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Split a single contribution over multiple accounts
Occasionally, a contribution may be received to the Fund bank account that needs to be apportioned between several member accounts. For example, a member may make a contribution that needs to be apportioned partly to an accumulation account and partly to a pension account, or a member couple may make a combined contribution that needs to be credited partly to the husband’s account and partly to the wife’s.
Improvements are currently in the pipeline to enable automated Contribution Splitting, as well as splitting other types of payment and receipts between different accounts.
You may opt to ignore the bank deposit when posting using Bank Data Feed simply post each part of the contribution as though it were received in a separate deposit, using the ADD CONTRIBUTIONS option on the INCOME tab. The bank report will then show multiple deposits that must be manually totalled to reconcile with a single deposit shown on the bank statement.
Your Mclowd report might show:
- Contribution for Greg Mclowd Accumulation Account – $5000
- Contribution for Anna Mclowd Accumulation Account – $5000
While the bank statement shows: “Contribution Greg Mclowd $10,000
Alternately, you may opt to allocate a portion of the Contribution using Bank Data Allocation and the balance manually via the INCOME tab, which would have the same effect as the method above, creating multiple entries in the Bank record that would need to be manually totalled to reconcile with a single entry on the bank statement.
As at June 2019, Mclowd’s Suspense Allocations feature does not support allocating Contributions.
If opting to post a portion of a split contribution via Bank Data Feed Allocation and the balance manually, follow this example:
- Locate the transaction in the Transactions list for the bank account to which the contribution was credited.
- Select Contribution in the Income section of the drop-down Categories list.
Mclowd will fill in most fields automatically. You need to select the correct contribution type to ensure taxation is calculated correctly.
Select the type for the contribution being credited to the Account shown in the Contribution on Behalf of field. For now, ignore the type for other contributions included in this deposit.
Take care to amend the amount to post only the portion of the deposit that attributes to this Member Account. You will then complete the posting of the remainder of the deposit manually, using the INCOME tab.
Post only Greg’s Portion:
$5000 remains unallocated and the bank will not now reconciled. Choose ADD CONTRIBUTIONS on the INCOME tab
Allocate the remaining portion of the deposit. Be careful to choose the bank account to which the deposit was credited and the date of the deposit.
If the deposit is to be apportioned between more than two accounts, you will need to repeat this manual posting process until all portions have been posted.
Your bank report will now show two separate contributions of $5000 adding to the bank deposit of $10000. Both contributions will have been automatically allocated to the correct general ledger accounts by Mclowd (i.e. credited to the correct Member Accounts and taxed correctly).