Where the scheme has an income type of RCS (employer contributions) that is inclusive of risk and administration costs, the deposit allocation should be for the gross RCS amount.
An entry is created in the contribution receivable account for the gross RCS amount, and entries will have been created in the premiums payable and fees payable accounts. No entries should be created in the premium receivable and fee receivable accounts.
Where the scheme has an income type of RCS (employer contributions) that is exclusive of risk and administration costs, the deposit allocation should be for the gross RCS amount, the premiums and the fees.
Separate entries are created in the premium receivable and fee receivable accounts as these amounts are paid in addition to the RCS amount. The following accounting activities must be selected:
RCS : CONTRIBALLOC
Risk : PREMIUMALLOC
Administration : FEEALLOC