Currently there are two methods to record a Pension Reserve in Simple Fund 360. These transactions will need to be recorded in the Transaction List.
To access the transaction list, please take the following steps:
|Hover the cursor over Accounting from the Main Toolbar. From the side menu, select Transaction List.|
|From the Transaction List screen, select New Transaction to add the transaction.|
1. Post to the 59400/sub account code. This is the Pension Reserve account.
- If you are entering Pension Reserves for the Opening Balance period, it will need to be cleared to the member's opening balance.
To do so, please contact our Support team and advise them of the Pension Reserve balance you have entered.
- Otherwise, no further action is required.
2. Post to the 59750 "Normal" account. This is the Unallocated Pension Reserve account.
- When posting amounts to the Unallocated Pension Reserve account, these amounts will need to be allocated using the Member Allocation Worksheet when creating entries in the future.
The Reserve account will appear as a separate line on the balance sheet: Contribution and Investment Reserves or Unallocated Pension Reserve