Overview
The member allocation worksheet allows users the ability to allocate amounts to the following unallocated reserve accounts:
| Account Code | Account Name |
|---|---|
| 59600 | Unallocated Anti-Detriment Reserve |
| 59650 | Unallocated Contribution Reserve |
| 59700 | Unallocated Investment Reserve |
| 59800 | Unallocated Self-Insurance Reserve |
| 59850 | Unallocated Funeral Plan Reserve |
Navigation
| From the Main Toolbar, go to Compliance. |
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| Select Period compliance from the list. |
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- From the Period Compliance screen, ensure Yes is selected for Display Member Allocation Worksheet and then select Create Entries (Create Entries will appear in green if yes is selected).
- View the Allocation section. The current year profit/(loss) and income tax expense allocation will show for the Create Entries period. Select Allocate to Reserve.
Note: The Allocate to Reserve button will only appear during the 30 June Create entries.
- The Reserve fields will appear below. Input the determined amount of profit to allocate to the following reserve accounts. The fund's profit can be found under the Total column below.
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Once you have completed your allocation adjustments of the profit/(loss) and tax select Continue Create Entries to proceed. See The Create Entries Process for more information.
Allocate from Reserves to Member Accounts
| From the Main Toolbar, go to Compliance. |
|
| Select Period compliance from the list. |
|
- From the Period Compliance screen, ensure Yes is selected for Display Member Allocation Worksheet and then select Create Entries (Create Entries will appear in green if yes is selected).
- The Reserve fields will appear automatically if the fund has amounts in reserve accounts. The fund's existing reserves can be found under the Reserve Balance Available For Allocation column.
- Use the Allocation from Reserve to Member column to allocate reserves to member accounts by reducing the reserve balance (from the Reserve Balance available for allocation column) and allocate it to a member(s).
Only Accumulation type accounts can be allocated to from reserves.
If the reduction in reserve balance does not match the amount allocated to members, the following error message will appear and you wil not be able to proceed until the allocation is correct.
"The sum of Member's Reserve Allocation doesn't match with the total available Reserve Allocation."
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Once you have completed your allocation adjustments of the profit/(loss) and tax select Continue Create Entries to proceed. See The Create Entries Process for more information.
- The amount will now be allocated to the member account(s). The reserve change can also be found in the Create Entries report under the Reserve Allocation Adjustments section:
