Validation Error
Members' Closing account balance must not be less than net contributions
This validation error occurs when the net contribution amount (Section F & G Label N) is larger than the members closing account balance (Section F & G Label S). This can be due to a rounding error or the net profit allocation from create entries to the account has reduced the closing balance below that of the contributions.
How to resolve this Validation Error
To resolve this error:
- Adjust the Net Contributions field or the Member's closing account Balance field to remove the rounding error.
- Reverse and recreate entries with the member allocation worksheet toggled on, then move losses allocated to the affected member to another member in the fund.
- If the member balances should not be negative in the prior financial year, you will need to reopen the prior financial year and correct the closing member balance. Please note that an amended tax return may be required after making this correction.