Introduction

In the August and September 2014 releases of Class, we have seen an improvement that now allows us to process Corporate Actions across multiple funds with just a couple of clicks. This will provide some processing relief in particular for corporate actions that don’t require accounting or tax review such as Capital Returns, Bonus Issues, Code Changes and Consolidations.

For example, in November 2013 the popular ASX share Wesfarmers Ltd (ASX Code: WES) underwent both a Consolidation and Capital Return. Furthermore if your client had the Wesfarmers Partially Protected shares (ASX Code: WESN) there was also a Code Change to go along with that.

The Old Process

Under the old process of creating each event one holding at a time, we needed to click 2 buttons per event while needing to wait for screens to load between each click.

Here are some screenshots from the Class Super Training environment showing the clicks required once you open the Announcement Detail.

The New Process

Under the new process, we can process these transactions for as many funds as we like with just 2 clicks and no screens to load!

The above assumes that all your funds are up to date. If some are not, then you just need to remove the corresponding tick alongside the fund/record to exclude them from the bulk processing.

You can also bulk undo by using the select checkboxes again but this time selecting the Undo button.

Conclusion

For Super Know How, we had more than 5% of the clients that we administer on a daily basis hold either WES or WESN. If the bulk processing had been applied to that event, the time savings would have been significant when you multiply it out by the two or three events that needed to be processed in this situation.

Using bulk corporate actions processing will generate further efficiencies and enable us to achieve faster turnaround times and a better experience for our clients.

Training

Class offer complimentary live training sessions for all registered Class Users. Super Know How run these training sessions via Web Conferencing each week. We cover off Corporate Actions in Module 5 so please register to see more on the above process or to ask any questions that you may have on this. http://www.classsuper.com.au/training/registration/

Who are Super Know How

Super Know How have been intimately involved with the development of the Class Super software since its earliest stages. As such, we understand the power and inner workings of the Class Super system.

We provide many services in the SMSF space including:

• Class Super Training
• Outsourced Administration and Tax Agent services
• SMSF Audits

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Disclaimer

All data and information provided above is for informational purposes only. Super Know How makes no representations as to accuracy, completeness, currency, suitability, or validity of any information on this page and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.