Fund establishment costs

Fund Establishment Costs can be entered as an Opening Balance item when setting up a Fund.

If you are transferring an existing Fund to Mclowd, this expense must be entered during Fund Setup and BEFORE you REVIEW AND CLOSE FINANCIAL YEAR.

If you are starting a new Fund in Mclowd, this expense will be entered in the first year, as one of the first expenses incurred. In that case, the entry would be a simple Expense entry allocated to account 1-1086 Fund Formation Costs.

To enter as an Opening Balance:

Choose Fund Setup from the Settings Menu.

Mclowd displays the Fund Setup Menu. Click ADD RECEIVABLES / OTHER ASSETS.

Mclowd displays:


Fill out the displayed Add Opening Balance Receivable Entry form.

Having entered a Fund Formation Expense, you may want to write off this expense, and choose whether or not to make this written off expense tax deductible.

Please refer to How Do I Manageā€¦ Write Off of Fund Formation costs.