Recording pension payments
Once you have created a Pension account for a member, you may commence recording the payment of a regular or irregular pension to that member.
To make a pension payment, hover over Expenses and then select Member Payment.
You will now see the Member Account Administration screen, which will show all Accumulation Accounts and Pension Accounts.
For the pension account, please select the right down arrow in the ACTION column and select Pension Payment.
You will now see the Member Payment screen for the pension account. The Member Account and Payment Type will be prefilled by Mclowd.
On this screen you will need to complete the following information:
- Date of Payment – example shows 22/12/20
- Description – example shows Bill’s pension
- Payment Amount – examples shows $875
- From Account – the bank account the pension payment is made from. Example shows CSF-Suncorp.
- Condition of Release – one of attained 65 years old, attained preservation age, retirement, etc). Example shows “Retirement”.
Once you have entered all the required information, select CALCULATE.
You will now see a Member Payment – Calculation screen. This will show the information above as well as a Payment Breakdown (shown below).
This will show:
- The Starting balance of the account
- Proportion percentages
- Payment proportional amounts (split up of pension payment)
- Remaining balance of pension account
Select CONFIRM PAYMENT.
The pension payment is now fully processed and if you check the journal entries you will see the following (see screenshot below).