Update to New Period

The Update to New Period function is available only if you have purchased a license for the Pooled Fund Administration module.

The Update to New Period function increments the payment period of a pooled income fund. The payment period of a fund tells the Distribute Income and Correct Past Distribution functions which fund participant check records to update with new payment amounts.

Run this function after you are finished making any distributions for the current payment period and before you make any distributions for the next payment period.

When updating to most periods, this function simply increments the Current Fund Period of the fund (see Setup > Pooled Income Fund). When updating to a new year, this function also increments the fund's Current Fund Year. When updating a fund into an adjusting distribution payment period, such as period 5 for a fund that pays quarterly, this function also creates a payment record for each fund participant with a Payment Date of 12/30 of the current year. Only funds that use the Estimated Method for making payments make adjusting distributions.

1. Click PIF > Update to New Period in the Menu Bar.

2. Choose the organization and pooled income fund for which you want to distribute income. Click OK.

3. Choose the period to which you wish to update the fund. There is help available on each field. When done, click the OK button.

Review the fund settings displayed at the top of the window. If any are incorrect, you can change them in the setup window for the fund. See Setup > Pooled Income Fund.

4. If you are updating the fund to an adjusting distribution period, you will be asked whether or not you wish create payment rows for the adjusting distribution. Click Yes.

5. Click Close to the two Update to New Period entry windows to close the function.

To Update a Fund to a Previous Period

If you increment a fund's current payment period by mistake, you can fix it easily by changing the fund's Current Fund Period and, if necessary, Current Fund Year.

Important

The procedure described below will not delete the payment rows created when a fund is mistakenly updated to an adjusting distribution period. You do not need to delete these new check rows manually, however. When you update to the adjusting period again later, the check rows for adjusting distributions will not be duplicated.
If you have recorded the death in the current period of a gift's final beneficiary, then set the fund period back to the previous period, this gift will be excluded from a new distribution that is run for the previous period. Neither the deceased beneficiary nor the remainderman will get the share of the income that the deceased beneficiary would have gotten had the distribution been run for the previous period prior to recording the final beneficiary's death.

1. Click Setup > Pooled Income Fund in the Menu Bar.

2. Click the pooled income fund row whose current payment period you wish to fix.

3. Choose the correct Current Fund Period and, if necessary, enter the correct Current Fund Year in the Fund Configuration area of the Identification / Configuration tab. There is help available on each field.

4. When done, click .

5. Click Yes to confirm your changes.