Celeste's Corner
This is always shown as a negative entry on the Top portion of the financial report.
Liability
How is the adjustment for accrued income calculated?
beginning accrued income less current year accrued income.
When setting up your trust accounting, where do you enter the names of the brokerage accounts?
Plan totals Tab
"Transfer to IRA" description on a brokerage statement - Is this a Transfer or Distribution
Distribution
For a plan with accrued income reported in the prior year, what balance should be reported in the beginning asset value in per account?
Net asset value which excludes the accrued income
When setting up your trust accounting where do you enter the prior year contribution accruals?
Contribution Recon Tab
This is where you look in Axis to find if a plan is Goldleaf
Acquisition Company - Overview Tab
What is the correct naming convention for the final contribution report when finalizing trust accounting?
1111_Admin_Contribution_Report_PY
What items/documents should you open when beginning your DC trust accounting?
Prior Year TA -PY 5500-Prior Year Annual Admin Report
A Money Purchase Pension Plan is what type of plan - DC or DB?
DC
How do you achieve a zero-balance check in the contribution reconciliation when excess contributions are present?
Place the excess cont in the excess cont columna a negative amount.
True or False - Beginning and ending balances entered on the Plan Totals tab in the “peracct” section, includes values for accrued income.
False
What color are the balance checks within the template
Blue
What is the difference between reported employee (EE) overage and employer (ER) excess on the financial report?
EE overage reported as liability, excess ER reported in the income section and sent to Excess Process with
If a 5500 was saved by our team at the time of pre work what should you do?
Print another one