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Simple Fund 360 and Simple Invest 360 Product Update – May 2022

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

Let’s start this update with some really EXCITING news!
Jeevan Tokhi has been appointed as the new Head of Simple Fund 360. Jeevan has been a BGL Team Member for over 17 years and will succeed Matt Crofts, who has moved on from BGL after 23 years to pursue a new opportunity in cryptocurrency – an area he is passionate about. We wish Matt all the best and congratulate Jeevan on the new role!

We are excited to announce another sensational Simple Fund 360 and Simple Invest 360 update!

You can learn what’s new at our New Features Webinar on Tuesday 24 May 2022 from 11:00 to 12:00 AEST. Register now >>>
The full release notes can be found on the BGL Community >>>

What's New?

The Documents screen just got a whole lot better!
The Documents screen in Simple Fund 360 and Simple Invest 360 has a brand-new look and several handy new features including:

  • Document folders for each ledger account to help you organise and sort documents more efficiently
  • Financial year tabs making it easier to filter documents by financial year
  • A list of balances for each account for quick reconciliation from within the Documents screen
  • Drag and Drop functionality making it faster to move documents from one folder to another
  • Plus, more tagging and permission options for greater flexibility and control

The Documents screen is not only a fantastic end of financial year information source, but it’s now your daily documents manager!
Click here to learn more >>>

International Prices: Daily prices for NYSE Arca are now available in Simple Fund 360 and Simple Invest 360. NYSE Arca is an electronic securities exchange in the U.S. on which exchange-traded products (ETPs) and equities are listed. The exchange specialises in ETP listings, which include exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded vehicles (ETVs).

Wrap Feeds: Wrap feed provider, Mason Stevens, has migrated all their accounts to a new platform. To account for this, all existing wrap feeds for Mason Stevens have been updated in Simple Fund 360 and Simple Invest 360. Click here to learn more >>>

Exclusive to Simple Invest 360

Period Compliance: An option to reinvest distributions is now available for Unit Trusts. Click here to learn more >>>

New Letter: The new Unit Valuation Letter provides a summary of each beneficiaries’ unit holding reported on the beneficiaries Screen.
Click here to learn more >>>

New Report: The new Unit Holding Report (available to Unit / Hybrid Trusts) holds information about unit holdings for beneficiaries and transactions related to these unit holdings for the selected financial year. Click here to learn more >>>

Plus, many more new features and improvements. Don’t forget to check out the full release notes on the BGL Community >>>

Previous months’ release notes can be found below:

Check out our Resources Hub!
We provide Simple Fund 360 and Simple Invest 360 users with a myriad of resources and services which can be found in the Resources Hub. The Resources Hub provides practical stuff to help you in your Simple Fund 360 and Simple Invest 360 journey. Visit Resources Hub >>>

Simple Fund 360 and Simple Invest 360 Product Update – April 2022

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

We are excited to announce another eggcellent Simple Fund 360 and Simple Invest 360 update! You can learn what’s new at our New Features Webinar on Tuesday, 24 May 2022 at 11:00 AEST.  Register Now >>> 

The full release notes can be found on the BGL Community >>>

What's New?

Data Feeds: A new broker data feed has been added to the BGL Share Data Pack for Wentworth Securities. Plus, the HUB24 data feed has been upgraded to significantly improve support for HUB24 foreign share markets trades.

Reporting: 8 new mail merge fields have been added to custom reports and letters including tax breakdowns, pension minimums, and middle names.  

Google Addresses Integration: Support for Google addresses has been added to Entity Details, Contacts and Trust Tax Return screens.

