AI - ASIC Statements

AI - ASIC Statements

Introduction

The latest update allows SMSF accountants to effortlessly prepare year-end files.
More enhanced and automated than ever before, SMSF sorted advances AI and ASIC integrations to free you from inefficient back-and-forth processes. This release brings the automation of ASIC to an already powerful AI tool in Sorted. With the current AI tool, you can reconcile your WRAP and ATO documents but now ASIC processing has become a whole lot better too. 

How It Works

The AI tool picks up the documents, identifies, reads, prepares, and summarizes the data. Then the data is compared with trustee details as applicable. The final step, it make things ready for you to review and decide before tagging documents to align items or moving them to the permanent folder.

Observation ASIC Statement

  • New Observation ASIC statement checks have been added to the existing Observations list. 
  • This observation compares the trustee company details, trustee name, date of birth, and date of appointment with the ASIC statement and highlights any mismatched information.

  • The observation will run only when the fund has the corporate trustee structure and in the case of individual trustees, this observation will be reflected under the Not Applicable section until the ASIC statement is uploaded and processed under the AI tool.

  • The observation would remain in the warning section, so that, you can upload the ASIC statement and review it. 

  • The observation is prepared automatically which can be viewed by clicking on the View Observations button if all details recorded in accounting software are matched with the ASIC the observation appears in the Good To Go section.

  • However, if there is a mismatch you can update the details in your accounting software and recheck these details after Re-importing the updated data in SMSF Sorted.


Reviewing Trustee Details

To review the trustee details follow the steps given below:-
Step 1:- Upload the ASIC statement.



Step 2:- It will initially listed under Unsorted Folder, You can simply move it to permanent or any other folder and then click on the Process AI button.



Step 3:- While the AI is running on your documents, you can see the process from the cloud icon shown below.



Step 4:- Once the AI processing is completed a confirmation message will appear.

Step 5:- You can click on the View option to review the summary of process documents.



This screen shows various important details like document name, type, and upload details.

Clicking on the view icon opens the document and from the document, details summarized by our AI tool can be reviewed.

In case the details don’t match, you will have to Save and Process the document. 



You can click on view to check why and what details don’t match. 

In case of incorrectly extracted details, the user can Edit and Save them from updating in SMSF Sorted. 



Once you click on Save and Match, a pop-up will appear, if the details don’t match.



Wrap Providers

The Wrap Providers and others that can be processed through AI are given under: 
Wrap Statements

  • MLC Wrap 

  • BT Panorama 

  • Macquarie 

  • Asgard 

  • Hub24 

  • North Wrap 

  • Netwealth 

  • Credit Suisse 


ATO documents 

  • BAS 

  • ITA I

  • CA 

  • PAYG Installment Report 

  • ASIC Company Statement 


13 Bank Accounts supported by AI 

  • Macquarie 

  • NAB 

  • ANZ 

  • CBA 

  • Westpac 

  • St George 

  • Rabo Direct 

  • ING 

  • Bank SA 

  • BOQ 

  • Suncorp 

  • AMP North 

  • Bank West



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