Class launches foreign asset support for accounting software

Class has announced it will now be providing accounting automation for foreign equities and foreign currency cash accounts.

According to the software provider, Class will now be able to perform daily revaluations, automate income generation and process corporate actions.

The decision to implement foreign asset support, Class said, responds to research by Investment Trends from April 2014 that indicated 21 per cent of SMSF investors intended to increase their exposure to international assets within a 12-month period, a 10 per cent jump from the previous year.

Class chief executive Kevin Bungard believes an ever-increasing number of SMSF trustees and investors are looking to diversify their portfolios but processing foreign assets has traditionally been both highly complex and very time consuming.

“With this latest Class functionality, there’s no longer any need to waste time working out foreign exchange rates and foreign tax credits,” he said.

“Class automates foreign asset accounting and will deliver substantial benefits including dramatic time savings, increased profits and improved client service.”

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