Mclowd Trustee User Update August 2018

Introduction

As per the most recent Community Newsletter, the focus of the development Team is very much on improved support for Trustee users who are finalising their FY18 accounts.

Lodgement

These efforts have begun to bear fruit, with FY18 lodgement now available within the Pro version, which costs only $33 per annum.

For now the current workflow involves downloading a file from the Financial Periods page and subsequently importing this to our partner LodgeIT (but will eventually be integrated into the Mclowd interface).

Please note however that for now this will not be suitable for Funds affected by recent ECPI changes. We will advise when support for this scenario has been deployed.

Further Year End Improvements

As part of this release we have also addressed outstanding gaps in terms of GL accounts, including

  • Borrowing cost
  • Amortisation expense
  • LIC capital gains deduction
  • Excess foreign tax credit writeoff

A full list can be downloaded here.

Account references have now been incorporated into the year end interface itself, making it easier to reconcile.

Improved mapping of the GL to SMSFAR is also an important step towards providing editability of the chart of accounts.

Online Collaboration

Trustee users can now invite practitioners and other third parties to collaborate with them online.

Simply go to Settings > Manage Collaborators and follow the prompts.

This functionality will be particularly useful for those Trustees who are engaging with service providers via the Marketplace (but is not restricted to SMSF practitioners who are already registered).

Trustees are able to define roles (as either read only, or read / write) depending on the level of access required.

Upgrade Path

We have also simplified the upgrade path for those users wishing to access features not available within the Free Forever version.

Users requiring bank or broker feeds now need only upgrade once, and details of the currently supported banks and brokers can be downloaded here.

Setting up automated feeds reduces the time taken to process transactions, and will be particularly useful as more and more automation is introduced into the system in the coming months (such as allocation rules / automated data matching).

Details are summarised on the Trustee Pricing Page, and the upgrade button can be found at the top of the application.

Conclusion

The Mclowd Community gains in both numbers and strength on a daily basis now.

This growth:

  • Is making it easier to deliver against current and planned improvements, to the benefit of all stakeholders
  • Will ultimately drive structural change across the industry

As always, please keep the feedback coming.

Regards

Ashley Porter

Managing Director
Mclowd Pty Ltd

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