For information on entering opening pension balances, see:
Input Opening Balances for Pension Accounts
Transfer Balance Account
When entering opening pension balances for a new fund on or after 30/06/2017, a Transfer Balance Account adjustment will also need to be recorded in the first financial year processed in SF360.
As an example, opening balances entered on 30/06/2019 would require a Transfer Balance Account Adjustment on 01/07/2019 as the first reporting period for these opening balances would be the 2020 FY.
To enter the opening pension balance Transfer Balance Account transaction in Simple Fund 360 a manual adjustment will be added to the Transfer Balance Dashboard.
Example:
| Entry Date | 01/07/2020 |
|---|---|
| Transaction Type | Existing Pension Balance |
| Member Account Code | SF360 Member Account Code |
| Event Type | SIS |
| Credit | Pension Value |
| From the Main Toolbar, go to Member. |
|
| Select Transfer balance dashboard from the list. |
|
Select Add Adjustment to input any adjustment.
For example, an opening pension balance of $500,000 has been entered for John Jones as at 30/06/2020. The corresponding Transfer Balance adjustment would be entered on 01/07/2020 as follows:
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