Support Forums Getting Started with Mclowd Bank Accounts Cash, Shares, Funds

Bank Accounts Cash, Shares, Funds

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  • #8737

    wazzandee
    Participant

    Hi there. Apologies in advance for my ignorance. Im assuming I am not the only non accountant using this solution

    My situation is a little complex – I have moved from NetWealth and have set up on ANZ – there are some basic set up principles I need to understand in Bank Accounts ( I have gone thru as much Help Manual, Settings and Forums material as I can – but this still is not clear – so Im posting)

    It seems clear that a Cask Management Account that handles contributions and transfers cash for funds and equities is required – so I have set up those opening balances (still in the Set Up Phase)

    I have started putting in the Assets

    However when I look at the shares or funds transaction logs – purchases of shares or funds (NetWealth or ANZ eTrade) are coming from (what I call) a bank account – handling the buying and selling of those assets. There are credits, debits and balances …SO …
    Surely these trading platforms need to have a Bank Account entered into McLowd as well ??

    Please Help – I dont want to start all over again when I start try to run reports for Audit and ATO purposes

    Many Thanks

    #8738

    ashleyporter
    Keymaster

    Hi Warren

    Support for brokerage accounts (Comsec CDIA, eTrade) has been outstanding for some time.

    Fortunately the timing of your engagement is ideal, as the development work is being finalised now, and is expected to be in production before the end of the month.

    I will get the Support Team to recommend next steps (eg workaround vs defer migration).

    Cheers

    Ashley

    #8887

    BOS
    Participant

    Hi Wazzendee

    Mclowd offers an integerated Platform to vtew and manage your SMSF Investments and Accounting/Tax Returns.

    Set up on Mclowd therefore begins with moving your financial and investment data across from the last audited Financial records.

    You will need to login to your account, and run the fund setup wizard, which is a step by step guide to adding all investment, bank, and member positions as at close of the last audited financial year.

    Whether your portfolio was previously on Netwealth or ANZ etrade, does not change the way the Investments get uploaded on to Mclowd.

    Your Audited financials would have the list of Investments and banks, which will be the opening balance to be uploaded.
    These are typically to be uploaded via the Fund Set up screen wherein Investment costs are cleared out to Member balances, and should not affect bank accounts.

    All Investment transactions from your bank for the current Financial year, would reflect in bank accounts, and it is expected that you already operate a bank account relating to trades.

    For managing your ongoing investments on Mclowd, bank data feeds are available and Broker feeds are expected to be available soon.
    Happy Investing

    BOS

    #8907

    Kevin
    Participant

    Hi Ashley

    I am trying out the software with great curiosity. Firstly I am uploading the bank transactions manually. Had Started verifying on each of transactions.

    When selecting category from drop-down menu. For income, expenses and assets purchase are just doing great with linking to appropriate form to further classification. One thing, I don’t understanding why Mclowd did not provide direct account selection for other accounts particularly balance sheets items such as GST refund or payment, income tax payable or refund, other receivable or other liabilities.

    To that end, please advise shall I just delete those transactions unable to verify via “category” and entered manually via journal entries.

    Further, bank transfer function. Let’s say I got two bank accounts namely Bank A and Bank B and there is an inter-bank transactions: Bank A transfer X amount to Bank B

    1) When upload Bank A transactions, in category I would select bank transfer do the process!
    2) When upload Bank B transactions, please advise shall I delete those inter-bank transfer or just leave it as it is without the need of verification process?

    As an accountant, we have all always started to code from bank statements making sure each of transactions are properly taken in, in conjunctions with other additional gross up adjustment such as franking credit, TFN withheld, etc.

    #8917

    ashleyporter
    Keymaster

    Hi Kevin

    Thanks for your feedback.

    Fortunately the Community has got to the point where most of the feedback is already in our WIP pipeline, but has not yet been delivered.

    I have attached a spreadsheet with some of the WIP items that relate to your queries, including status.

    In relation to your specific query, yes, you should just delete from the transactions page and allocate via journal entry.

    Regardless of the above I look forward to your further input as to how we should be prioritising our efforts into 2017.

    Cheers

    Ashley
    0402 117 935

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