Fund Transfer

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Overview

Simple Fund 360 allows a fund transfer from one firm's Simple Fund 360 Subscription to another active Simple Fund 360 Subscription. The Fund Transfer process must be actioned on a fund by fund basis.

  • Only Admin users by default will have access to the Fund Transfer function. All other User Roles will need this feature enabled by their Account Administrator.
  • Once the export is successful, the New Subscriber will have 14 days to import the fund.
  • Please allow up to 48 hours for the transfer in to successfully complete.
  • The New Subscriber will need to provide their Simple Fund 360 Short Name to the Current Subscriber.
  • Current Subscriber will need to provide a Unique Code to the New Subscriber
  • All parties will need to come to an arrangement if Documents will be included in the Export.
  • You will not be able to transfer a fund on the same database (copy fund).
  • Review your subscription prior to transfer, a Fund Import will add to your total fund count and will also count towards the connected services (Contract Notes, Registry Data, BGL Bank Data Service) if your subscription permits.
  • BGL will not mediate Fund Transfer discussions.

Instructions: 

  • The New Subscriber will be the firm importing the Fund.
  • The Current Subscriber will be the firm exporting the Fund.
New Subscriber (Receive Fund )
  • The new subscriber must provide their Simple Fund 360 Short Name to the Current Subscriber. 
  • Only Admin users by default will have access to Fund Transfers. All other user roles will need the feature enabled by your Account Administrator.

Steps to import the fund 

  1. Quick Fund Setup - Create a New Fund using Quick Fund Setup. The only mandatory fields when creating the fund will be to Select a Badge, input the Fund Name,Fund Formed and enter the Financial Year.
  2. Select the Fund. 
  3. From the Main Toolbar, navigate to FUND | FUND TRANSFERS.
  4. Click Receive Fund 
  5. Input the Unique Code, which will be provided by the Current Subscriber.
  6. Once you agree to the Terms and Conditions, Click Import Fund.
  7. Please allow up to 48 hours for transfer in to successfully complete.
  8. Review Fund for completeness, based on the BGL Migration Report Pack, which will also be provided by the Current Subscriber.

Current Subscriber (Export Fund)
  1. Select the Fund you wish to transfer. 
  2. Navigate to the Compliance screen, if applicable reverse All mid-year Create Entries before the transfer.
  3. From the Main Toolbar navigate to FUND | FUND TRANSFERS.
  4. Click Send Fund.
  5. Input the New Subscriber's Simple Fund 360 Short Name. (Provided by New Subscriber)
  6. An option to flag Documents in the Export is also available, this will be active by default.
  7. Once you agree to the Terms and Conditions, Click Export Fund.
  8. The New Subscriber will be able to complete the transfer once the status updates from Processing to Success.
  9. You will need to provide the New Subscriber with the Unique Code of the fund  (a copy function has been provided to help compose an email.)
  10. From the Reports Screen generate the BGL Migration Report Pack, please provide this to the New Subscriber along with the Unique Code
  11. Once the export is successful the New Subscriber will have 14 days to import the fund.

How to locate your Firms Short Name

Select a Fund, from the Main Toolbar, navigate to Fund | Fund Transfers. From the help locate your firm Short Name.

FUNDShort.png

Data transferred 
 Function Details
Historical Data  All transactional historical data will transfer.
Bank Feeds Established BGL Bank Feeds will transfer depending on subscription.

The current Subscriber’s data feed will be automatically switched to ‘None’ for the Fund being transferred.

Share Data Pack Contract Notes and Registry Data feeds will transfer depending on subscription.

The Current Subscriber will no longer have access to the Contract Notes setup.

Wrap Feeds Wrap Feeds will transfer.

Please note, any feed that requires adviser authorisation will not be active unless these credentials are authorised for your firm.

