|
|
|
Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:15 PM
Posts: 0,
Visits: 0
|
|
I am completing the "Record Receipts" form for an ETP Rollin. Which account should I select? My current best guess is 3905 - ETP Clearing. But that is just a guess - not good enough.
More.....
I just processed the ETP Rollin, and it hasn't worked. I looked at the Members Position report, and the money hasn't come through to the appropriate member. Can I suggest that this process needs more documentation?
|
|
|
|
|
MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
|
|
The accounts to be used for an ETP Roll In depend on the nature of the Roll In and the figures contained in the Roll In document.
The first thing to remember is that generally this is income to the Fund. It therefore needs to go against an income account, not an Equity account. It will end up in an equity account next year when the fund rolls over.
If the ETP is a rollover from an existing fund you would normally record the transaction as a Transfer In (Account 4715). This is for amounts that are rolled over and Preserved. The Account is tagged as Non Taxable, so even though it is income it does not feature as part of the assessable income of the fund. In the rollover statement from the other fund you will have a breakdown of what amount is Preserved, Restricted Non Preserved, and Unrestricted. These accounts are all available in the 4700 range.
At times ETPs are payments may include contributions, both Employer contributions and Member Contributions for the current year. These should be posted against 4615 (if preserved employer) and 4640 if Undeducted Members Contributions (the most common)
If you choose to post to the Clearing Account you will need to process a General journal to Debit the amount in the Clearing account and Credit the appropriate Income accounts above.
|
|
|
|
|
Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:15 PM
Posts: 0,
Visits: 0
|
|
| Thanks for that info on the accounts to credit for an ETP. The allocation to accounts is determined by the info entered in the ETP forms in MySF, so why can't the allocation be automated?
|
|
|
|
|
MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
|
|
Wherever possible we have tried to automate the entries to the GL, and initially this was the case with ETPs.
Unfortunately there are too many if/buts and if this/then this applies in ETPs. for example whether or not a payment is assessable/Taxable or not does depend on the circumstances of the payment.
|
|
|
|
|
Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:20 PM
Posts: 0,
Visits: 0
|
|
I don't understand your explanation of the above accounts very well. Is this correct: All the amounts go into the income section (4000) not under members transfers in (3200). Even though most of the preserved amount must be post 83 taxed I should put all of it 4715 (and none into 4710).
Does the unrestricted nonpreserved go into 4725 or 4640. Are restricted nonpreserveds placed 4730 , 4735 or somewhere else? Is there anything which explains this clearly for a nonaccountant?
|
|
|
|
|
MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
|
|
If it is an ETP in the current year then it is income to the Fund and should go against the 4000 accounts.
If the ETP was in a previous Financial year then it can go against the 3000 accounts.
The Taxable or non Taxable refers to the status of the amount in the hand of the Fund (not you the member)
Generally a transfer in, in this financial year from another Fund would be non taxable in the hands of your fund. So you would use account 4715. The unrestricted non preserved amount would normally go against 4725 if transferred in from another fund.
In the forum under Tips and Tricks there is an accounting guide which may help with the chart o accounts.
If it goes against the wrong account it is very simple to journal to the correct account at a later date, so don't worry about getting it wrong.
I hope this helps
Regards
MySF
|
|
|
|
|
Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:20 PM
Posts: 0,
Visits: 0
|
|
| Thanks, the reply and the Guide to using the chart of Accountants helped. Just want to check: If the ETP has employer contributions for the current financial year, I substract this amount from the preserved amount and put it in 4615 and the rest in 4715 - is this right?
|
|
|
|
|
MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
|
|
Yes if there are current year employer contributions then these need to be entered as such under 4615
Regards
|
|
|
|