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.
Pension Data Clearing Account 94930 can be used to post pension payments during the year.
Account 94930 can only be selected from the Transaction List.
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.
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).
- From the Chart of Accounts (from the Main Toolbar, go to Accounting >> Chart of Accounts) screen, select Add Account and select Other.
Select the Account Class as Normal.
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.
Input the Account Code and Name in the relevant fields.
Once you have finished inputting the above account information, select Save.