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.
Click the ADD EXPENSE button to save.