HandiLedger treats the member's distribution for Superannuation funds differently from other entities. In most entities, the profit or loss is merely distributed to the members/partners, whereas with the Superannuation fund, outgoings and incomings need to be accounted for as well.
To work out how much to distribute to each member in the Members Detail window, you need to take the following into account:
The Benefit Accrued as a result of Operations, as per the Operating Statement, includes revenue items specific to the individual members.
Member and employer contributions need to be deducted.
Specific expense items relating to members, like income tax and superannuation.
The surcharge needs to be added back and distributed to each member.
The balance of the benefits can then be distributed to the members in the correct ratios.
Any postings made to accounts in the equity ranges must be considered. For example, transfers in from other funds need to be added to the members' distribution, and benefits paid need to be subtracted.
Note: If necessary, you can enter a distribution as a negative figure in the Members Detail window.
You will find the Allocation section of the Members Information Statement useful when working with Superfund distributions.
Useful account ranges for Superfunds
0716 to 0749 employer contributions
0750 to 0759 members' contributions
0760 to 0799 members' taxable contributions
1997 - superannuation surcharge tax
1998 - income tax expense - earnings
1999 - income tax expense - contributions
Full list of account ranges
Log in to HandiLedger, then select your Superfund.
Go to the View menu and click Chart of Accounts.
In the Chart of Accounts window, click Tools.
In the Select a Process window, click View account range table.