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Migrate Segregated Funds to Simple Fund 360

 

Migrate a Segregated Fund

Simple Fund 360 fully supports Segregated funds. A fund's existing segregation structure in Simple Fund Desktop will not be migrated up to Simple Fund 360. Once the fund is migrated you will be able to create a new Segregation Policy in Simple Fund 360. To assist with preparing the Segregation Policy a Segregation Report can be obtained from Simple Fund Desktop. Follow the steps below to migrate a segregated fund.

  • Prepare the Simple Fund Desktop Segregation Report;
  • Migrate the fund;
  • Create a Segregation Policy in Simple Fund 360.

To be able to migrate segregated funds, you need to be on Simple Fund Desktop Version 2017.1 or greater.

Simple Fund Desktop update can be downloaded from the Client Centre under Your Support | Software Downloads.

Prepare the Simple Fund Desktop Segregation Report

Before migrating a fund, prepare the Segregation Report to assist you in creating the Segregation Policy in Simple Fund 360. 

To prepare the report for a fund From the Ribbon Toolbar:

Select the Reports and Documents tab, in the Fund Reporting group, select Financial Reports



Select the Member Reports tab.

Locate the Segregated Report at the bottom of the page (ensure a 1 is input in the number field). 

You can  Preview the report before print or export.

Select  Print or  Export to PDF to print/export the report. Input a 1 into the field next to the report and a 0 next to the other member reports before printing or exporting.

 

Report Details

The Report is broken down into the following sections:

  • Pool Summary

    This section will provide you details about the pool and the percentages allocated to each member.

  • Pool Assets

    This section will list all the assets allocated to the pool. 
    Note:

    • Only assets/investments with units or that have a balance will display in the report.
    • Bank accounts that are active or have a balance will show in the report.
    • If you have allocated an investment/asset to a ceased member account, the member account will display as "Ceased" in the report.

    • If a security is not attached to the investment account, the 'Code' column will be blank.

     

  • Duplicate Security Codes

    If there are two or more investments with the same security code that have been allocated to multiple pools, these securities and investment accounts will display under this section. 

    When selecting 'Ignore' upon validating your funds for migration, the investment accounts having the same security attached will be merged upon migration so that only one account will be attached to that security in Simple Fund 360.

Users are also able to keep these accounts seperate. For more information on how to do so, click here.

What if a fund is using the Direct allocation method in Simple Fund Desktop?

Refer to the section below Important: Direct Allocation Funds for details on how pools are determined. 

Important: Direct Allocation Funds

Simple Fund 360 will only support the Pool Asset Allocation method. If you were using the Direct Allocation method in Simple Fund, pools will be created in the Segregation Report based on each set of allocation percentages set up in the Chart of Accounts. These pools can then be added to the Simple Fund 360 Segregation Policy.

These pools will not be automatically added to Simple Fund 360. 

Select the Expand icon below for an example on how the report prepares asset pools from direct allocation percentages.

Direct Allocation conversion example

 

Note

BGL do not provide accounting or taxation advice. The following is designed to act as a guide for Simple Fund 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other methods that are more suitable may be used instead of these steps.

 

Example:

The BGL Training Fund contains the following Members:

Account Number Member
503 Mary Jones
504 John Jones

 

The fund contained the following investments and member allocation percentages:

Account Number Investment Allocation Percentage Pool Allocation
604 Cash at Bank

Account 503 Mary: 50%

Account 504 John: 50%

 Unassigned Pool 2
605 ANZ Cash Management Account

Account 503 Mary: 50%

Account 504 John: 50%

 Unassigned Pool 2
724/001 Westpac Term Deposit

Account 503 Mary: 50%

Account 504 John: 50%

 Unassigned Pool 2
772/001 Unit 1, 270 Grange Road, Toorak (Rental Property)

Account 503 Mary: 100%

Account 504 John: 0%

 Unassigned Pool 1
776/001 BHP Shares

Account 503 Mary: 75%

Account 504 John: 25%

 Unassigned Pool 3
776/002 Onesteel Limited Shares

Account 503 Mary: 50%

Account 504 John: 50%

 Unassigned Pool 2
776/003 ABC Limited Shares

Account 503 Mary: 50%

Account 504 John: 50%

 Unassigned Pool 2
782/001 General Property Trust

Account 503 Mary: 50%

Account 504 John: 50%

 Unassigned Pool 2

 

As a result of the percentage allocation being different for investments 772/001 and 776/001, these investments were given a separate pool in the report.

Once you have produced the report proceed with the migration.

Migration Process

Refer to Migrate from Simple Fund to SF360 for instructions on migration. 

Create a Segregation Policy

Once the fund has been migrated the Segregation Policy can be added with reference to the Segregation Report produced in Simple Fund Desktop. Refer to Create Segregation Policy for a fund in Simple Fund 360. 

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