After studying How to Enter Rollover or Lump Sum Payments I remain confused. That help page, and the fact that account 46000 is labelled “Benefits Paid/Transfers Out”, tells me this is all about payments made OUT OF the SMSF.
My interest is in adding a rollover transaction to the SMSF, ie. withdrawing funds from an industry fund and adding those funds to the SMSF. Shouldn’t that be an income account?
Nevertheless, following the “How to Enter Rollover or Lump Sum Payments” help page, and trying to apply this to an inwards funds transfer, after clicking Post or Save, I’m presented with error messages:
“Rollover Components must equal amount entered for income above”
“Preservation Amounts must equal amount entered for income above”
I’d have thought I’d be processing a de bit to the bank account, because the bank account balance has been increased. However the transaction is accepted only after I switch things around, such that the credit is processed to the bank account. But then the bank account balance is incorrect in the balance sheet.
Where am I going wrong?