Fund Export process

Does anyone know any details about “Fund Export”? Is this what you use if a client leaves a firm and the new accountant would like the BGL File to import?

The current Fund Export is designed for backup and audit trail purposes only. All Fund and Transaction data is extracted to an XML machine and human readable format. The SF360 team has completed work (January 2019) for an automated Fund Transfer function to aid the moving of a Fund from one accountant to another accountant. This handles much of the complexity around stopping Data Feeds , Custom Security Prices, SuperStream, BAS , AR Lodgments, Documents and more recently TBAR events. You can transfer to the trustee or another accountant. If not transferring and more for wind up purposes, then would recommend a focus on all key documentation of the fund and signed copies of minutes, resolutions , ARs and Deeds all be kept and archived in a safe location. From a software view point, export key CGT and Financial reports to excel format and provide to trustee or new accountant.

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I feel that a lot of tax deferred components are being lost when funds move between firms. 360 needs to have this information on reports when handed over. Also the increases in cost base on the new AMMA reports.

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Thanks Maz for the feedback

For now I would recommend the CGT Register Export in the transaction list to see all the Tax Deferred and AMIT details for input of CGT history.

If migrating from SF Desktop all Tax deferred information is transferred

Further , to my comment above regard 360 Fund Transfer function, has been completed (January 2019 and have clarified all tax components will be exported/ transfered)

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I am looking for the “Fund Export” function but vcannot find it anywhere. Can I assume the Fund Transfer function has replaced it entirely?
I am keen to export out all of the details (members, chart of accounts, investments, transaction lists) from an existing Simple Fund 360 license to a separate license to DUPLICATE the fund as opposed to replacing the one on the original license subscription as I would like to be able to maintain feeds on both instances and have full functionality (including reverting entries in past financial years) on both.

It seems the “Fund Transfer” function only allows a full replacement of the original instance, as it bars reversions of entries in the new fund instance and removes feeds from the source instance.

Your describing the ability to make a full backup/duplicate… Something that was inherently part of SF Desktop and thrown to the wind for SF360.

If a user wants to ‘try’ something, they are now forced to do it on the live file with no possible way to walk back from it easily. With SF360 you’re forced to undo what you have done if it goes pear shaped and while sometimes that’s easy to do other times its an absolute nightmare. eg in Desktop importing a manual wrap file etc was standard practice to back the fund up then do the import then check for failures and if found (and sometimes they were EPIC failures) restore the backup so as to quickly and easily make appropriate fixes (sometimes to the import files themselves) for a retry.

We really need the ability to snapshot the funds!

Precisely! That way one can avoid carrying patched up journal posts into future periods and can even maintain an extra SF360 instance/license to test each function/action before applying it to their primary “live” instance.

But in addition to a snapshot for roll-back purposes, an export/import function would serve many purposes. So snapshot PLUS import/export would be prudent and valuable.

It be the same as CSV/XML import facilities one might use with XPlan, share registries that haven’t got APIs, or even to migrate from legacy software (e.g. Simple Fund desktop to SF360).

In the interim one could only hope BGL can provide access to some software developers or system administrators that could clone live funds to create a test one for each uncertain function or event.

Without Snapshots and a data export/import tool (like the one the new Fund Transfer function replaced) there is nothing to avoid the labour-intensive data entry of all test transactions and/or the manual reversion of unsuccessful functions/actions.

I’m not distracted by the cost of 2 licenses. I just need to test that a function (investment segregation) works properly before deciding whether to seek an alternative platform. But the general approach could apply to any function and any change to SMSF regulation/legislation one might want to test before committing.

Thanks for your reply. It was very insightful.

We can only hope the BGL development manager will share such progressive insight.

If BGL had this function in SF360, I wouldn’t have wasted all those endless hours fixing up those share transaction CSV file uploads gone wrong… they were a nightmare to fix!

Who’s idea was it to lock share purchase transactions because of a later sale of those shares… OMG!

I see many functions that we took for granted in Simple Fund Desktop are mostly absent in SF360.

Even that simple warning message in create entries that reminded you that you forgot to convert a members balance to unrestricted non-preservedd because they turned 65 during the year…

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It’s beyond infuriating!

or replaced with inferior ‘equivalents’. (BGL Spreadsheet XML import is the MUCH MUCH lessor cousin of Desktop’s).