Corporate Actions: The following Corporate Actions have been added for various Mergers and Takeovers:

  • MEP – 09 March 2022
  • SYD – 09 March 2022
  • ABR – 10 March 2022
  • AVN – 14 March 2022
  • OTW – 16 March 2022
  • PAF – 28 March 2022
  • API – 01 April 2022

Exclusive to Simple Invest 360

Trust Reporting: Enhancements have been made to Trust reporting, with multiple client wishlist items added. Including: 

  • Improvements to Unit Valuation Reports for unit classes and increased decimal places. 
  • Statement of Financial Position reports rounding improved
  • Additional manual adjustments added to the Trust Taxable Income screen

Plus, many more features and improvements. Don’t forget to check out the full release notes on the BGL Community >>>

Previous month release notes can be found:

Regards

The BGL Team

BGL celebrates 25 years of Simple Fund

By BGL Update, Simple Fund 360, TechnologyNo Comments

BGL is proud to celebrate the 25th anniversary of its pioneering SMSF administration solution, Simple Fund.

“This is a huge milestone and I’m extremely proud of the BGL teams’ countless achievements over this time” said Ron Lesh, BGL’s Managing Director. “Simple Fund was launched on the Windows operating system in April 1997, at a time when people were still learning how to browse the internet, send emails and text messages. It’s quite remarkable to think that BGL has been part of the accounting software industry for over 30 years”.

BGL delivered many industry firsts within Simple Fund, including SMSF data feeds with BankLink, integration with share registries, the Audit Workpapers Module (co-developed with TAG Financial Services) and the first internet-enabled reporting tool, FundWeb. 

BGL’s continued investment in research and development together with its experienced team lead to the evolution of Simple Fund from desktop to cloud, with Simple Fund 360 now the leading cloud-based SMSF administration solution with sophisticated AI-powered technologies for smart data capture, categorisation and review.

“The software industry is one of the most competitive and innovative industries in the world with only a handful of companies that have stood the test of time, such as Microsoft (1975), IBM (1911), HP (1938) and Apple (1976),” added Lesh. “It’s a tribute to the team’s passion, innovation and perseverance that we remain Australia’s leading provider of SMSF, investment portfolio and company compliance management software, even after 30 years”.

BGL collaborates with Cointree to provide cryptocurrency price feed NBOC

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

BGL in collaboration with Cointree, a leading cryptocurrency exchange, is proud to announce the release of NBOC; an Australian based solution providing a daily price feed for hundreds of cryptocurrencies.

“This is an industry first solution, and we are extremely proud to have developed NBOC together with our long-term friends and partners at Cointree” said Ron Lesh, BGL’s Managing Director. “Unlike stocks on the ASX that cease trading every afternoon and have a single price, cryptocurrencies are traded 24/7 across multiple exchanges and in multiple countries. This makes accurate valuation challenging. So, BGL and Cointree developed NBOC to solve this problem for our clients with the goal of making cryptocurrency valuations reliable and more accessible for everyone.”

“We have witnessed a significant increase in SMSFs and trusts investing in cryptocurrency over the last five years,” said Shane Stevenson, Cointree’s CEO. “There is an increasing need to value cryptocurrency trades accurately and with confidence. The BGL team has been fantastic to work with and we are all very excited to deliver an industry-first solution to SMSFs.”

Cryptocurrencies are a growing asset class in BGL’s Simple Fund 360 and Simple Invest 360 which now administers $100’s of millions in cryptocurrencies. NBOC’s exclusive daily automated data feed will provide Simple Fund 360 and Simple Invest 360 clients with up-to-date prices for cryptocurrency for SMSFs, companies, trusts and individuals. The cryptocurrency valuation is used for calculating values for financial reports and member balances at 30 June.

NBOC aggregates the public pricing data from five of Australia’s largest and longest-running crypto exchanges; Cointree, BTC Markets, CoinSpot, CoinJar and Independent Reserve. Combining this data provides a ‘fair and reasonable’ valuation. As each exchange may have differing prices, NBOC will generate valuation taking into account these differing prices. 

“The BGL Ecosystem has 350+ partners and we are thrilled to add Cointree NBOC to the list” added Lesh.

For more information, visit: https://www.nboc.com.au/ 

Simple Fund 360 and Simple Invest 360 Product Update – March 2022

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

We are excited to announce another major update for Simple Fund 360 and Simple Invest 360! You can learn what’s new at our New Features Webinar on Thursday 14 April 2022 at 11:00 AEST. Register Now >>>  

The full release notes can be found on the BGL Community >>>

What's New?

