Small business law reform
Restructuring and Simplified CVL
Support is added for the new job types introduced in 2021 and transitions between job types (e.g. transitions from CVL (simplified) to CVL and vice versa, has been added.
Statutory Lodgements - Restructuring and SCVL
Separate receipts and payments need to be lodged for each phase of the restructuring process. The software has been upgraded to create lodgements for ASIC Form 5602 and 5603, which are lodged through the ASIC liquidators portal for the new job types SBR Proposal, SBR Plan and SCVL.
New standard checklists have been issued and are now available. System checklists are available for:
- SBR Proposal
- SBR Plan
- SCVL (currently in development and to be shipped as a separate update)
Restructuring Documents templates
Some documents templates are included with the release, such as:
- ASIC restructuring forms are released as part of the SBR template update. See the ASIC website for background on new and amended forms.
- Consent to act as restructuring practitioner
- Restructuring Claim and Voting form
- Consent to Act as Restructuring Practitioner
Review the new checklists once you have installed the software.
Macquarie Bank DEFT invoicing
The software now supports receiving BPay payments using DEFT.
See the following knowledge base articles on:
- Enabling Bpay receipts using DEFT
- DEFT invoicing.
Please contact product support for more information.
Commonwealth Bank - banking integration
Insol 6 has been enabled for CBA banking integration. We are currently working with several test sites and will advise when general deployment is available.
Auto creation of bank charges - accounts used for automatic bank charge journals
When using banking integration, the software automatically creates journals for bank charges and interest.
The bank charges and bank interest received can be coded to an account you specify. See instructions.
ARITA Template subscribers
Many new pre-coded templates have been released this year. If you are an ARITA subscriber make sure you have installed all our updates. Contact support for downloads for subscribers. We provide our coded versions of templates free of charge for ARITA subscribers.
BAS transaction reports
The following reports now have cash or accrual reporting basis options:
- Transactions not coded at default tax rate.
- Transactions not coded to default tax code.
Creditor exporting and importing.
The unsecured creditor export has been updated to include
- rejected amounts and
- rejection reasons.
The standard import templates have been updated to include the columns "Admit For", "Reject for" and "Rejection Reasons".
This update means that unsecured creditors can be exported from the application and have their claims admitted or rejected in a spreadsheet. The spreadsheet can then be re-imported and the claims will be updated into the application.
Additionally, payment information or "EFT" field columns will populated in the export spreadsheet even if the creditors do not have EFT details entered. Previously these columns would only be created if at least one creditor had EFT details entered.
See further information on import spreadsheets.
Creditors' portal - document read history in the software
When a creditor is logged in and reads a document on the portal, this information is fed back to the software.
See more on document read history.
The application currently allows you to link multiple documents to a single entity (creditor, asset, transaction etc), by dragging and dropping multiple documents on to the entity's screen. Remote application deployments such as Citrix do not support drag and drop so users have to individually add documents via the add document feature. This feature now supports the selection of multiple files when browsing for the documents to be added.
All compliance home page sections have had a copy table button added. This allows a user to copy the data in a section to the clipboard for pasting into a spreadsheet or other document.
Support has been added for new resolution types. The application now contains the following types:
- Ordinary by number and value (more than 50% in number and value required to pass).
- Ordinary by value (more than 50% in value required to pass).
- Special by number and value (75% or more in number and value required to pass).
- Special by value (75% or more in value required to pass).
When a vote is record with 50% in value and 50% in number the resolution will be displayed as "failed".
Meetings resolution reports
The Meeting voting detail report now reports: Total value voted, is related party and "pass" or "fail" with respect to each resolution.
Entering votes for meetings and resolutions
The meeting attendance register has been enhanced to allow the saving of changes on the fly. Previously the only option was to click "Save and exit" which closed the attendance register.
Receipts and Payments abstract report - Non-cash superannuation journals
When paying a dividend for superannuation, the system creates a journal entry debiting the employee super claim and crediting the super withheld account. Since this is a non-cash journal, it would not appear on the cash basis receipts and payments abstract report. When generating this journal, the system now automatically sets the advanced flag "Flag journal to appear on R&P Abstract" for the journal entry.
Import task permission
A system permission "Tasks - Import" has been added to allow or disallow a user the right to import tasks into a job. As this is a new permission, all users with the existing job view permission action will be able to import tasks by default. If you wish to remove this permission, please unset this action in the relevant security roles.