Income payments from My Super fund do not display as income in budget reports

Income I receive from my superannuation account does not show in budget reports generated in Personal plus.

I am in retirement and am now drawing down on my super account. I have chosen to use the category "SoldX" as the transaction choice for these payments. This method worked when I had the money transferred to one of my bank accounts. However, I recently chose to re-arrange my finances to have the super withdrawals paid directly to my home mortgage account. The transactions appear correctly in both accounts; my super account goes down and so does my mortgage account. But when I run my budget report, I show a zero balance for income from my super pension.

Can anyone explain what is going on?

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GerryWinter

Not sure but try running a different report, you may need to run a number of different ones until you get what you need.

John_8305976

Hi @dallashaggarty

I presume you have utilised the "Budget" report that is accessed, as follows-

From the Toolbar at the top of screen, select Reports > Spending > Budget. Then, a dialogue box is presented on screen, entitled "Customise Budget".

Armed with the details of the data you entered- ie. the account, category, payee, amount, etc., you should go to your report and check its "customisation" details (click the "Customise" button, top right hand corner). You will be examining all the customisation criteria to, hopefully, divulge why your data is not included. Then, rectify accordingly.

Good luck!

John_8305976

Any luck solving your problem, @dallashaggarty

dallashaggarty

John_8305976,

Thanks for your answer. The problem is, I think, that my super fund is both an investment account and a source of income. What is happening now is that I am affecting a transfer between two of my accounts within Reckon, which is a form of income for me.

What I need is a result like the paycheque function for scheduled deposits. When I did receive a paycheque, I used the "set up paycheque" function to record my incoming income from my employer (an external source to my chart of accounts in Reckon) as a scheduled deposit. this worked fine.

I assumed the action "SoldX" from within the transaction to draw down on the super account would be seen as income. It appears not. I have tried using the action "RtnCapX" (return of capital and transfer) but this made no change to the nature of the funds being released from my super.

I originally setup the super income account as a retirement account. On the overview page for this account, the account was listed as a tax deferred investment. Underneath this entry was a hyperlink to convert this account to a Super account. I thought I would try this tonight, but this seems to change the item to super account in accumulation phase, not retirement income phase (BTW, I couldn't undo this change!)

John_8305976

Hi @dallashaggarty

Sorry for delay in responding!

I see you have got yourself in the situation where you cannot undo the change, where you converted the account to a Super account. Hopefully, you have made regular backups of your data file, whereby you can fall back to a copy of your data before this change was done. And, that you don't have to reinput too much data!🤞
Without knowing the specific details of the way in which you set up your account (eg. Investment →Superannuation →etc.), it is difficult for me to know if I fully understand your problem. However, it seems you have used an account type requiring the identification of one or more stock codes (Aus or NZ), as you have then performed transactions utilising 'SoldX' and 'RtnCapX'.
With my limited understanding of your full and actual situation, I can only offer you some info on what I do in my own situation with my super. Until recently, my super was with ANZ OnePath Personal Super, and now I have converted it all to Account Based Pension (ABP) funds with CFS (Colonial First State).
With both the ANZ and CFS funds, I created 'Cash' accounts in RPP to record all the transactions for each of the respective funds.
I utilise regular statements/transaction reports from each provider as my input source, and enter these details manually to RPP. I get them from logging in and accessing my data from their websites.
I have also created 'scheduled transactions' in RPP , occurring monthly, for the pension payments I receive from my ABP's that are made automatically to one of my designated bank savings accounts.
Depending on the detail you require to report on from RPP to meet your needs, you can create your own 'Categories' and 'Sub-Categories' for all or any of the inflows and outflows (eg. brokerage fees, dividends, interest, adviser fees, etc).
I then created my own RPP report(s), by 'customising' the applicable standard reports available under the RPP 'Reports' menu option.

Hopefully, I have helped you (and the community) in some way!

Cheers jc👍

dallashaggarty

JC,

Thanks for your reply.

Yes, I was able to recover and rebuild my pension account history from backups.

I see what you have suggested, but I don't think that would achieve my aim of showing money withdrawn from my pension account as an income category, rather as a transfer from one account to another.

I have found my own, clunky, way of achieving my aim. I created a dummy cash account as a bookkeeping halfway house for my pension payments. I record my pension payment going into the dummy account as a paycheque with my intended (actual) account listed as a secondary deposit account to the full value of the pension payment. This allows the pension payment to be allocated an income category. To lower the balance of my pension account, I transfer the value of the pension into the dummy account. to avoid inflating my cash balances, this dummy account is set as a hidden account.

this outcome allows me to see my pension as income on a budget report.

That said, I see this as a major weakness of the RPP product. There must be many, many Reckon customers who are retirees who are taking an income from some form of retirement account. there should be a way of recognising this reality.

thanks for the assistance.

John_8305976

Hi @dallashaggarty

I am one of those 'many, many retirees' to which you refer. And, as I have stated in my previous post, I have recognised, through my own RPP accounting and reporting, this 'reality'. Done so, by creating my own categories & sub-categories of income and expense to assign to the income/expenses transactions resulting from receiving my retirement income (pension accounts), and designing my own RPP reports to suit (selecting from appropriate standard RPP reports and making the necessary 'customisations').

This works perfectly!

Anyhow, as they say, 'to each their own'.

Cheers jc