BGL in collaboration with Cointree, a leading cryptocurrency exchange, is proud to announce the release of NBOC; an Australian based solution providing a daily price feed for hundreds of cryptocurrencies.

Cryptocurrencies are a growing asset class in BGL’s Simple Fund 360 and Simple Invest 360 which now administers $100’s of millions in cryptocurrencies. NBOC’s exclusive daily automated data feed will provide Simple Fund 360 and Simple Invest 360 clients with up-to-date prices for cryptocurrency for SMSFs, companies, trusts and individuals. The cryptocurrency valuation is used for calculating values for financial reports and member balances at 30 June. Click here to learn more >>>

Exclusive to Simple Fund 360

SuperStream Improvements: A new SuperStream Rollover / Release Authorities report has been added to Simple Fund 360 for audit / workpaper purposes. We continue to work to improve the SuperStream process for clients.

Smarter SMSF Integration: Two new documents have been added to Simple Fund 360 via our integration with Smarter SMSF. Click here to learn more about our seamless two-way integration >>>

Rollover In (PAYG – $55)

Generates documents to support a super benefit rollover or a super death benefit rollover for a member into the SMSF in accordance with the SuperStream requirements. 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)

Generates documents to support the payment of a super benefit rollover or a super death benefit rollover for a member from the SMSF in accordance with the SuperStream requirements. The 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 rollover, 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.

Plus, many more features and improvements. Don’t forget to check out the full release notes on the BGL Community >>>

Previous release notes can be found below:

Regards, The BGL Team

BGL releases portfolio consolidation with AVA Systems

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

BGL is proud to announce Simple Fund 360 and Simple Invest 360 are now integrated with advisory and reporting software solution, AVA Systems.

“It’s great to add AVA Systems to the BGL Ecosystem” said Ron Lesh, BGL’s Managing Director. “The integration between Simple Fund 360, Simple Invest 360 and AVA Systems provides consolidated portfolio reporting for fund, trust, company and individual portfolios giving our clients and their clients a holistic portfolio view.”

Andrew Quinn, CEO and Founder of AVA Systems, said: “We’re thrilled with this partnership and to be able to offer BGL clients AVAs grouped reporting tool straight from their platform. Personally, I have been in the corporate advisory and insolvency sector for over a decade and saw the niche for accountants needing software to become more hands for their clients. Coupled with AVAs family grouped reporting ability and AVAs integration with BGL, AVA can now allow accountants to advise on how their clients are doing swiftly and efficiently. Superannuation, investments and businesses all tied into one.”

Apart from integrating with the BGL product suite through Simple Fund 360 and Simple Invest 360, AVA also allows clients to consolidate Xero ledgers with more integrations coming in the near future. “This is a real win-win for our clients” added Lesh.

BGL currently has over 350 partners in our Ecosystem and it is great to be able to add AVA Systems to the list.

For more information about this seamless and intelligent integration, visit: http://ava-systems.com/trynow 

Simple Fund 360 and Simple Invest 360 Product Update Release – February 2022

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

We are excited to announce the first major Simple Fund 360 and Simple Invest 360 updates for 2022! You can learn what’s new at our New Features Webinar on Tuesday 8 February 2022 from 14:00 – 15:00 AEDT. Register Now >>>  

The full release notes can be found on the BGL Community >>>

Simple Invest 360 New Features

Part 1 of the Trust Tax Return is now available in Simple Invest 360!

We are thrilled to announce the release of the most highly requested feature for Simple Invest 360 – the Trust Tax Return!

The Trust Tax Return will be released in two parts to provide clients with the opportunity to provide feedback on the functionality of the initial features in Part 1 – the paper tax return, while our team works hard to release Part 2 – Electronic lodgement!

Today’s release includes:

  • A brand new Trust Tax Return populated from the Simple Invest 360 tax calculation engine.
  • Support for the 2021 Trust Tax Return (paper/printed copy ONLY).
  • Associated schedules (CGT Schedule, Losses Schedule, Rental Schedule and Attachment Schedule).
  • Dynamic link to ATO help.
  • Invalid field navigation to help speed up validation.

