Fund Set Up

3.3 Fund Setup: Bank Accounts

In this step, you will create all your Fund bank accounts and loan accounts and enter opening balances for each account.

You should already have selected Fund Setup from the Setup Menu (top right, above the tabs), and be viewing the Fund Setup Menu.

On the Fund Setup Menu, click the BANK ACCOUNTS button.

Mclowd displays the following screen:

Bank accounts

Click ADD NEW BANK ACCOUNT.

Mclowd displays this screen:

Enter the Account Name. Choose the Set Up Date from the popup calendar. The Set Up Date is the date this account was opened. (It may be well before the start date for recording in Mclowd. If you cannot recall the date the account was opened, enter a date prior to the beginning of your Migration Year.)

Select the Bank from the drop down selection menu.

Enter the BSB and Account number for this account.

Enter the opening balance (the balance as at close of business June 30)

If there will be no more transactions on this account (for some reason it is temporarily or permanently frozen), you can select Yes in the Blocked for Posting dropdown. Mclowd will then ensure that no transactions can be erroneously posted to this account.


NOTE: SEGREGATED ACCOUNTS:
In some funds, certain assets, loans or accounts are segregated to be the exclusive property of a particular member. If an account is owned exclusively by a member, choose that member’s name in the OWNER field, instead of the default value of ”Fund”.


When all data is entered correctly, Click ADD ACCOUNT to save the information. Mclowd will now display a warning asking you to confirm the details are correct.

Click CREATE ACCOUNT.

The Bank Accounts Opening Balance screen shows the added account.

New bank accounts list

Click ADD NEW BANK ACCOUNT again to add another account. Repeat the above steps to add another account. Continue in this fashion until all bank accounts are added.

Loan Accounts

If your Fund also has loan accounts, click ADD NEW LOAN ACCOUNT.

Mclowd displays this screen:

Add loan account

 

Enter the required data as for Bank Accounts.

Click ADD ACCOUNT to save.

Continue adding loan accounts until all loan accounts have been set up.


NOTE: You can add additional bank and loan accounts at any time, but it’s important to ensure that all accounts that exist as at the first day for which you want to record transactions in Mclowd are set up and their opening balances are recorded correctly.


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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