This step is optional. Adding Income and Expense Balances for the prior year enables Mclowd to perform comparisons between the current year and the prior year.
You will need your Trial Balance or General Ledger report for the previous financial year.
Go to Fund Setup on the Setup Menu and click INCOME AND EXPENSE BALANCES , or go to https://app.mclowd.com/previous-balances.
Mclowd displays a list of Income and Expense accounts. At this stage, all balances should be 0.00.
NOTE: Mclowd displays a message confirming that the balances shown are for the year ending June 30 in your Migration Year.
For each account shown, enter the end of year total as at June 30 in the Migration Year.
Mclowd will total your expenses and calculate Benefits Accrued as a result of operations.
Click SAVE OPENING BALANCES to save the previous year’s totals for comparison purposes.
Click BACK TO FUND SETUP to return to the Fund Setup Menu.