New Features March 03/03/2022

New Features


  1. Daily prices for Cryptocurrencies have been added for Simple Fund 360 and Simple Invest 360! This was made possible through a collaboration between BGL and Cointree to create NBOC, a single source for daily cryptocurrency pricing.
    Any existing cryptocurrency accounts that have been setup in BGL will need to be changed to start using automatic revaluations. For instructions, see How to update my Cryptocurrency Account to use the daily revaluation feed.

    The following changes have been implemented in both Simple Fund and Simple Invest 360 to accommodate for cryptocurrencies revaluations:

    • Security Page Updated to list prices, confidence and high lows from NBOC
    • Chart of Account setup process updated
    • Smart Matching process updated
    • Year-End / Period End Process in both Simple Fund and Simple Invest 360
    • Daily Revaluation Process updated
    • BGL Engage mobile app Investment view updated
    • SMSF, Trust, Company and Individual Investment Dashboards updated
  2. We’ve added new SuperStream Rollover and Release Authorities Reports for auditing and workpaper purposes. For more details, see SuperStream: How to generate a Rollover/Release Authority Report.

  3. Smarter SMSF has added 2 new documents for SMSFs. For more information on documents available, refer to Smarter SMSF’s Website .

    • Rollover In (PAYG - $55)

      • This generates documents to support the following scenarios in accordance with the SuperStream requirements:

        • Super benefit rollover
        • Super death benefit rollover
      • The following documents will be generated as part of the order:

        • Trustee minute confirming receipt of the rollover and allocating to member’s account within prescribed time frame
        • Member notification of rollover received
    • Rollover Out (PAYG - $77)

      • This generates documents to support the following scenarios in accordance with the SuperStream requirements:

        • Super benefit rollover
        • Super death benefit rollover
      • This documentation provides for:

        • Full and partial rollovers
        • Transfers to APRA funds and other SMSFs
        • Payments made by cash and in-specie
      • The following documents will be generated as part of the order:

        • Member request to rollover benefits
        • For full rollovers, a pre-populated 'ATO Request for rollover of whole balance of super benefits between funds’
        • Trustee minute confirming requirements to pay the rollover and meet the SuperStream requirements within prescribed time frame.
        • Member notification confirming payment of the rollover
  4. The Unit Valuation Report has been added to Simple Invest 360. This report provides a calculation of net assets at Book Value or Market Value, details of the beneficiaries, and the value of their units based on the valuation method chosen.

Improvements


  1. SuperStream: Rollover & release authority transactions with outstanding statuses can now be archived.

  2. SuperStream: Rollover & release authority confirmation messages have been updated to be clearer, with more information.

  3. SuperStream: Users can now copy and download rollover & release authority confirmation messages.

  4. SuperStream: Users can now add and view message sender contact details for all rollovers and release authority transactions.

  5. SuperStream: Improved address abbreviation comparison to prevent duplicate contacts in rollover & release authority transactions.

  6. Corporate Actions: 7 new corporate actions (Takeover/Mergers) are now available in Simple Fund 360.

    • APT.AX – 02/02/2022
    • KLA.AX – 09/02/2022
    • ICQ.AX – 11/02/2022
    • SWK – 17/02/2022
    • QTM – 17/02/2022
    • CL1.AX – 17/02/2022
    • AST – 17/02/2022
  7. Contacts: Added the ability to enter Director IDs in the contacts screen for a “Person” contact type.

  8. Fund Relationships: Easily re-order fund relationships where multiple contacts are applied to a group.

  9. Investment Income Comparison Report: Added footnote for unreconciled stapled security income due to distribution and dividend components recognised in different years.

  10. Property Dashboard: Users can now add multiple lease dates to a property.

  11. Reports: Improved net capital gain calculation to use the contract date instead of the transaction date.

  12. Reports: Improved handling of common and individual report settings where a chairperson and trustee/director is set.

  13. Reports: Improved handling of report and badge settings for Member Statements and Consolidated Member Statements.

  14. Chart of Accounts: Performance of the global view search has improved.

  1. Period Compliance: Improved the order of offsets/losses applied for Companies.

  2. Trust Tax Labels: Linked income and expense accounts of foreign property accounts are now allocated to tax label 23V.

  3. Tax Labels: New Tax labels for Trusts and Companies to support Rental Schedules.

  4. Reports: Note ‘d. Investments’ in the Notes to the Financial Statements is now conditioned on the revaluation toggle in the Entity Details Screen.

  5. Period Compliance: Updated the Distribute Profits screen under Period Compliance so that Discounted Gains (F) now shows Net Capital Gains.

  6. Tax Labels: Change to the calculation of Tax Label H and I, accounting for foreign capital tax offsets.

  7. Income Streaming: Users can now proportionally allocate deductions relating to franked dividends based on accounting income.

Errors Corrected


  1. Fixed: SuperStream Rollovers can now handle issues where a postcode may have an extra space.

  2. Fixed: Investment Dashboard - Scenarios where Strategy Comparison Detailed Dashboard were displaying incorrect data display now resolved.

  3. Fixed: Issue where Contact API was returning an error when phone number contains 614.

  4. Fixed: Issue where bank feeds would display twice in the Feed Management screen.

  5. Fixed: SuperStream rollover transaction will now post a transfer balance account transaction for a pension account.

  6. Fixed: SuperStream Rollover bank account details are now validated when the receiving fund is the SMSF.

  7. Fixed: SuperStream Rollover - 500 error was displaying when rejecting message and details description was too long.

  8. Fixed: SuperStream response screen will now only display the last 3 digits of the member TFN.

  9. Fixed: Investment Income could not be exported to Word when the “customised report” option was enabled.

  10. Fixed: Investment movement report was displaying investments with no balance for some migrated funds.

  11. Fixed: Investment summary report had a rounding variance between the pdf and the excel report for the portfolio weight percentage.

  12. Fixed: Alternate Member statement was incorrectly showing the account phase as ‘Accumulation’ for a member in Retirement Phase.

  13. Fixed: Tax Deferred Reconciliation report was not considering the negative tax deferred amounts of assets that have been fully disposed of for a fund switching to PDIT for the first time.

  14. Fixed: The SUM function in excel was causing a number of reports to fail to generate when a fund had a large number of investments.

  1. Fixed: The Enhanced Privacy setting was triggering a validation error in Trust tax return.

  2. Fixed: Reserve Journals were not automatically being deleted for Companies and Individuals.

  3. Fixed: Issue where TFN withheld on Distribution was not being picked up in SOTI / Label H4.

  4. Fixed: Issue where area code 07 was triggering a validation error in Trust tax return

  5. Fixed: Issue where zero was not being displayed in section 56 of Trust Tax return

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