Fund Set Up

3.8 Fund Setup: Add Income and Expense Balances (Prior Year)

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

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.

Fund Setup|Enter Previous Balances

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.


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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