Period update error - Cannot Perform Benefit Allocation - XXXX Account XXXX has a weighted balance less than zero. Please check for negative member account balances.
Navigate to Fund Level > Reports > Statement of Financial Position Postings
- Select the relevant Financial Year
- Click on Apply
- Scroll down to the Member Entitlement Account section
- Locate the Member account with a negative balance
- Click on the View transactions icon after that Member account
- Review recent member payment transactions (e.g. pensions, insurance premiums, surcharge, etc) which overdrew the member account.
In the example below, on 01/07/2019, the Member Insurance Premium transaction overdrew the Accumulation account.
- Click on 'Details' to view/edit the business events
A Member's account should not be under $0 at any time during the Financial Year. If there is not enough balance, seek professional advice.
For further information on other period update errors, refer to Period Update Error Messages: Summary