Benefits Transferred in on SMSF show as Unallocated Income in Statement of Financial Position

Question

Hi&nbsp;Has anyone got a solution to this issue. This is the SMSF first year of operation. The unallocation of the benefit transferred in also affects my Balance Sheet.&nbsp;Thanks in advance for any assistance

genreve_s · Answer

Hi kb33087&nbsp;
Thanks for posting.&nbsp;
Generally speaking, SMSF is a liability. If it is allocated incorrectly this might be the cause of the imbalance on your balance sheet.&nbsp;
&nbsp;
Please send me a private message containing screenshots of the said transaction and also some reports that show incorrect figures.
&nbsp;
Best regards&nbsp;
Genreve.

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Benefits Transferred in on SMSF show as Unallocated Income in Statement of Financial Position

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