How do I undo a pension?
I have accidentally started a pension, how do I reverse the pension?
When a Pension is commenced, Simple Fund 360 will:
- Create a new pension member account in the members screen
- Cease the accumulation account if the option cease accumulation account ? was selected when the pension was commenced
- Create a journal entry to move the account balance from the accumulation account to the new pension account
In order to delete the pension commencement, these steps will need to be reversed.
- Delete the New Pension Member journal entry from the transaction list
From the Main Toolbar, go to Accounting. Select Transaction list
In the Search Field select enter New Pension member.
Transaction List will display the pension commencement transactions.
Delete the appropriate transaction.
- If the accumulation account had been ceased, remove the end date from the accumulation account
From the Main Toolbar, go to Member. Select Member list.
For the Accumulation account with the end date entered
- Edit the member account
- Remove the date from the End Date field
- Click Save
Delete the Pension account from the member's screen
In the Member | Member list screen,
- Tick the pension account
If you have posted any pension payments these will need to be deleted from the Transaction List.
Error: Member is part of a prior create entries period
When attempting to delete the pension account the error "this member cannot be deleted as the member is part of a prior create entries processed for the fund" is received.
Input an End Date for the pension account by editing the account. This will hide the member account for future periods.