Fund Set Up

3.7.1 Adding Fund Formation Costs

To enter Fund Formation Costs, return to the ADD RECEIVABLES meu option on the Setup Menu if necessary, and select ADD RECEIVABLE OPENING BALANCE.

Add new Receivables opening balance

Ensure FUND is selected in the ACCOUNT field. Select 1-1086 Fund Formation Expenses in the Add Other Receivables Select field.

Fund Formation Expenses


Complete the form, entering a description and the amount.

Enter fund formation costs

Click SAVE.

NOTE: You may wish to write off this expense. You can do this after you REVIEW AND CLOSE the opening year. When closing the year in which the expense is written off, you can select whether to claim the written off amount as tax deductible or non-deductible. Please refer to Chapter 7 EXPENSES for instructions to write off the cost, and to Chapter 11: YEAR END PROCESSING for instructions on ensuring the written off amount is correctly reflected in your Tax Return.



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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