussions.
Steps
(Click the image above to open an enlarged version in a new tab)
Instructions
The New Subscriber will be the firm importing the Fund.
The Current Subscriber will be the firm exporting the Fund.
Steps to import the fund:
1. The New subscriber must review their subscription prior to transfer. A Fund Import will add to the total fund count and will also count towards the connected services (Contract Notes, Registry Data, BGL Bank Data Service) if the subscription permits.
2. Create a New Fund using Entity Setup. Only the fund shell needs to be created. The fund details will be overwritten when the fund transfer has been processed. Ensure no other data is entered, such as member accounts & transactions.
3. Select the Fund.
| From the Main Toolbar navigate to Fund. | |
| Select Fund Transfers. |
*Only Admin users by default will have access to Fund Transfers. All other user roles will need the feature enabled by your Account Administrator.
4. Copy the Fund Transfer Code and provide this to the Current Subscriber.
5. The Current Subscriber will then return a Unique Code. Click Receive Fund (under Fund Transfers), to input this code. The New Subscriber will have 14 days to import the fund, where the code will then expire.
6. Enter the Unique Code, provided by the Current Subscriber. Once you agree to the Terms and Conditions, click Import Fund.
7. Please allow up to 48 hours for the transfer to be successfully completed.
8. From the Reports screen, generate Financial Statements to review the Fund for completeness.
Steps to transfer the fund:
1. Select the Fund you wish to transfer.
2. Navigate to the Compliance screen. If applicable, reverse all mid-year Create Entries before the transfer (Funds must be finalised to 30/06/xxxx before transfer.
3. From the Reports screen, generate Financial Statements to make sure the fund is reconciled.
| From the Main Toolbar navigate to Fund. | |
| Select Fund Transfers. |
*Only Admin users by default will have access to Fund Transfers. All other user roles will need the feature enabled by your Account Administrator.
4. Click Send Fund.
5. Input the Fund Transfer Code (provided by New Subscriber).
6. An option to flag Documents in the Export is also available, this will be active by default.
Additionally, the option to Export WorkPapers is also available:
7. Once you agree to the Terms and Conditions, Click Export Fund.
8. The New Subscriber will be able to complete the transfer once the status updates from Processing to Success.
9. You will need to provide the New Subscriber with the Unique Code of the fund (a copy function has been provided to help).
10. Once the export is successful the New Subscriber will have 14 days to import the fund, where the code will then expire.
Select a Fund, from the Main Toolbar, navigate to Fund | Fund Transfers. On the right-hand side locate your firm's Fund Transfer Code.
| Function | Details |
| Historical Data | All transactional historical data will transfer. Adjustments to historical transactions will not be available. |
| Current Year Transactions | All current-year transactions will transfer. These transactions can be adjusted. |
| Bank Feeds | Established BGL Bank Feeds will transfer depending on subscription.
The current Subscriber’s data feed will be automatically switched to ‘None’ for the Fund being transferred. |
| Share Data Pack | Contract Notes and Registry Data feeds will transfer depending on subscription.
The Current Subscriber will no longer have access to the Contract Notes setup. |
| Wrap Feeds | Wrap Feeds will transfer.
Please note, any feed that requires adviser authorisation will not be active unless these credentials are authorised for your firm. |
| Corporate Action data | The Corporate Actions dashboard will display previously recorded Corporate Actions. |
| Documents | When Documents have been flagged for transfer, all Documents will migrate across. Including any documents with restricted permissions. restrictions will be removed upon transfer. |
| SMSF Annual Return | The SMSF Annual Return will transfer. |
| CGT and Tax losses | Current and previous losses will transfer. |
| Unique security codes | Any funds that have a unique security code created will transfer across along with the prices. |
| Transfer Balance Account Report (TBAR) | All events will populate in Fund View. Outstanding events will be available for lodgement. |
| Tax return amendments | Supported (Must have been originally lodged in SF360) |
| Lodgement history | Both the Annual Return, BAS/IAS lodgement history and validation reports will be available from the Lodgement screen. |
| SuperStream | Registration and SuperStream data will transfer to the New Subscriber. |
| Contacts | trustee's, fund members, beneficiaries of fund members, TBA dashboard 3rd party contacts. Only new contacts will be transferred to avoid duplication of records. |
| Investment Strategy | Investment Strategy data will transfer across. |
| Member Details | Member Contact and Nominated Beneficiaries will transfer. |
| Badge | The badge selected when creating the fund (Quick Fund setup) will still be set as the default. |
| Pension Policy | Pension Policy history will transfer. |
| Depreciation Schedule | Depreciation Schedule for multiple years will be transferred |
| Workpapers | Workpapers and any documents stored in the workpapers screen will be transferred if the option to transfer workpapers is toggled on. |
| Audit Management Screen | Details and documents that have been added via the Audit Management screen. |
| Function | Details |
| Create Entries | Funds that have been transferred will not be able to Reverse Entries. Adjustments to historical transactions will not be available.
All mid-year Create Entries must be reversed before transfer (except for 30/06/xx) |
| Transfer Balance Account Report (TBAR) | Lodgement details will not display, you will need to seek confirmation of lodgement from the tax agents portal. External TSB balances will not transfer. |
| Segregated Assets | Once the fund has been transferred, the Asset Segregation Policy (if applicable) will need to be entered. |
| BAS/IAS | BAS/IAS screen will not transfer. This information is stored with the ATO. |
| Transaction Recode | No Audit history using the Transaction recode will transfer. |
| Documents |
Comments attached to documents will not transfer due to privacy. Only the latest version of the document will transfer. Related metadata such as viewed and signatures status will not transfer. Digitally signed documents with a status set to Signing, Signed, Declined or Voided will not be transferred to the new firm due to privacy. |
| Members screen | If any Member Financial Details have been entered, this information will need to be keyed in again after transfer. |
| Fund Relationship | Only the Trustee(s) information will transfer. |
| Access | Any 3rd party (Trustee, Auditor) who had access and still requires access will need to be reinvited after transfer. |
| Data Feed Credentials |
Firm-level credentials will not be transferred. The following feeds are affected -
|
| System Securities | If the custom price for a system security already exists, Data will not be overwritten to maintain data integrity. |
Dear ...............
We have received an unsolicited approach from ................... to undertake their future taxation and accounting requirements.
Should you have any ethical or professional objection to our acceptance of this appointment, please advise. If you have no objection, it would be appreciated if you would perform a Fund Transfer in Simple Fund 360 and forward all records held on behalf of the above named.
To perform a fund transfer in Simple Fund 360 please refer to the help file below. You will need to enter my Fund Transfer Code which is …........
To complete the transfer of the fund, can you please forward:
- BGL Migration Report Pack.
- Unique Code of the fund (generated by Simple Fund 360 once the fund has been successfully exported)
Simple Fund 360 help file:
https://sf360.zendesk.com/hc/en-au/articles/360021854231
Kind Regards
FAQs
I am attempting to import a fund, but I am unable to proceed with the steps as I only see an option to "send fund" and not "receive fund" under the Fund Transfers screen.
Ensure that prior to importing the fund, a fund shell is created via Entity Setup. Other than Fund Details, no data should be entered in for the fund, such as member accounts and transactions.
If there is other data, Simple Fund 360 will recognise an export, and a "Send Fund" button will appear instead.