Auditomation - EOFY Release for FY 2022

Auditomation - EOFY Release for FY 2022

End of the year (EOFY) updates

FY update on create job screen
FY will be available as below while creating job:

  • FY 2022 will be listed in the Year End list. 

  • FY 2022 will be the default selection for FY if the job type is selected as Year End. 


fy-2022-available


  • FY 2023 will be listed in the WInd Up list. 

  • FY 2023 will be the default selection for FY, if the job type is selected as Wind Up. 


fy-2023-available



Checklists 

There are no changes in the checklist in FY 2022.


Audit Reports and Letters 

There are no changes in the Audit letters and reports in FY 2022.


Observations


Observations Name

Updates

Negative Balance

No changes in the rule

Reverse Balance

No changes in the rule

Market Value

Changes will reflect once the data is available from ASX and IRESS

Income Comparison

No changes in the rule

Rental Income <4%of Property Value

No changes in the rule

Contribution Cap

Changes will reflect as per the reports from the accounting software

Work Test

Updated age as 67, contributions received by the member of age 67 or above will list in warnings in FY 2022

Pension Limit

Changes will reflect as per the reports from the accounting software

Benefits Paid to Member <60

No changes in the rule

Lump Sum Payment

If lump Sum payment is made by the member, whose age is less than 58 then it will list in warnings in FY 2022 (*updated for Class jobs)

Retirement Condition

No changes in the rule


Members/Directors/Trustees 

Legislation has passed to increase the memberships of Self-Managed Superannuation Funds (SMSF) from four to six members.

Now, Cloudoffis has the option to add upto Members/Directors/Trustees in Client details. 


Other Releases

Audit Job Report 

Audit job Report now has the option to select the date range on the basis of Job Creation. Please find the details below:

  • Users will be able to select data maximum upto 1 year. 

  • The current date as default in “To” & “From” will have the date of 1 year back from the current date. 

  • The option to change the date but it should vary between one year. 

  • The option to save it as a favorite. 

  • Implement in the Filter and that data we have to bring in Export to excel (for both summary and detailed). 

  • We do not need to restrict the selection of the previous & future date in reports. Sometimes they generate and save the report as fav with a future year date.


jobs-created-date-range


Updates for the Jobs received from SMSF Sorted

Financial Reports

Below reports will list under financial reports:


Class Reports: 

  1. Investment Income Comparison Report 
  2. Annual Return - SMSF 
  3. Depreciation Worksheet 
  4. Investment Income Summary Report 
  5. Notes to the Financial Statements 
  6. Realised Capital Gains Report 

BGL 360 Reports: 

  1. Investment Income Comparison Report 
  2. Member Statement

Observation - BGL 360 jobs

Below provided observations required reports to be uploaded but now it will automatically bring the data via API. 

  • Income Comparison

  • Benefits Paid to Member <60

New addition in Status widget on Dashboard 

Received status is added among the widgets on Dashboard. Clicking on which will take to the Submitted by Accountant tab, filtering the jobs with Received status. 


jobs-by-status

Action items - My Audit Job

My Audit Job now have below options in 3 dot menu: 

  • Assign/Remove Staff 

  • Change Status 

  • Upload Documents 

  • View Documents


my-audit-job

Client Contact

  1. Client contacts name will be listed in Audit Job Queue and Fund Dashboard of a job. 

client-contact

  1. Provided the Notify Client Contact button for the jobs received from Sorted, it will work the same as Notify Fund Administrator. 
notify-client-conta

To learn more about the process, explore best practices, and make the most of our features, please visit our Knowledge Base. Contact our Support team if you need any assistance.