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.
Click ADD RECEIVABLE OPENING BALANCE.
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 Manage… Write Off of Fund Formation costs.