How to adjust member benefit/ tax allocation to reflect an agreed fixed percentage among members, e.g. 50/50 between two members.
As Class allocates profit/ loss and tax based on the member's weighted average balance, there are scenarios where clients would like to adjust member benefit/tax allocation in accordance with another agreed fixed percentage among members, 50/50 in this example.
Navigate to Fund Level > Periodic Processing > Period Update
- Click on the relevant Financial Year
- Click on View/Rollback
- From the pop-up screen, click on Allocate Benefits to Members
- The Current Allocation of profit/loss and tax will show up
- Click on the Edit button
- The fields under Profit/(Loss) Allocation and the Fund Tax Allocation for each member account will show up as a blue colour (which means they are editable)
- Make the adjustment
- Click on Save
- Only the most recent Period Update can be edited.
- Once the adjustment has been done, if this Period Update is re-processed, all the changes will be disregarded.