The term ”Alternative Assets” generally refers to assets that don’t fall into the traditional asset types (stocks, bonds, property, and cash). This category can include hedge funds, managed futures, commodities, derivatives contracts, and precious artworks and collectibles, and precious metals. Mclowd includes Artwork, Motor Vehicles, and Memorabilia in this category, and also provides an ”Other” option for miscellaneous assets not otherwise classified in the software.
If your Fund purchases Alternative Assets, from the ASSETS TAB, select ADD NEW ASSET.
Click ADD NEW ASSET.
Select the Account.
In the Asset Class drop-down, select Alternative Assets.
Accept the default Asset Category (Domestic), or change to Foreign if this is a foreign investment.
In the Asset Type drop-down, select the type:
Use the popup calendar to enter the date you purchased this asset.
Enter the purchase price. Enter any additional transaction costs paid to facilitate the purchase (for example, broker or finder fees or stamp duty).
Mclowd will total the purchase and transaction costs to compute the capitalised cost base for this item.
Select the bank or loan account from which payment for this asset was made.
Click SAVE ASSET or SAVE & ADD ANOTHER if you have more Investments to add.