Opening balance: Allocations to member accounts

Hi, I am currently setting up a client however when I got to the point of finishing the set up, my balance sheet was out of balance. It appears it is due to the contributions and life insurance being allocated when taking up the prior year balances for the operating statement. Is there some way to fix this?

Thanks

Hi @SCruick,

Most of the times, balance sheets not balancing after entering opening balances is caused by the System Start Date being blank. This means that Simple Fund 360 will create System Journals for the opening balances transactions making the balance sheet not …balance.

To check the System Start Date for your fund:

Go to Fund > Fund Details > Details
Under the Details section, you should see a System Start Date field. Set this to the first day of the financial year you want to process in Simple Fund 360 (generally 01/07/20XX where XX is your financial year)

If you’ve set the System Start Date correctly and it’s still out of balance, you can go to the Transaction List (Accounting > Transaction List) and confirm that there are no System Journals. You can do this by ticking the System Journal filter in the Transaction List.

If there are no System Journals and the balance sheet isn’t balancing, check that you’ve entered the transactions correctly.

Hope that helps!