Fund Set Up

3.7 Fund Setup: Add Receivables and Liabilities

In this step, you will record details of any debts that were owed to your Fund (Receivables) as at the Migration Date.

From the Setup Menu, choose Fund Setup, or go to https://app.mclowd.com/fund-setup#.

Click ADD RECEIVABLES.

Mclowd displays:

Fund Setup|Opening Balance Receivables|No entries

Click ADD RECEIVABLE OPENING BALANCE.

Mclowd displays:

Fund Setup|Add Receivable Opening Bal

Click the arrow on the drop-down selection list to display the various Receivables accounts.

Fund Setup|Opening Balance|Receivables Accounts list

Select the desired account for the Receivable item you wish to enter.

Enter a description and the amount.

Fund Setup|Add Receivables|Details filledClick SAVE & ADD ANOTHER if you have additional receivable items to enter. Continue entering until all receivable amounts as at the Migration Date have been entered.

Click SAVE to save the last receivable item and return to the receivables list. Mclowd will now display a list of all receivable items as at the Migration Date.

Fund Setup|Add Receviables|List

Check the list to verify that all Receivables have been added and the Total Receivables matches the balance on your end of year Financial Report for the Migration Year.

Click BACK TO FUND SETUP to return to the Fund Setup Menu and add Liabilities.

Add Liabilities

In this step, you will record details of any debts that were owed by your Fund as at the Migration Date.

From the Setup Menu, choose Fund Setup, or go to https://app.mclowd.com/fund-setup#.

Click ADD LIABILITIES.

Mclowd displays:

Fund Setup|Add Liability|Blank list

Click ADD LIABILITY OPENING BALANCE.

Mclowd displays:

Fund Setup|Add Liability|Entry screenClick the arrow on the drop-down selection list to display the various Liability accounts.

Fund Setup|Add Liabilities|Accounts List

Select the appropriate account for the Liability you wish to enter.

Fund Setup|Add Liability|Filled dataEnter a description and the amount you owe.

Click SAVE & ADD ANOTHER to add more liabilities.

When you have finished adding all your fund’s liabilities as at the Migration Date, click SAVE to view a list of Liabilities.

Fund Setup|Opening Liabilities ListCheck that all Liabilities as at Migration Date are shown correctly and that your Total Liabilities matches the Liabilities balance on your fund’s Financial Statements as at the Migration Date.

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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