Expenses

7.1.1 Expenses: Add Property Expenses

Property Expenses are dealt with in a specific way in Mclowd, in order to ensure they appear correctly in the Property Expenses Report and can be managed appropriately in tax returns and capital gains calculations.

To enter Property Expenses, you should begin by following the same procedure as outlined in 7.1 for adding other expenses:

    • Click the Expenses Tab
    • Click the ADD NEW EXPENSE button
    • expenses_entryform
      • In the Select Account drop-down, select the Fund or Member that owns the Property Asset that generated this expense
      • Select the Account from which the Expense was/will be paid
      • Select or enter the date of the transaction
      • Enter a description of this expense.

In the Allocate To field, select Account 5-1150: OTHER DEDUCTIONS.

expenses_expenseaccountselection

On selection of Account 5-1150 (Other Deductions) in the Allocate To field, the screen changes to display Expense Classification and For Asset fields.


NOTE:  Selection of the Other Deductions Account is critical, because it causes additional fields to appear, including a list of property-related expenses to appear for selection in the Expense Classification field and a For Asset field that lets you link the Expense to a selected property.


propertyexpenses_additionalfields

Click the arrow to the right of the Expense Classification field. Mclowd displays a list of possible expense types:propertyexpenses_selected

Select the appropriate Classification for this expense.

The For Asset drop-down displays properties owned by your Fund:

propertyexpenses_assetselect

Select the Property to which this expense relates.

Finally, enter the Total cost, and click the ADD EXPENSE button to save the entry.

 


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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