Simple Invest 360 allows an entity transfer from one firm's Simple Invest 360 Subscription to another active Simple Invest 360 Subscription.
This process will not remove the Entity from the current subscriber's licence but will transfer all data and any data feeds associated with the entity to the new subscriber. All data services will subsequently cease for the current subscriber's entity.
This transfer of entity ownership is subject to the terms and conditions of the BGL Cloud Subscription Agreement which can be found at www.bglcorp.com/about/policies/cloud-agreement/
Important
- The Entity Transfer process must be actioned on a entity by entity basis.
- Only Admin users by default will have access to the Entity Transfer function. All other User Roles will need this feature enabled by their Account Administrator.
- You will not be able to transfer an entity on the same database (copy entity).
- Entities that have inter-entity connections will not bring that data across, it will be changed into a contact.
Example: a trust entity hold shares in a company entity. The company entity is then transferred to another Simple Invest 360 License. The Trust entity in the shareholders screen of the company will be replaced with a Trust contact. - BGL will not mediate Entity Transfer discussions.
Steps
Instructions
The New Subscriber will be the firm importing the Entity.
The Current Subscriber will be the firm exporting the Entity.
Steps to import the Entity:
1. The New subscriber must review their subscription prior to transfer. An Entity Import will add to the total entity count and will also count towards the connected services (Contract Notes, Registry Data, BGL Bank Data Service) if the subscription permits.
2. Create a New Trust/Company/Individual using Entity Setup. Only the entity shell needs to be created. The entity details will be overwritten when the entity transfer has been processed. Ensure no other data is entered, such as Beneficiaries/ shareholders & transactions.
3. Select the Trust/Company/Individual. For this example, a company transfer will take place, but the process is the same for all entity types.
| From the Main Toolbar navigate to Trust/Company/Individual. | |
| Select Trust/Company/Individual Transfers. |
*Only Admin users by default will have access to Trust/Company/Individual Transfers. All other user roles will need the feature enabled by your Account Administrator.
4. Copy the Trust/Company/Individual Transfer Code and provide this to the Current Subscriber.
5. The Current Subscriber will then return a Unique Code. Click Receive Trust/Company/Individual (under Trust/Company/Individual Transfers), to input this code. The New Subscriber will have 14 days to import the Entity, where the code will then expire.
6. Enter the Unique Code, provided by the Current Subscriber. Once you agree to the Terms and Conditions, click Import Trust/Company/Individual.
7. Please allow up to 48 hours for the transfer to be successfully completed.
8. From the Reports screen, generate Financial Statements to review the Trust/Company/Individual for completeness.
Steps to transfer the entity:
1. Select the Trust/Company/Individual you wish to transfer. For this example, a company transfer will take place, but the process is the same for all entity types.
2. Navigate to the Compliance screen. Optional, reverse all mid-year workflows before the transfer.
3. From the Reports screen, generate Financial Statements to make sure the Trust/Company/Individual is reconciled.
| From the Main Toolbar navigate to Trust/Company/Individual. | |
| Select Trust/Company/Individual. |
*Only Admin users by default will have access to Trust/Company/Individual Transfers. All other user roles will need the feature enabled by your Account Administrator.
4. Click Send Trust/Company/Individual.
If the entity fails to validate, check the error and the required action.
5. Input the Trust/Company/Individual Transfer Code (provided by New Subscriber).
6. An option to flag Documents in the Export is also available, this will be active by default.
Additionally, the option to Export WorkPapers is also available:
7. Once you agree to the Terms and Conditions, Click Export Trust/Company/Individual.
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 Trust/Company/Individual (a copy function has been provided to help).
10. Once the export is successful the New Subscriber will have 14 days to import the Trust/Company/Individual, where the code will then expire.
Select a Trust/Company/Individual, from the Main Toolbar, navigate to Trust/Company/Individual | Trust/Company/Individual Transfers. On the right-hand side locate your firm's Trust/Company/Individual Transfer Code.
| Function | Details |
| Workflows |
Trusts/Companies/Individuals that have been transferred will have the ability to Reverse Workflows that have already been completed. Adjustments to historical transactions will be available. The Workflows history report will also be transferred across. |
| Historical Data | All transactional historical data will transfer. |
| Current Year Transactions | All current-year transactions will transfer. These transactions can be adjusted. |
| 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 Entity 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. |
| Tax Return | The Trust/Company/Individual Tax Return will transfer. |
| CGT and Tax losses | Current and previous losses will transfer. |
| Unique security codes | Any Trust/Company/Individual that have a unique security code created will transfer across along with the prices. |
| Tax return amendments | Supported (Must have been originally lodged in Simple Invest 360) |
| Lodgement history | Both the Tax Return, BAS/IAS lodgement history and validation reports will be available from the Lodgement screen. |
| Contacts | Beneficiaries, Shareholders, and trustees of trusts. 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 entity (Quick Entity setup) will still be set as the default. |
| Depreciation Schedule | Depreciation Schedule for multiple years will be transferred |
| Workpapers | Workpapers and any documents stored in the workpapers screen will be transferred if the option to transfer workpapers is toggled on. |
| Audit Management Screen | Details and documents that have been added via the Audit Management screen. |
| Property Dashboard Data | Property details, with all attached documents will transfer. |
| Function | Details |
| 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. Digitally signed documents with a status set to Signing, Signed, Declined or Voided will not be transferred to the new firm due to privacy. |
| Trust/Company/Individual Relationship | Only the Trustee(s)/Shareholder 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 -
|
| System Securities | If the custom price for a system security already exists, Data will not be overwritten to maintain data integrity. |
| Inter-entity Connections | Inter-entity connections will not be transferred as connections; instead, they will be changed into the corresponding contact type. |
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 Entity Transfer in Simple Invest 360 and forward all records held on behalf of the above named.
To perform a Entity transfer in Simple Invest 360 please refer to the help file below. You will need to enter my Trust/Company/Individual Transfer Code which is …........
To complete the transfer of the entity, can you please forward:
- BGL Migration Report Pack.
- Unique Code of the entity (generated by Simple Invest 360 once the entity has been successfully exported)
Simple Invest 360 help file:
Kind Regards
FAQs
I am attempting to import a Trust/Company/Individual, but I am unable to proceed with the steps as I only see an option to "send trust/company/individual" and not "receive trust/company/individual" under the Trust/Company/Individual Transfers screen.
Ensure that prior to importing the entity, a Trust/Company/Individual shell is created via Entity Setup. Other than Trust/Company/Individual Details, no data should be entered in for the entity, such as beneficiaries/shareholders and transactions.
If there is other data, Simple Invest 360 will recognise an export, and a "Send trust/company/individual" button will appear instead.
In attempting to import a trust/company/individual, Simple Invest 360 has returned the error "There were problems to load the trust/company/individual transfer details, please contact BGL Support!" What do I do?
You will need to log a support call with the support team, as it will require further investigation. If you have updated your short firm name, you will need to confirm this as well when logging the support call.