Direct property – opening balances
If you select Asset Class Direct Property the following will be displayed:
Note: The date of acquisition of property assets held as at the commencement of recording Fund transactions must be after the date the Fund was formed and prior to July 1 of the Start Year. Property acquired or Improvement or Depreciation events occurring after July 1 in the Start Year should be entered via the Assets Tab, or through Bank Data or Suspense Allocation (DATA FEEDS), not as Opening Balances.
If the asset is owned by a member account, the date of acquisition must be on or after the Date Joined and the Service Period Start Date for that member (since the member cannot acquire an asset until after funds have been deposited to their account to pay for the acquisition).
Mclowd will attempt to validate the dates and prevent incorrect entries. Invalid dates are highlighted in pink and a pop-up message “Purchase date is not valid” or “CGT date is not valid” will display.
The From Account must be the 9-999 Clearing Account. If this account is unavailable for selection, check for errors in your data entry.
If you have improved or extended the property since acquisition, or depreciated it, you can opt to itemise the improvements and/or depreciation.