The member allocation worksheet allows users the ability to change the percentage or amount of profit/(loss) and income tax expense that is allocated to fund members. To access and use the worksheet:
|From the Main Toolbar, go to Compliance.||
|Select Period compliance||
- From the Period Compliance screen, select Show Member Worksheet and click the Create Entries button.
- View the Allocation section. The current year profit/(loss) and income tax expense allocation will show for the Create Entries period.
- Below the Allocation section, you will see each member of the fund and their respective accounts. The profit/(loss) and tax allocation will show for each member account. These fields can be adjusted; however adjusted amounts must be equal to 100% of the current total profit/(loss) and tax allocations.
When using the Member Allocation Worksheet you will have the ability to process mathematical calculations in all the editable allocation fields.
Once you have completed your allocation adjustments of the profit/(loss) and tax select Continue Create Entries to proceed.
What allocation method does SF360 use by default?
Simple Fund 360 completes the profit/(loss) and tax allocation for the current year based on the daily weighted average balance.