How do I

How do I… Post a payment of a life insurance premium paid on behalf of a member?

Your Fund may pay life insurance premiums on member policies. You can post these payments through either Bank Data Feed, by selecting All Other Expenses in the Expenses Category, which will display the ADD EXPENSE screen shown below, or you can post directly through the EXPENSES tab.

As these premiums are paid to benefit an individual member, you need to ensure the premium is paid from the Member’s account.

In the Account field, select the Member on behalf of whom the premium was paid.

If allocating using Bank Data Feeds, the Bank account, date, and Description will be pre-filled for you. If posting through the EXPENSES tab, enter the date and the bank account from which the premium was paid and type a Description.

The Expense should be allocated to account 5-1015-01 Insurance Premiums – Preserved/Taxable.

 

Life insurance premium

Click the ADD EXPENSE button to save.

 


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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