Electronic lodgement coming soon!

Stay tuned for the release of Part 2, which will provide clients with the ability to electronically lodge the 2021 Trust Tax Return from within Simple Invest 360!

Simple Fund 360 New Features

SuperStream Improvements: A number of improvements have been made the help streamline SuperStream Rollovers including the ability to:

  • Validate the Unique Superannuation Identifier (USI) entered via the Fund Validation Service (FVS).
  • Automatically populate APRA Fund Name and ABN on entering USI.
  • Capture the receiving fund’s ABN and USI for use in Rollover Benefit Statement (RBS).
  • Receive an error message where an APRA fund does not have Rollover v3 enabled.
  • Check if a contact already exists before creating a new one – preventing duplicate data.

Plus, further improvements have been made to the Fund Validation Service (FVS) responses.

New Member Reports and Wishlists: New alternate Member’s Statement and Consolidated Member’s Statement reports have been added to Simple Fund 360 based on client feedback. The new reports have additional sub-headings, a summary account balance section, a detailed member section and a new graph design.

New Trustee Minute / Resolutions: The Trustee Minute / Resolutions have been improved and now provides clients with the ability to add custom text paragraphs.

Plus, many more features and improvements. Don’t forget to check out the full release notes on the BGL Community >>>

Simple Fund 360 New Features webinar recap with Alissa Haralambopoulos!

By New Features Recap, Simple Fund 360, Simple Invest 360No Comments

What a way to wrap up a huge year with another release from the fabulous Simple Fund 360 and Simple Invest 360 teams!

Simple Fund 360 New Features Webinar recap with BGL’s Product Advocate, Alissa Haralambopoulos!

The release webinar was presented on Tuesday 14th December, by Bradley Wilkinson, however in case you missed it, check out a brief recap below: 

Our new BGLSF360 ESA is well and truly up and running, with over 27,000 funds using the new ESA, if you are looking for any tips or tricks be sure to check out the Webinars that were run in October, these cover a lot of the common Superstream questions and go through some processing tips. You can find these on the BGL YouTube channel.  

Still on the topic of Superstream, Brad covered some common problems & solutions, and touched on the following improvements that have been added. Firstly, the option to select your bank account for the SMSF using the details that are already saved in the software, a new improved Validation process, and when USI details are entered, the bank details are pre-filled. 

The next exciting new release is the improved Xero Tax Integration! Now whilst Simple Fund 360 has always had Xero integration, from 2021 onwards you can automatically send the tax data to Xero Practice Manager. Simply validate the return (always recommended), then hit Xero Connect, this will prompt you to log in to your Xero account, and once this is done you can find the return under the Tax tab. 

The team have also added two new feeds, Xplore Wrap, and AustAsia Financial Planning under the Contract notes/Share Data pack. They have also rolled out some changes to the set up of the wrap feeds, now allowing you to link holding accounts to feeds, which also enables you to change the way the Investment Summary report is displayed, by grouping the assets into portfolios. 

Also on the topic of Reports, there has been a bit of tweak to the Index report, which will no longer list ‘failed reports’ in the list of reports shown. 

With the recent introduction of Director ID, the field has been added to Simple Fund 360 so you can capture this information there too. However, if you need to download a list, you can now export your contact list to a CSV file.  

Lastly, on the Entity Workflow screen, a new filter has been added so you can now filter by GST Registered Status and see all funds that are either registered or not registered. 

Moving onto Simple Invest 360, there have been a few new additions to the product. The first is the Revaluation Reserve that has been added for Companies and Individuals, the second is that Tax Instalments paid during the year will now show up on the Taxable Income Calculation, and lastly when processing a distribution for a trust you now can distribute either the taxable income or accounting income. 

If all of that wasn’t enough, we already have a bit of a teaser for what’s to come next year! Top of the list is the ability to also add broker details to the new reporting options, allowing you to display reports by a broker, more Superstream improvements, and a new and improved Document Screen! 

We wish you all the best for the holiday season and look forward to working with you all in 2022! 

If you would like you can watch the webinar below: