Support Query

Where a member has multiple pension accounts, it is preferred to post pension transactions to a clearing account and then allocate those payments to the member at year end. What accounts can be used to accommodate for this approach? 

Disclaimer: Pension payments that are posted at year-end by the user are to be posted in the ledger on the date they were paid. What is meant by "at year end" is that the user will allocate the payments to the correct members during the finalising of accounts at year-end; not recording all payments to the ledger dated 30 June. 

Solution

Use 'allocate pension' in the new member dashboard to post the amounts against either the; 

• Pension Data Clearing Account 94930
• A custom Unallocated Pension Payments Account

From the Main Toolbar, navigate to Member.
Select Member Dashboard New
Select Pensions.

In the top-left of the pensions tab, select Allocate Payments.

This will open the Allocate Pension pop-up.

From this pop-up, pension payments can be allocated to the pension account against the 94930 Pension Data Clearing Account. 

1. Enter the amount to be posted to the selected pension account.
   
   
2. Enter any PAYG amounts
   
   
3. Enter the date of the transaction.
   
   
4. Select the account to post the pension payment against. By default, a custom unallocated pension account is selected, if a custom account has been created. If there are no custom unallocated pension accounts available, then the system will select the 94930 Pension Data Clearing Account.
   
   
5. To hasten allocating a specific amount, selecting allocate opens a drop-down that allows you to select the minimum pension payment amount. The system will then enter this amount into the amount to post field for all pension accounts.
   
   If a journal has been posted in the year to either a custom unallocated pension account or the 94930 Pension Data Clearing Account, there will also be an option to meet minimum pension payments up to that amount. This will be allocated to the lowest tax-free accounts first.
   

Once the amounts have been entered, click save.

The transactions will be posted in the transaction list.

Note

If you wish to utilise the Entity Workflow Excel export to confirm which funds attached to your firm have unallocated pension payments, you will need to use the 94930 account, as a custom account described below will not flow through to the report.

Creating a Custom Unallocated Pension Payments account.

Alternatively, an asset account  "Unallocated Pension Payments" can be added to the Chart of Accounts (pension amount in this account will display on financial statements as opposed to not displaying when posted under a clearing account). The allocate pension screen will detect any amounts journaled to custom accounts that contain Unallocated Pension or Pension Clearing in their names.

1. From the Chart of Accounts (from the Main Toolbar, go to Accounting >> Chart of Accounts) screen, select Add Account and select Other.

2. Select the Account Class as Normal. 

3. Simple Fund 360 will automatically attach the account to the fund. If you want to attach the account to all funds in Simple Fund 360, tick the Attach to all funds? check box. Click Select Funds and select the funds from the drop down list below if you would like to attach the account to a select number of funds.

4. Input the Account Code and Name in the relevant fields. 
   
   

5. Once you have finished inputting the above account information, select Save. 

Once the transactions have been posted to the custom unallocated pension payments account, the amounts will flow through to the Pensions tab on the Member Dashboard.