When applying for an Actuary Certificate, I receive an error message stating that because the end of day balance is negative on certain dates, this will impact the Actuary’s calculation.
In order to identify how the balances are negative, run a member statement of that date specified in the error message (Or run a member statement up till one day prior to the error date and another one up till the error date, so as to compare which accounts lead to the negative balance).
|From the Main Toolbar, go to Reports.||
From the Reports screen, in the left-hand menu, select Financial Reports and then Add the Members Statement.
To edit the date of the statement, use the date filter to change the Start Date and End Date.
Using the members statement, locate the Decreases to Member accounts during the period in the Detailed Account Summary.
Review each of the following accounts and ensure that all of the balances are correct. Any of the accounts below can cause a member balance to go into a negative. Once the wrong accounts are identified, check relevant transactions that may be incorrect.
|Member accounts||Account Codes|
|No TFN Excess Contributions Tax||53500|
|Excess Contributions Tax||44000|
|Refund Excess Contributions||46600|
|Division 293 Tax||48100|
|Insurance Policy Premiums Paid||39000|
|Benefits Paid/Transfers Out||46000|
|Superannuation Surcharge Tax||55700|
|Internal Transfer Out||57100|
One other possible reason is failing to Create Entries properly before the start of a pension. For more details, see Commence or Start a Pension
Alternatively, if you deem the above accounts correct and Create Entries have also been done properly, then consider reviewing your profit allocations. Users can manually adjust the profit allocation using the member allocation worksheet. See Member allocation worksheet