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 Simple Fund 360.
An example of these opening balance adjustments is:
- Opening Balances entered as at 30/06/2020
- First reporting period = 2021 FY (01/07/2020 - 30/06/2021)
- Transfer Balance Account Adjustment is needed on 01/07/2020
Important Note about adding the TBA Adjustment
- The amount entered for the adjustment needs to include the Full TBA.
- This includes external funds.
- This includes external funds.
- Any historical transactions entered before the first reporting period also need to be included in this adjustment as anything entered prior to this will not flow through to the current financial year.
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 | N/A: Non-Reportable Event |
| 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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