We are in the process of winding up a fund today, 09-1-18 and the proceeds will be paid out on Monday 12-11-18.
We have followed the instructions in help menu but step two is not clear, it states that to determine the funds final tax position you need to complete Create Entries up to until 30 June for the Financial Year, the Create Entries will make the necessary adjustments for tax purposes. Should this be done as part of determining the members balances? It then goes on to say, to create entries for the day before you pay out the benefit?
Then in Step 5 is states to do a create entries for a day the fund is winding up, but is this not the same as doing the CE to the end of the financial year?
As a result we have done the following:
- Create Entries as at yesterday (01-07-18 to 08-11-18)
- Input wind up date 09-11-18
- Create Entries 09-11-18 to 09-11-18
- Process payments (in this case commute pensions to accumulation and rollover the accumulation accounts on 09-11-18.
Is this correct? the instructions are confusing and the tax and expenses are not allocating correctly when we just perform the create entries to 08-11-18?
Has any one else had the same problem?