FIIG ... processing the annual investment statement

I am making a note of how I process these statements. These take quite a bit of effort and it would be wonderful to have a feed. (yes i have asked :smiling_face_with_three_hearts: )It’s easy to get an authority from client to receive the annual statement direct but then the hard work begins…that will be in a native .pdf which can make searching amounts and copy/pasting names/ISIN when setting up new accounts easier.
I unitise the investments. 72450 for Australian Bonds and 72550 for US Bonds. You use the $face value as the unit number. e.g. if face value if $20000 then use 20000 units. (this helps if client buys further into that bond security) Use the ISIN code e.g. AU3CB0268001 as part of the investment code e.g. 72450/SMITHAU3CB0268001 (for client SMITH) and the account name can be e.g. Sunland Capital Pty Ltd - AU3CB0268001 (this will help you identify and search for the correct account when allocating interest and principal/capital returns)
Processing principal returns are tedious as you need to split the amount received at bank between interest received and a capital return. Process the capital return back to the asset with 0 units (this keeps the cost base correctly adjusted)
Can be even more tedious when US Bonds are purchased…the FIIG reports don’t list the AUD equivalent amounts of the US interest or purchase or sale. I have asked FIIG about that and I am told that new reporting is coming soon that will have that feature. FIIG will also provide emails of purchase/sells if you want to process those regularly.
Do you have a faster way of processing these FIIG annual statements? I am spending hours on each one. :frowning:

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I too have the same issue with FIIG, I sympathise but do not have a solution

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I also would like a FIIG feed - I process transactions on a monthly basis from monthly statements so job isn’t so big. I also process bond transactions slightly differently to you.

Just like listed shares with as ASX code I use the ISIN as the bond security code as I expect if a feed ever does occur that is what BGL will use to value investments, read contract notes etc etc. I also have multiple SMSFs that use FIIG and invest in the same bond so I wouldn’t want multiple securities for the same bond. That is, there is really no need to add ‘SMITH’ to the investment code, just like you wouldn’t add ‘SMITH’ to 77600/SMITHBHP for BHP shares. I use 72000 for all bonds - I do not distinguish between Aust and US bonds in the balance sheet although I can see that some may find this useful and if I had my time over again I may have used 72450 and 72550.

Instead of using the face value as the unit number I divide it by 100 as all the FIIG statements/contract notes itemise the price as (per $100) as that way all figures agree to FIIG statements and contract notes. So face value of $20,000 would be 200. Both ways work though.

I agree it is a time consuming process that will hopefully be automated one day.

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Alison, brilliant ideas… I am going to change my unit pricing to reflect per $100 of face value just like you! and I will drop the “SMITH” from the account code and just use the ISIN code. I have sent a few contract notes to the product team in the hope that they design a contract note reader? I have also noted that a competitor product offers a FIIG feed…not that I would change ever. These things are so time consuming to process. A contract note reader alone would help but would still be left with the need to process capital returns…how do you do that regularly please Alison?

Yes many bond payments are split between interest and a capital return and like you I have to split the amount received between 25000 for interest and 72000 with 0 in units to reflect the capital return - agree a tedious process.

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Also having to add the market value at 30 June for each bond is also tedious - it would be fantastic if BGL updated the market value of bonds via ISINs automatically - please…

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Yesss I would love this too. I have numerous FIIG’s for a client and its time consuming to process these.

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Alison, I am noting here that the “VALUATION CLEAN PRICE” provided on the FIIG statements multiplied by the derived “units” (holding face value divided by 100) will equal “CAPITAL VALUE” on the FIIG statements but not the true market value “GROSS VALUE” (gross value including accrued interest)…perhaps a minor thing but for one heavy FIIG client here it meant an undervaluation of SMSF assets by $12000

When I enter the price of the bond at 30 June I calculate and use the Gross Value divided derived units (holding face value divided by 100). I do not use the valuation clean price. That way it includes accrued interest. More work though as you need to do the calculation rather than pick up the amount directly from the FIIG report.

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Alison, nice work thank you…that will help others who follow this thread…have you asked BGL for a feed? Class Super and XPlan get one.