In the Annuity Payment run, if the Payment Type on the Membership Payment record is TAX REFUND it will not be include it in the tax calculation. A payment transaction for the Regular Payment amount will be created but it will not be included when apportioning the tax e.g. if the member has two Membership Payment records one with say a Payment Type of EX GRATIA and one with a Payment Type of ANNUITY, only the tax deduction will be apportioned between these two records.
Where the Annuitant has one Membership Payment record, the tax will be deducted from only this amount.
The refund amount will be included in the Amount column and the Payment Amount column on the Payment Schedule.
The following accounting activity must be created for the refunds:
|
ANNUITY PAYMENT |
PENTAXREFUND |
FUND |
DR PENTAXPAYBL |
CR PENSIONPAYBL |
|
ANNUITY PAYMENT |
PENTAXREFUND |
MEMBER |
DR MEM DEPOSIT |
CR PENSIONPAYBL |
In the Annuity Payment run, if the Payment Type on the Membership Payment record is TAX RECOVERY, it will be treated as a deduction. The refund amount will be included in the PAYE Payable column on the Payment Schedule.
The following accounting activity must be created for the refunds:
|
ANNUITY PAYMENT |
PTAXRECOVERY |
FUND |
DR PENSIONPAYBL |
CR PENTAXPAYBL |
|
ANNUITY PAYMENT |
PTAXRECOVERY |
MEMBER |
DR MEM DEPOSIT |
CR PENSIONPAYBL |
|
ANNUITY PAYMENT |
PTAXRECOVERY |
MEMBER |
DR PENSIONPAYBL |
CR MEM DEPOSIT |