The fund is in full pension phase, when I did the Period Update the tax return did not show any tax. However, in the Operating Statement (profit and loss report), it shows tax expense.
If no Fund Policy has been entered for the financial year, tax will automatically be calculated and taken up.
To resolve this issue you will need to:
- Rollback Tax Finalisation
- Rollback Period Update
- Update Fund Policy with 100% Pension under Pension Exempt Actuarial
- Re-Process Tax Finalisation
- Re-Process Period Update
Ensure you follow the steps in the order they appear.
Learn the correct steps to processing a fund by viewing this article "6 - Best Practice Processing"