Class adds beneficiary accounting functionality to Class Portfolio, driving significant efficiencies in the processing and accounting of discretionary trusts
Monday 26 September 2016 – In another industry first, Class has announced it has released beneficiary accounting for Class Portfolio, its cloud software solution for accounting, administration and reporting of non-SMSF investment portfolios.
Class’ beneficiary accounting enables accountants to easily set up discretionary trusts and add beneficiaries in Class Portfolio. The scalable solution delivers significant efficiencies in processing and accounting of investment trusts, by applying the same industrial strength automation that underpins Class Super, the leading cloud SMSF administration software. Using auto journaling, the Class system selects the correct general ledger accounts and automatically posts journal entries, delivering dramatic time savings compared to traditional manual journals.
Accountants can quickly deal with different aspects of discretionary trusts, for example equity contributions and withdrawals, retained earnings and unpaid present entitlements, with everything recorded in the Statement of Financial Position and Notes to the Financial Statements.
Kevin Bungard, CEO of Class, says: “We’re very excited to announce the availability of beneficiary accounting for Class Portfolio. Our goal is to enable accountants to achieve the same levels of processing efficiency and timely reporting across all the entities in which their clients hold their wealth. This unique solution is set to deliver significant benefit to the industry.”
Beneficiary accounting was made available in the Class September release.