This superannuation software has a long way to go before it is really ready to use.

My Rating: yeshalfnonono



This is a relatively new cloud based option for self managed super funds. Unfortunately it is too much like an ordinary accounting system and not enough like most other SMSF software in how it does things. Also at this point it is missing perhaps 90% of the functionality that it needs to properly compete with the alternatives.

With shareholdings on the Australian sharemarket the software doesn't distinguish between the different investments and assumes that all income will go to dividends with no withholding. Where the investment is foreign income you need a journal to move it. Where the investment pays a distribution rather than dividends you need a journal to move it. Where there is tax withheld from a non-franked dividend, foreign income or a distribution then you need a journal to take it up. Their support suggested using a dummy bank account for processing all these journals but I did manage to figure a way to do it by entering and then reversing transaction on the main bank account and then journalling against that.

There is no separate DRP account with all of the residuals just clogging up the dividends receivable account rather than being separate line items on the accounts. This makes proper tracking of the residuals almost impossible.

The software also doesn't cater properly for trades that were started in one year and finished in the next. Again you need journals to transfer the money from the bank account against the outstanding buy and sell incomplete trades.

This software requires a significant knowledge of accounting to even make sense of the software and also a large amount of SMSF specific knowledge to be able to work out what you need to enter that you will then need to work out journals for. Perhaps in a year or two the rest of the basics may have been added to make using this a viable option but at the moment I can't see anyone with sufficient knowledge to work it properly not having access to better alternatives.

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