Which SMSF template should I use?

Our recently released SMSF 3.0 template has prompted this question from a number of our clients – which SMSF template should I use?

When you create a new audit file you now have the choice of two SMSF templates, namely:

  • SMSF 3.0
  • SMSF 2.7 (formerly 'SMSF Aus')

SMSF 3.0 intelligently and dynamically creates the audit file folders, Lead Schedule Summaries, and Lead Schedules when the Trial Balance is imported.

SMSF 2.7 has preset recommended folders and workpapers, without the ability to import an external Trial Balance. You can manually enter some simple financial data in this version (see below).

So, which SMSF template should you use? Here are our recommendations:

  1. SMSF 3.0 should be used for any funds where a Trial Balance is desired to be imported. We offer integration with Class Super and BGL Simple Fund, as well as the ability to upload your own CSV Trial Balance.
  2. SMSF 2.7 should be used when not importing a Trial Balance. Note; some workpapers inside the SMSF 2.7 template will require you to manually input Trial Balance data.

If you need any help selecting the right template for your super fund audit, call us on 07 5555 0100, or simply reply to this email.

For a demonstration of the new SMSF 3.0 template, and its integrations, you can sign up to a FREE webinar.

Or, if you've not yet taken the path to faster, more efficient, and compliant audits, register now for a free 14 day trial.

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