Mclowd reports menu allows users to print a Member Benefit Statement – an essential report to expose each individual’s member balance, verify contributions and withdrawals, and satisfy auditor requirements to identify how profits were distributed and each member’s current entitlements.
The Member Benefit Statement will not show up-to-date data for the current year until you have completed the end of year rollover process.
If you are still processing your setup year (first year of using Mclowd) the report will be blank, or show only the member opening balances entered during the Fund setup process.
Before printing the Member Benefit Statement, make certain you have completed all entries for the financial year you are working on and completed the End of Year processing and rollover.
The End of Year process calculates Fund profit/loss and calculates tax, allocates net after-tax profits/losses between members according to their percentage of ownership, and totals contributions and drawings and adds to the appropriate member account to expose the final end-of-year member balance.
The Member Benefit report shows each member’s opening balance, contributions made, pensions paid, other drawings, and the portion of profit/loss allocated to each member, and the end-of-year closing balance for each member. This information is only available in the Mclowd database after all end of year calculations have been completed.