Hub24 Account Issues

Hi

I have a client that has a Hub24 wrap account.
The investments were already split out amongst accounts 747 & 776 from 2017.

For 2018 I created a CSV file and imported approx. 900 transactions.
It has taken around a day & a half to process as a lot of the transactions are buying & selling many different investments such as units in Platinum International Fund & CBA shares etc

How have other people been dealing with clients that have a Hub24 account?

Thank you

If the $1.6 million cap issues don’t affect this super fund, I would consolidate all the investments into one 74700 Managed fund investment called Hub24 - then input the tax statement items into the 23800 Distributions Received account

The tax statement should have the total income, capital gains and expenses,etc information for you to input for the financial year.

2 Likes

Hub24 now has auto feeds which might make life easier.

Hi, what bank account details are people using to connect the Hub 24 feed?
i.e BSB and Account number
I spoke with Hub 24 and they said that there is only a universal bank account and not a specific individual bank account

Just thought I will check. How is everyone finding the HUB24 issues? Has anyone got a situation where your client has HUB24 via a FP? How has everyone been reconciling the shares within HUB24? The feeds seem to have a lot of issues and don’t really reconcile with the statements. Very tedious! Anyone found a good way out of this?

Hi Mugz,

Just wondering if you are having any luck with this yet?

I am trying to process one now and it seems no cash transactions are feeding past Feb (on top of the normal issues with this platform).

Leah

Hey Leah,

To be honest, we have not really found a solution at our end for HUB24 accounts.

We have been using CSVs and reconciling with the pdf reports done by the relevant planners.

How have you set your feed up?

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We have set it up through the wrap feed with a bank account (Hub24 cash account) linked to the wrap feed. The client setup the Hub24 platform late 2019 FY and it fed through until 6th Feb 2020 then the whole platform stopped feeding through and I can’t re-import. There are 3 cash accounts within this clients platform and the feed drags in the transactions for all of them together so it is a little harder to reconcile where things are out of balance. The cash transaction report only shows one of these and the other 2 platforms within it only show an end of year cash value.

I have a BGL support ticket now to try and sort out why the feed isn’t working.

I’m not a fan of the way the transactions feed in with so many transactions posting against the clearing accounts and not balancing. I’m not sure it is saving a lot of time. We have 227 auto matched transactions but still over 100 not matched (and that doesn’t include the last 5 months of the financial year). It might be quicker to go back to manually processing.

I’m going to try and get monthly reports and process more regularly to see if that helps. I’ll let you know if I find a more efficient solution.

Leah

Leah,

I just had a closer look with my colleague and we had the exact same issue that you are facing and hence why we went back to manual processing and found it to be much easier.

When we faced this initially we had hundreds of unmatched transactions and also transactions that were locked due to auto coding and you know how you have to reverse the future transactions in order to open the past ones and created a lot of ruckus for us. Thankfully we only have a few funds with this.

The HUB 24 platform does not seem to integrate well with BGL due to the way the accounts within their portfolios are structured. For example if you look at Macquarie, it is simple with just one cash account where all trades / investment income comes through.

If this was the case with HUB 24, our life as SMSF administrators would have been much easier but till then I cannot seem to see a way out unless someone has come up with a more easier method.

What are your thoughts?

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Hi Mugz,

Sorry for the delay getting back to you. I was trying to isolate what was causing the issues. My findings were:

Having only received 7 months of feeds and manually processing the other 5 months for 2020, I have found that it is best if the feed comes in as it will auto allocate the buys & sells for you and about 95% of these selected the correct parcel.

I also requested an excel copy of the cash transactions (including managed portfolio) report. I added a column and a formula to put a running balance in.

NOTE: This report will have irrelevant transactions where the cash has been transferred from the internal platform to the main Hub24 cash account. These can be identified by the reference (“ Managed Portfolio Capital Withdrawal ” & “ Deposit From Managed Portfolio ”)

I then compared the General Ledger for the Hub24 cash account in BGL to the excel spreadsheet and isolated the discrepancies. (I didn’t check every single transaction, just checked end of month and where needed checked smaller sections). The discrepancies mostly consisted of:

  • Buys & Sells within the internal platforms where one side (buy / sell) has been auto allocated but the cash side has gone to suspense. It doesn’t auto allocate the cash transactions within the platforms that sit inside the Hub24 account.
  • You need to allocate the suspense of these transactions to the Hub24 cash account
  • Missing transactions (mostly in the first 3 months of the year).
    • These need to be bought in manually through smart matching (I had about 15 transactions).

Once I had reconciled the cash accounts, the remaining unmatched transactions mostly consisted of duplicate transactions from the income.

The income transactions are bought in at the record date and allocated to the income account and balanced to the 92000 investment income clearing account. This includes dividends that may be paid after June 30 and these need to be deleted in the transaction list window.

Most of the income transactions are bought in again on the payment date. I think this allocated to the 92000 account also but in my file they were allocated it to income (I think I may have allcoated them from smart matching though) so I had to delete the record date transaction. This could be better processed by:

  • Isolating the record date transactions that belong to the next financial year and deleting them. This should in theory balance the 92000 account to nil or at least make it easier to identify the discrepancies; OR
  • Select both the cash & record date transactions in the transaction listing screen and match them together to clear the 92000 account (this is my preference as it is cleaner, and I can make sure nothing is missed).

Important note:

There are no reports that show the cash transactions for each platform separately. The only report I could get showing the cash transactions within the platforms was the one the one mentioned above and this shows every transaction for all cash accounts in one report.

For ease I record the Hub24 cash account in BGL and include all cash transactions here. This then matches the cash summary report you get at end of year.

I’ve passed this feedback onto BGL. Hopefully they will improve the way the import comes through and get rid of the record date transactions which will reduce the qty of unmatched transactions significantly.

I will also be processing the transactions monthly or quarterly (once BGL fixes the feed so that start importing again) so this will hopefully make it a bit quicker to notice errors as well.

Hope this is helpful.

Leah

Hello
Do you know if BGL fixed the feed for the transactions ?

Hi Simon,

I have been advised the issue is still with the BGL product team at this stage.

I have another fund with this platform that I’m keen to get processed so I’ll continue to follow up regularly with the support team at BGL.

I’ll keep you updated on any progress.

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Thank you.
I would also be wondering if any other accountants that have SMSF clients where they investment through managed funds or via a platform (wrap accounts) where the data on the feed still needs to be manipulated in some way and how they process the transactions ?