Corporate Action data The Corporate Actions dashboard will display previously recorded Corporate Actions.
Documents When Documents have been flagged for transfer, all Documents will migrate across. Including any documents with restricted permissions. restrictions will be removed upon transfer.
SMSF Annual Return  The SMSF Annual Return will transfer.
CGT and Tax losses Current and previous losses will transfer.
Unique security codes Any funds that have a unique security code created will transfer across along with the prices.
Transfer Balance Account Report (TBAR) All events will populate in Fund View. Outstanding events will be available for lodgement.
Tax return amendments Supported (Must have been originally lodged in SF360)
Lodgement history Both the Annual Return, BAS/IAS lodgement history and validation reports will be available from the Lodgement screen.
SuperStream Registration and SuperStream data will transfer to the New Subscriber. 
Contacts trustee's, fund members, beneficiaries of fund members, TBA dashboard 3rd party contacts. Only new contacts will be transferred to avoid duplication of records.
Investment Strategy Investment Strategy data will transfer across.
Member Details Member Contact and Nominated Beneficiaries will transfer.
Badge The badge selected when creating the fund (Quick Fund setup) will still be set as the default.
Pension Policy Pension Policy history will transfer.
Depreciation Schedule Depreciation Schedule for multiple years will be transferred
Data not transferred
Function Details
Create Entries Funds that have been transferred will not be able to Reverse Entries. Adjustments to historical transactions will not be available.

All mid-year Create Entries must be reversed before transfer (except for 30/06/xx)

Transfer Balance Account Report (TBAR) Lodgement details will not display, you will need to seek confirmation of lodgement from the tax agents portal. External TSB balances will not transfer.
Segregated Assets Once the fund has been transferred, the Asset Segregation Policy (if applicable) will need to be entered.
BAS/IAS BAS/IAS screen will not transfer. This information is stored with the ATO.
Transaction Recode No Audit history using the Transaction recode will transfer. 
Documents

Comments attached to documents will not transfer due to privacy.

Only the latest version of the document will transfer.

Related metadata such as viewed and signatures status will not transfer, although the PDF containing the digital signatures will transfer.

Members screen If any Member Financial Details have been entered, this information will need to be keyed in again after transfer.
Fund Relationship Only the Trustee(s) information will transfer.
Access Any 3rd party (Trustee, Auditor) who had access and still requires access will need to be reinvited after transfer.
Data Feed Credentials

Firm-level credentials will not be transferred. The following feeds are affected -

  • Xero
  • Macquarie ESI
  • AET
  • HUB24
  • IOOF
  • Macquarie Wrap
  • BT Wrap Adviser Code
System Securities If the custom price for a system security already exists, Data will not be overwritten to maintain data integrity.
Templates
New Subscriber to Current Subscriber

Dear ...............

We have received an unsolicited approach from ................... to undertake their future taxation and accounting requirements.

Should you have any ethical or professional objection to our acceptance of this appointment, please advise. If you have no objection, it would be appreciated if you would perform a Fund Transfer in Simple Fund 360 and forward all records held on behalf of the above named.

To perform a fund transfer in Simple Fund 360 please refer to the help file below. You will need to enter my Firm Short Name which is …........

To complete the transfer of the fund, can you please forward:

  1. BGL Migration Report Pack.
  2. Unique Code of the fund (generated by Simple Fund 360 once the fund has been successfully exported)

Simple Fund 360 help file:

https://sf360.zendesk.com/hc/en-au/articles/360021854231

Kind Regards

If your reading this stop looking at my code!

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Comments

4 comments
  • Hi guys,
    Great feature, however the BGL Migration Report Pack doesn't appear to exist?
    Can you please confirm?

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  • Hey Christine
    You need to change the report pack under Reports - I only know because I did this a couple of weeks ago. When you choose the Migration Pack you can then download. Hope it helps - I can't log a support call at the moment.

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  • I don't seem to have the Fund Transfer function in BGL. Do I have to enable this? (I'm logged in as an admin user.)

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  • Hi Miranda Admin Users do not have any screen restrictions. Firstly double-check your user rights and once you have selected your fund, from the Main Toolbar navigate to Fund | Fund Transfers. If you're still having difficulties, please reach out to the BGL Support Team

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