This article will guide you through the process of adjusting member components to alter the tax and preservation components of a particular member's balance.
You should not follow this process if the fund is newly transitioned onto Class and there are opening balance errors to the opening member's account components. Instead, such changes can be made in the Load Opening Balances Screen.
Ensure you have first run a Period Update the day before you intend to process the members account adjustment.
Navigate to Fund Level > Members > Adjust Member Account Components
- Select the relevant Member Account balance
- Confirm Last Period Update date
- Confirm Effective Date
- Enter Description or use the Class default "Adjust Member Account Components"
- Under Corrected Balances section, enter the correct Preservation Components balances
- Under Corrected Balances section, enter the correct Tax Components balances
- Click Submit
Ensure total preservation components are equal to the total sum of tax components entered.
Enter Member Insurance Details