Overview

This new TBAR opening balance wizard will assist in entering the opening balances for TBARs without the need to enter prior-year events and apply indexation where the history is not in Simple Fund 360, and will automatically open once the system has detected that there are no TBAR events on the system start date.

Navigation

On the Sidebar, navigate to Member
Select Transfer Balance Dashboard

Once a pension account has been created in the opening balance, and in the transfer balance dashboard, the Financial year is set to the financial year that the system start date is set, then a pop-up will automatically open up.

From here, the opening TBAR balance and the personal cap as per the entry date can be entered

There is also the option to enter the TBAR cap as of the Highest balance date if the current entry date balance is less, however, this is optional.

Once the necessary values have been entered, click save to post the TBAR event as of the entry date, resulting in the following TBAR event.

Is it possible to Manually enter the opening balance adjustment?

Yes, this can be done by clicking the Add Adjustment button for the member, then for the event type, selecting OBM: Opening Balance Manual