Issue

Why is there a Fund Suspense in the Statement of Financial Position?

Cause

There are three possible causes:

Scenario 1: There is an unmatched transaction in the current financial year.

Scenario 2: There is a cash transaction matched with a cash transaction or business event across the financial year.

Scenario 3: A Superstream Rollover or Release Authority event was matched to the cash transaction using the Fit to Date method, which resulted in the event being incorrectly matched initially. 

Resolution

To resolve this issue, identify the transaction causing the Fund Suspense and then follow the relevant steps in Scenario 1, 2 or 3.

Identify which transaction is causing the Fund Suspense

Navigate to Fund Level > Reports > Statement of Financial Position

1. Locate the Fund Suspense account
2. Click on the paper clip button to review the Account Postings of this account
   
   

Scenario 1: Unmatched transaction in current financial year

• If this event is intended to be unmatched (e.g. Dividend/Distribution receivable), you can leave it unmatched and match it later.
• If this event should be matched, please ensure it is properly matched before proceeding. 

Navigate to Fund Level > Transactions > Match Transaction screen

Scenario 2: Transactions matched across financial years

If this match is intended to be across financial years (e.g. Dividend/Distribution receivable), you can leave it as matched.

Otherwise, please check the event date of the matched transaction.

Navigate to Fund Level > Transactions > Browse Bank Accounts or navigate to Fund Level > Transactions > Browse Events 

Scenario 3: Fund Suspense from Rollover or Release Authority (Fit-to-Date)

If the Financial Year has been closed, it will need to be re-opened. However, you should not reverse any tax finalisations or period updates.

This issue was resolved in August 2024 release. The fix is only necessary for transactions matched prior to August 2024.

Navigate to Fund level > Transactions > Browse Events > Group by: Type

1. Expand the list under Rollover In/Out event > Click on the "Matched: Cash" that has used Fit-to-date.
   
2. Click the "Unmatch" button at the top left.
   
3. Navigate to Transactions > Match Transactions > Find the unmatched Cash out and Rollover or Release Authority business event, then match them again.
4. Review Reports > Statement of Financial Position. You should now see no Fund Suspense amounts or Member Receivables/Member Liabilities.
5. Close the financial year (if required).