- How do I update member components in Simple Fund 360?
- A member with an account based pension has a negative component in the Preserved column?
- I want to move Preserved balance into Unrestricted Non-Preserved
- Can I update member balances in Simple Fund 360?
- How do I change incorrect taxable and tax-free components in Simple Fund 360?
- Member components do not add up to the total balance?
Important: TRIS to ABP may have negative member component
Recently converted Pension members from a TRIS to Account Based Pension may see a negative preserved amount offset by an increase or overstatement in the unrestricted non-preserved balance. This is due to pension payments for a TRIS being drawn from the preserved component.
Use the solution below to update the member preservation components to equal the member balance.
Simple Fund 360 allows you to update member components through the Transaction List if a member's balance may have incorrect data input in a prior period.
Please ensure you have created entries to the day prior to updating a member component. The day prior will be the day before the Date input in step 3 below. Refer to Create Entries for more information.
|From the Main Toolbar, go to Member.||
|Select Member list.||
- Select the Member Code you are updating the components for.
- In the Account Details section of the Member Edit screen, select Update Member Components.
- The Transaction List will appear with the General Journal screen ready for you to update the member components. Input a date and a reference for the journal.
Please note that the system will calculate the member's balance based on the date you enter for the transaction. This is why creating entries to the day before updating member components is advised.
For the image below, create entries should be processed to 29/06/2020, then member components can be updated on 30/06/2020.
- The Update Member Components panel will appear below. You can adjust the Rollover Components and Preservation Amounts within this panel. Once you have made the adjustments, select Post.