PY & External Contributions is a newly added wizard where users can update contribution data
1) for entering opening balance/historical data into SF360;
2) for contributions made to external funds.
This brings the following benefits:
1) It allows the Concessional contribution and Non-concessional contribution caps for members to be better tracked.
2) It updates the Contribution Dashboard and relevant reports with more accurate information.
|Navigate to Member from the Main Toolbar|
|Select Member List|
|Under Member Transactions, select PY & External Contributions from the drop-down list|
1. Additionally, users can also access the wizard from the Contribution Dashboard.
When setting up a new fund, this wizard may not be accessible under the Contribution Dashboard if the start date of the Financial Year was more than 2 years earlier than the member accumulation account start date, as the Financial Year available under Contribution Dashboard only covers up to two years from the start of the Financial Year.
In this case, users can still access the wizard via the Member List screen.
The start of the Financial Year is 01/07/2015, then users can select only up to the 2016/17 FY. As the accumulation account was only active in FY 17/18, in this case, the wizard will Not be accessible from the Contribution Dashboard.
2. In order to access the PY & External Contributions wizard, Member Contribution and Pension Dashboard will need to toggled on under the User Role setting. Otherwise, this wizard will be hidden from the user.
1. Select a Member from the drop-down list.
Note: only members with an active accumulation account can be selected.
with your cursor click:
2. Enter the details.
|Financial Year||Select a Financial Year from the drop-down list to add contributions for. It will default to the current financial year.|
|External Fund Name||Type in the External Fund Name|
|Description||Add further notes and details|
Select as Concessional or Non-Concessional from the drop-down list
|Contribution||Add a contribution amount. The system will calculate and display the sub-total for Concessional and Non-Concessional Contributions at the bottom of the screen as you enter through.|
|Updated||The system will record the user and date, once the contribution information is saved.|
3. Select Save changes to update.
Add and Delete
Select Previous Years & External Contributions to add more lines. Multiple contributions can be added.
Select to remove a line. A confirmation message will then display. Select Delete to proceed.
Sort by the columns
By default, the wizard would present the contribution records by Financial Year in descending order and Contribution Type in alphabetical order (Non-Concessional followed by Concessional).
Users also have the option the update the sort order by clicking on the column headers:
External Fund Name
The flow of External Contribution information
The added contribution information will be updated automatically across the software
1) under Contribution Dashboard;
2) in the Contributions Breakdown Report and Contributions Summary Report;
3) across other funds with the same individual as members managed by the firm under the Simple Fund 360 Licence.
1. The added contribution will NOT be automatically updated for the Total Superannuation Balance (TSB) under the Transfer Balance Dashboard, where users will need to manually update.
2. The system will not update for any contributions added before the Service Period Start Date.
For example, if the Service Period Start Date was entered as 01/07/2017, then any contributions added prior to this date will not be taken into account by the system.
The Service Period Start Date can be updated under the Member List.