January 2020 Trustee User Group Minutes

Meeting details

A client user group for BGL Corporate Solutions
held at Suite 2, 606-608 Hawthorn Road, Brighton East, VIC 3187
on Thursday, 23rd January 2020 at 10:00am – 11:30am.

Members in Attendance:

Chairperson: David Walsh
Minute Taker: Bill Watson
Attendees: Trevor & Annette Kay, Sue Searle & Stephen Hatcher, Graham Brent, Maree Hastings
BGL Representative: Matthew Nassrawi

Items discussed:

BUSINESS ARISING

  1. INVESTMENT STRATEGY

Query as to why Investment Strategy Comparison Report was not correctly reflecting Investment Types. ACTION -The user is able to change the system category via Chart of Accounts. Refer to: (Section : Investment – Other Type)

  1. SELF WEALTH AND UNMATCHED TRANSACTIONS
    Matter of unmatched broker transactions problems because of Self Wealth separating SELL/BUY from brokerage charges – ACTION – Rocco has passed issue on to development team and solution is being worked on. Any improvements made to the Self Wealth data feed will be detailed in the SF 360 release notes that can be found on the BGL Community

NEW BUSINESS

  1. INVESTMENT STRATEGY REPORT – TAGS

Overseas investment not classified – e.g. James Hardie on ASX – can tag be set to show classification? ACTION – The user is able to change the system category via Chart of Accounts to override categorisation on the Investment Strategy comparison report. Refer to: (Section : Investment – Other Type)


2. DOWNLOADING PAST PERIODS

Excel does not download for previous periods. ACTION – Need more information on which report(s) in particular

  1. MEMBER STATEMENTS – INSURANCE

Unable to get Member Statements to show insurance details correctly. ACTION – This needs to be done via the Members Screen. Refer: Add custom fields to the Members Statements – Simple Fund 360 Knowledge Centre

SF Desktop: These infomation can be entered in the Members Screen > Editing relevant member accounts > Financial tab > Death benefit or Disability benefit field

  1. LODGING ANNUAL TAX RETURN ON LINE

When done through BGL use BGL/ATO key. Refund comes much more quickly. However, fund address will sometimes change to BGL office address. One member has unsuccessfully attempted to have this matter fixed. ACTION – need more information on the fund and the details of the issue to follow up with the ATO.

  1. ASX DATA – ACCESS TO MORE DATA THROUGH BGL

It is believed that BGL obtains significant detailed company information from ASX with prices feed. ACTION –data is currently available to all users of SF360 through various functions e.g. Securities List screen (daily prices & income data), Reports, Corporate Action, etc. Need further information if they are referring to providing these data in a different format and the purpose.
6. ANNUAL TAX RETURN – MEMBER NAMES

One attendee mentioned that annual tax return is sometimes missing members’ middle names and that member record does not have space for middle names. [note: minute taker looked up his records and they show middle names] ACTION – Ensure that the middle name is recorded in the Contacts screen under Other Given Names. Then either create entries or in the tax return screen, Section F, Click on Update Member Information button.

  1. DELISTED COMPANY DETAILS

These details do not remain in BGL data feed from ASX. Can they be retained for say 2 years? ACTION –Delisted companies do appear to be retained in SF360. Are you able to provide a security code example and we’ll have a look into it.

  1. INVESTMENT REPORTS

Can reports be run classified into categories as set out with fund specific tags? ACTION – No it cant. Will add this to the wishlist, in the interim create different report packs for this purpose.

  1. FUND MINUTES

Can fund minutes be available in BGL for auditors to access? ACTION – Create a report pack for Auditors with the minutes required. Then all the Auditor requires is access to the Reports Screen.

  1. FEEDBACK TO BGL

BGL welcomes feedback – access through BGL Client Centre “Your Feedback” – bottom of left side of screen

Next Meeting
TBA