Specialist superannuation administration software provider Supercorp has added an automated depreciation schedule to the range of features available on its SMSF application, superMate.
The new functionality aims to further streamline the running of SMSFs by eliminating the need to account for the depreciation of fund assets separately from the main administration platform.
In particular, the automated schedule has been introduced to make the accounting of property easier for SMSF practitioners. “More and more people are looking to invest in property through their super and a key requirement of this emerging market segment is for the seamless creation of detailed depreciation schedules for depreciable assets, such as property, fixtures and fittings,” superMate chief executive Kurt Groeneveld said.
“Historically, administrators monitor depreciation externally to their SMSF software and manually enter the relevant depreciation journals at year end or upon disposal of the asset. This all takes time and can cause errors. SuperMate now automatically calculates the year-end depreciation expense entries and transfers them to the relevant accumulated depreciation account at year end. It also tracks the diminishing value of assets and automatically switches them to the low value pool.”
One strength of the new system, according to an existing user of superMate, was its ability to initiate the relevant depreciation calculations when assets were sold. This aspect of the feature will eliminate the need to manually reconcile the depreciation schedules at the time of sale to properly account for the profit or loss to the SMSF portfolio as a result of the transaction.
Supercorp is offering existing users of superMate a free 30-day trial of the new depreciation facility.
“The accountants, planners and SMSF administrators that use our software are keen to offer the best possible service to SMSF trustees and accordingly we are dedicated to supporting them in this area. As superMate is the smart SMSF solution, we want our clients to be able to use it as a one-stop shop for all of their SMSF administration needs,” Groeneveld said.
