I'm entering opening balances for a fund, and the lump sum payment made in the previous period exceeds the member's actual opening balance.
What do I do in Simple Fund 360 to include the lump sum payment in the operating statement?
The following steps will be completed:
- When entering the opening balance for the member, add the Lump Sum payment amount to the journal
- When entering the opening operating statement journals, include the lump sum payment as normal
- Edit the transaction in step 1 to be the actual member opening balance
A lump sum amount of $100,000 was paid out of the member's account.
After this payment, the member account has a balance as at 30/06/2016 of $50,000.
As the lump sum payment amount exceeds the member's actual closing balance, the following steps will be followed:
Adding the lump sum amount the the members balance when entering the member's opening balance.
Lump sum amount + member's actual opening balance
= $100,000 + $50,000
Account Code DR ($) CR ($) Member Data Clearing Account 94920 150,000 Member Opening Balance 50010 150,000
Enter the opening operating statement as usual:
Account Code DR ($) CR ($) Benefits Paid Out/Transferred Out 46000 100,000 Interest Received 25000 1,200 etc... .... .... ....
Edit the transaction posted in step 1 to member's actual opening balance:
Account Code DR ($) CR ($) Member Data Clearing Account 94920 50,000 Member Opening Balance 50010 50,000