Direct property – adding improvements
To add improvements to a direct property which has already been added, choose ADD ANOTHER ITEM after adding the property purchase details.
Note: If you SAVED the asset and exited the Direct Property screen, you can return to it by choosing ADD NEW OPENING BALANCE, choosing the member account and direct property asset class, and choosing the property under Existing Property in the Holding list. You can continue adding items until all actions that alter the property value have been recorded and the total shown is the total current value of the property.
Note: Improvement entries dated after the Migration Date are permitted even while the Migration Year is open and Migration incomplete. If improvement entries are dated prior to 1 July in the Start (Migration) year, the From Account must be 9-9999 Clearing Account. Mclowd will default to this account if it detects a purchase date prior to 1 July in the Start (Migration) year. If improvements entries are dated after 1 July in the Start (Migration) year, the From Account will be the bank or loan account used to pay for the acquisition, and in that case Mclowd will display Please Select in the From Account field.