At commencement of recording, your Fund may have a Deferred Tax Liability, or a Tax Refund entitlement.
Enter a refund entitlement following the instructions for entering Receivables, and selecting Account 1-1090 Tax Refund Due.
Enter a tax liability following the instructions for entering Liabilities and selecting Account 2-1100 Income Tax Payable, or 2-1105 Deferred Income Tax.
NOTE: The automated logic in Mclowd only allows for a deferred liability to be entered on fund setup. It is possible that a Future Income Tax Benefit entitlement exists. In this case, it is recommended that you record a manual journal dated your Migration Date to DEBIT account 2-1105 Deferred Income Tax and post a corresponding credit to Account 9-9999 Clearing Account.