Rollover inwards

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?

Hi @SMSFSMSF

Thank you for your post on the BGL Community.

When you were using the 46000 Account, you were most likely doing it as a Debit the Member Account in the Journal Entry? If so, the Tax and Preservation Components would need to be entered in as a negative since it is decreasing the member balance with the Debit entry.

However, to process what you are attempting to complete now, please refer to the below Help Article on how to process Lump Sum Rollins in Simple Fund 360:

I hope this helps Steven, have a great weekend!

1 Like

Ignore. Eventually found Learning Channel > Simple Fund 360 Level 2 > Lump Sum Rollins. Seems I use account 28500 not 46000.

Thanks Damien. Apols, I spotted your reply after I posted the reply to myself.

Yep, got it all now.

My suggestion is that if a user searches help for the keyword “rollover”, that the help topic for Rollin is included in the results. The problem was for me that the industry funds use the term “rollover” in its issued statements. So that’s the word that I was using to search for help.

It would also be helpful I think if the help topic for How to Enter Rollover or Lump Sum Payments includes mention of the alternative help topic for rollins.

Many thanks.

1 Like

Not a problem, thank you for your feedback Steven - We will look at ensuring that the Rollin’s Help Article is included when searching “rollover” as well.

Thanks again!

2 Likes

yes please, search terms rollin and rollout would be good