Refer to Sections 10.3.1 and 10.3.2 for instructions to manually create and import a file of bank transactions for allocation in Mclowd.
After successfully importing the file, click the ALLOCATE button to commence processing transactions.
Assuming you did not auto-allocate to a Suspense account when importing (Refer to Section 10.3.1) you can now individually select and allocate listed transactions.
Mclowd displays the imported transactions.
For each displayed transaction, Mclowd offers the option to Delete (e.g. to remove duplicates) or Verify.
To verify, select the transaction and click the arrow to the left of the drop-down selection list under the Category heading.
Mclowd displays a list of possible allocations for this transaction.
The allocation options are displayed in four distinct categories:
Suspense accounts (for allocation of transactions for which you have inadequate detail to post to the correct account):
NOTE: Transactions that cannot be readily allocated due to insufficient information being available should be allocated to one of the three Suspense Accounts. This enables you to reconcile the bank account. Transactions allocated to Suspense can later be moved out of the Suspense Account and into the correct account either when you obtain sufficient details to allocate correctly, or by a practitioner managing end of period reconciliations or tax returns on your behalf.
Selecting an item from this list under the Income heading will open the Income page pre-filled, ready for you to select the relevant asset, complete or edit any necessary data, and save the record.
Selecting an item under the Expense heading will open the Expense page, pre-filled, ready for you to complete or edit the record and save.
NOTE: Selecting ”All other expenses” will open the Expenses page with the form pre-filled but no expense account selected. You will be able to select the desired Expense account to which you wish to allocate.
Selecting Asset Purchase will open the Add New Asset page with the form pre-filled ready for you to complete or edit and save.
Selecting Bank Transfer will open the Bank Transfer page partly completed, ready for you to complete and save.
Selecting Corporate Action – Return of Capital will display the Corporate Action – Return of Capital page with the form pre-filled ready for you to complete and save.
Selecting Sale Proceeds will open the Asset Disposal page with the form pre-filled ready for you to complete and save.
When a transaction has been Verified, the Verified column will display Verify, indicating the transaction has been processed, and the Delete option will be removed. You can click the Verify link to reverse the transaction. (Refer to Section 10.2.9)
Transactions neither deleted nor allocated will remain in the list for processing in a future session. If you are temporarily unable to identify a transaction, you can simply leave it unverified until identification data becomes available, or allocate to a Suspense Account. Note, however, that bank reports will not include unverified transactions. Allocating to a Suspense Account is preferable as it ensures bank reports are up to date.
- 1. Introduction
- 1. The Marketplace: INTRODUCTION
- 1. Your Account – Introduction
- 1.1 Signing up to Mclowd
- 1.2 Your Account: Signing In to Mclowd
- 1.2 The Marketplace: Accessing the Marketplace
- 1.3 Managing your Mclowd Account
- 1.3 The Marketplace: Platform Integration
- 1.4 The Marketplace: Functionality
- 1.5 The Marketplace: Fees and Security
- 1.6 The Marketplace: Logging in and out
- 10. Data Feeds – Introduction
- 10.1 Bank Data Feeds: How to Subscribe
- 10.2 Bank Data Feeds: Automated SISS Import Method
- 10.2.1 Bank Data Feeds: Verifying the Transactions
- 10.2.2 Bank Data Feeds: To Verify a Dividend Receipt Entry
- 10.2.3 Bank Data Feeds: To Verify Interest Received Entry:
- 10.2.4 Bank Data Entry: To Verify a Pension Payment or Commutation Entry
- 10.2.5 Bank Data Feeds: To Verify an Expense Entry
- 10.2.6 Bank Data Feeds: To Verify a Bank Transfer Entry
- 10.2.7 Bank Data Feeds: To Verify Other Transaction Types
- 10.2.8 Bank Data Feeds – Allocating to Suspense Accounts
- 10.2.9 Bank Data Feeds: Correcting Verification Errors
- 10.3 Bank Data Feeds: Manual Import Method
- 10.3.1 Bank Data Feeds: Creating a File for Manual Import
- 10.3.2 Bank Data Feeds: Manual Import Method – Importing a File
- 10.3.3 Bank Data Feeds: Manual Import Method – Allocating Transactions
- 10.4 Bank Data Feeds: Re-allocating Transactions from Suspense Accounts
- 10.5 Bank Data Feeds: The Auto-save option
- 10.6 Exporting Bank Transactions