SuperMate has added integrations with share registry companies Computershare and Link Market Services to enable practitioners and trustees to view records of their share registry balance.
The share registry verification feature in SuperMate will allow fund owners to see any listed holdings across all funds and portfolios, with a detailed transaction view for a particular holding.
SuperConcepts chief technology officer Kurt Groeneveld said: “We’re banishing the dreaded out-of-balance-holdings syndrome and making sure that people can verify what’s held in their SMSF software also verifies to the latest data feed from the ‘source of truth’, being the original share registry.
“It means that practitioners can spend less time confirming, verifying and reconciling listed equities holdings, while having more assurance that figures in financial statements are correct.”
A registry reconciliation report can be created to confirm listed equities holdings or showing the exceptions for further investigation where the share registry is either Computershare or Link Market Securities.
Groeneveld said anyone who has to audit or prepare an SMSF’s financial statements and annual return will find the automated verification process for listed equities useful.
“This will vastly reduce the time spent on confirming holdings and in conjunction with the existing automatic bank reconciliation will allow practitioners to ensure that all relevant income, sales, purchases and expense items have been correctly recorded,” he said.
The SMSF member can also provide the registry reconciliation report to the auditor as evidence of the year-end holdings being accurate as it will show the holdings have been verified with the external share registry.
It can also help advisers reconcile any discrepancies between holdings in the financial statements and the relevant share registry.
