Overview

Accounts in the range of 50000-59999, are system accounts used by Simple Fund 360 to manage member balances.

This article outlines the following:

• How these system accounts relate to other processes or income/expense accounts
• When the system posts journals to each account
• How each account is used to calculate the member's new opening balance when the period is closed.

System Accounts used in SF360 Processes

System Accounts related to Income/Expense Accounts

All the System journals related to these accounts are created when the Income/Expense journal is saved.

• A majority of these accounts can be reconciled by comparing the System Account and the related Income/Expense account on the Trial Balance:

• If these do not match, the system journals have likely been deleted.
  To resolve this, re-save all transactions that are posted to the Income/Expense account. This will re-generate the system journal that was missing.

The Close Period Process

Each year, all system accounts related to a member are combined to create the member's new opening balance. This process is completed when Close Period is selected on the Period Compliance screen:

Close Period journals are then created, clearing each account to $0 and posting the balancing amount to 50010/Opening Balance. An example of a Close Period Journal can be seen here:

• An exception to this is 59200/Contribution Reserve, which is transferred to 52420/Contributions displaying that reserves are being recognised as contributions in the coming financial year.
  See the Contribution Reserves article for more information.

Income Reserve Accounts

There are 5 other system accounts in the 50000-59999 range that are used for Income Reserving:

For instructions on how to enable the Member Allocation worksheet and use these Income Reverse Accounts, see the Income Reserving article.