Self-managed superannuation fund (SMSF) software specialist BGL Corporate Solutions has added a contract note service to its product offering.
The new functionality will capture contract note data from 22 brokers and automatically import this information into the BGL Simple Funds SMSF administration software.
In doing so the relevant purchasing transactions will be created, the specific disposal transactions will be processed and the associated GST calculations will be made.
Contract notes are documents sent from a stockbroker to a client confirming the details of a securities exchange transaction. Until now this type of information had to be manually entered into administration systems for SMSFs.
"This new services will save our clients hundreds of hours of data input each year. It is just so easy set up and use," BGL managing director Ron Lesh said.
"We have built the web and software interfaces from the ground up focussing on the user experience. The sign-up process has been simplified and the notification of brokers made very easy indeed."
In addition to recording of the contract note data automatically, the BGL system also generates an audit trail that attaches the contract note to the accompanying transaction.
This latest BGL software enhancement marks the first in a series of planned improvements in the back half of this year.
