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An SMSF accounting software provider has announced a product update in preparation for the ATO’s upcoming real-time reporting requirements.
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Software provider launches new transaction feature
13 December 2017
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SuperConcepts has launched its new Transaction Centre as an update to its SMSF platform, SuperMate.
The Transaction Centre will provide daily reconciliation through an automation engine, daily data feeds, and customised automated reconciliation rules.
SuperConcepts chief technology officer Kurt Groeneveld said that with the ATO now requiring more regular reporting, there was a real need for reliable, daily-reconciled data feeds.
From 1 July 2018, SMSFs that have members with total superannuation account balances of $1 million or more will be required to report events impacting members’ transfer balances within 28 days after the end of the quarter in which the event occurs.
“The Transaction Centre, which is based on extensive testing by accountants, automates what was once a time consuming manual process,” said Mr Groeneveld.
“SuperMate users now receive daily data feeds direct from institutions with all purchases and sales matched to the cash transaction, and automatically processed.”
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“The daily reconciliation approach means that accountants and advisers are immediately alerted if a bank statement is out of balance rather than having to wait until the end of the month,” he added.
“And because the feeds come directly from the source, users can rest assured that the data they receive is accurate.”
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