Netwealth is a platform designed to manage a range of different asset types. Netwealth clients can now have data uploaded into Simple Fund 360 using a direct feed daily.
The following information is imported through the data feed:
- Investment movements (purchases and disposals)
- Income transactions (dividends, distributions, and bank interest)
- Bank transactions
- Foreign share market transactions
Authority can be granted using one of the below options:
|Authority Process||Authority Form|
The purpose of this form is to allow an authorised representative to request Netwealth to begin sending data to Simple Fund 360 set out in this form. Please note that the data feed will apply to all clients who are linked to the adviser code.
The purpose of this form is to allow you to request Netwealth to begin sending data to Simple Fund 360 for a fund.
Setup in Simple Fund 360
|From the Main Toolbar, go to Connect.|
|Select Feed Management from the list.||
Select the Wraps and Platforms Global tab.
- From the Wrap and Platform Global tab, select (+) Setup.
- The Setup Wrap and Platform Feed screen will display. By default, the fund will be selected.
Select Netwealth as the Feed Provider and input the External Account ID.
Select the Bank Account created for the Netwealth data feed.
Note: if data has been entered manually for this feed prior to its activation, input a "Do not import data before date" in the relevant field to the last date of manual data entry.
Note: Selecting Advanced Options will display a drop-down of any bank or other non-unitised investments appearing in the Security Code chart. This chart will contain the relevant mapping codes used by the feed to load data to the correct account. These fields will be empty until the feed is operating. For more information on Account Mapping, click here.Potential Duplicate Accounts
If you do not set this up, the feed will automatically create new accounts and you might end up with duplicate accounts.
Select Save. This step will need to be completed for each fund that will be using the Netwealth feed in Simple Fund 360.
Once the feed has been saved, the feed will appear with the status Awaiting Transactions, with the toggle set to On. Do not switch this off.
Simple Fund 360 will automatically load transactions from the date of activation. Note: If historical data has been requested this may also take up to 30 days to feed through.
- From within the Wraps and Platforms Global tab, select the fund(s) to complete the re-request for.
- Select the Re-request transactions button that has appeared at the top of the screen.
- From the Re-Request Transactions screen, input the dates Do Not Load Before (earliest import date) and Do Not Load After (last import date). Transactions within this date range will be requested and imported.
- Select Import.
The re-request function can be used to import historical transactions.
Distribution transactions and tax components
Simple Fund 360 automatically updates wrap feed distribution transactions with their respective final tax components when the annual statement is made available.
For more information, please refer to Distribution transactions and tax components
How will transactions be coded?
All cash and investment transactions will be allocated to the correct account in Simple Fund 360. For purchases of new investments not previously held by the fund, new accounts will be created and transactions will be automatically allocated.
Which transactions will be matched?
Investment transactions (purchases and disposals) will be automatically matched to their corresponding Cash transactions by Simple Fund 360. Dividends and distributions will be matched to account 23900 and 23800 respectively during upload using the ASX codes. Interest income will also be automatically coded to the linked 25000 interest account.
Can historical transactions prior to the feed activation be uploaded?
Yes. Historical transactions are requested upon feed activation for Simple Fund 360. Perform a transaction re-request to obtain historical data.
What if the feed is splitting transactions across several bank accounts?
The Netwealth system records transactions to CASH99 and MACASH separately. In reporting they consolidate MACASH and CASH99 as one cash pool for some reports, but not all.
An example of a report where we would show current balance of each separate account is the ‘Portfolio Valuation (new format)’ report. Our ‘Transaction Listing’ report will also provide a breakdown of MACASH and CASH99 transactions and mark the MACASH transactions as ‘Managed Account’ or ‘MA’.
Foreign share market transactions.
Simple Fund 360 will now support foreign investment data via the Netwealth data feed. For any Netwealth feeds that were setup before the 10/10/2019, Foreign Investment Data will be disabled to avoid any data duplication. To enable navigate to the Wraps and Platforms section and edit on the Netwealth Feed. To enable switch the toggle on for Import Foreign Investment Data.
Current Known Issues
Why is the cash balance as at 30th June not matching Netwealth’s statement?
- This often happens when transactions occur on the 30th of June and these transactions take a day or two to clear.
- The 30th June cash balances received from Netweath only include transactions that have been cleared therefore causing a balance reconciliation issue with Netwealth statement.
Unfortunately, Netwealth is unable to resend updated balances as at 30th June.
Brokerage fee not capitalised to the asset purchase and sale
- Netwealth charges the brokerage fee on settlement date instead of the execution date,
BGL receives investment transactions when the trade occurs, therefore, resulting in the transaction amount being received without the brokerage fees.
- On the settlement date, Netwealth provides an updated transaction which includes the brokerage fee. However, this transaction will not be automatically imported as the original transaction has previously been imported.
As a work-around, please delete the previously received transaction without the brokerage fees and then process a re-request. This will import the updated transactions with the correct amount (brokerage fees inclusive).
BGL is working closely with Netwealth to handle this scenario better.