Updates to Statement of Financial Position

A recent Mclowd upgrade modified the way the Statement of Financial Position calculates and displays investment values. This report now uses Market Valuations for investments, instead of investment account balances (which was typically the cost base for the assets).

Reports Pack

Release of the Reports Pack feature was among the more exciting Mclowd developments, driving huge productivity gains by enabling users to define sets of reports and generate complete packages comprising all the reports needed for a Practitioner to satisfy client requirements and/or for Trustees and Practitioners to maintain legally required records, satisfy audit requirements, and prepare for ATO lodgment. .

Suspense Data Allocation

Released in second quarter 2019, the first stage of migration to enabling data entry via the Centralised Transaction Screen will enable rapid and vastly simplified allocation of transactions via the Suspense Data Allocation Screen. .

Centralised Transactions

As the first step to facilitating almost all data entry via the Centralised Transaction Screen, instead of requiring the use of Tabs (which will be substantially replaced by new, easier to access and more logically arranged menu options), a new Suspense Data Allocation Screen is now available. This screen will drive significant increases in productivity by providing increased automation and more intuitive and user-friendly data entry forms.

Direct Property Trx Management

Major improvements in 2019 have enabled efficient management of Direct Property Assets, including adding a range of Direct Property Expense Types to the General Ledger to enable increased granulation and more detailed reporting of costs, and the facility to enter expenses paid via deduction from rental income, resulting in a net receipt amount matching agent statements and the deposited amount shown on the bank statement.

Support for Loan Assets

Mclowd now supports Loan Assets as well as liability loans. Users can set up a Loan Asset account and enter repayments and interest. The value of the Loan Asset will now be shown in its own separate asset class

Year End Simplification

Mclowd's major Year End Simplification Project is now complete. A new, simpler year end processing system will drive significant productivity gain in processing year end and preparing tax returns.

Improved Pension Management

During last quarter 2018 and first quarter 2019, the Mclowd team made substantial improvements to Pension Management and the processes for converting accounts between Accumulation Mode, Pension Mode and Transition to Retirement Mode.