Fund Set Up

3.2 Fund Setup: Fund and Member Details

In this step, you will enter information Mclowd needs about your Fund and all of its Members.

You should already have selected the Fund Setup link under the Setup Menu (top right, above the tabs). You will see a button menu on which the first button is labelled ”FUND DETAILS”.


NOTE: Until you enter all the Fund information Mclowd needs to perform its functions, Mclowd will repeatedly display this popup warning.

Click the UPDATE NOW button to proceed with data entry, or CANCEL to go on with other tasks.


Whether you navigated to Fund Setup via the UPDATE NOW button on the warning dialog or via the Fund Setup button menu, Mclowd now displays the Fund Details screen.

Some details may have been entered here through the Signup process.

  • Enter or correct the legal Name.
  • Enter the ABN, TFN and phone number of your Fund.
  • In the Start Year drop-down, enter or correct the financial year you want to be the first year for which Mclowd stores transaction data (This will be your Migration Year).
  • Enter or correct the date your Fund was formed. (This date should be recorded on your Fund’s Trust Deed)

Fund Details


NOTE:
Although you may have entered Trustee information in the Signup process, you can change it here at any time. If you elect to change the Trustee of your Fund during its operation, you can return to this page at any time by selecting Fund Setup from the Setup Menu to make the appropriate changes. If you select Corporate Trustee on the above screen, Mclowd will display

Change to Corp Trustee

allowing you to enter the name and ACN of the company appointed as Trustee.


 

Enter your fund address details. Check Same as Street Address checkbox if you wish to copy Street Address details to Postal address.

When all details are correct, click SAVE DETAILS (on the left). Click BACK TO FUND SETUP to return to the Fund Setup Menu.

Member Details

On the Fund Setup Menu, click the MEMBER DETAILS button.


NOTE:  You may see a warning dialog alerting you that member details have not been completed.

Member details warning

This warning will continue to reappear until you have entered all required details for any members for whom you have created a partial record. Since every fund must have at least one member, Mclowd creates a partial member record for Member #1 during the Sign Up process. You will see the warning repeatedly until you complete data entry for this member. You can cancel the message to proceed with other tasks, or click UPDATE NOW to enter the required data.


Click the ADD NEW MEMBER button (on the left).

Mclowd will display this screen:

Member details

Enter the member’s title, name, and date of birth.

Select the member’s gender.

Enter the date the member joined the Fund by selecting a date from the calendar.

Enter the member’s tax file number.

Enter the Service Period Start Date. This is the earlier of :

  • the date of the member’s first contribution to the fund, or
  • the date of the first contribution made by an employer (or other party) on behalf of that member

Click SAVE DETAILS.


NOTE: If you don’t enter a reference number, Mclowd will assign one for you when the record is saved.


You will note that Mclowd has automatically created an Accumulation Account for this member. You can change this to a Pension or Transition to Retirement Account if the member does not have an Accumulation Account.

To change the account to Pension or Transition to Retirement, click on the underlined Account name in the lower section of the screen (Under Member accounts for <name>). Mclowd displays the account details.

Account type

Use the drop down Type selection list to select the desired account type.

Create member Account

Edit the Account name to make the suffix match the account type. (In this example, change ”Anna Mclowd Accum’ to ”Anna Mclowd Pension”).

Click SAVE DETAILS. Mclowd returns to the Member Details screen.

Member details

If the member has or will need additional accounts, click the ADD NEW MEMBER ACCOUNT button. Mclowd will display the Member Account screen again.

Create member Account

Use the Type drop-down to select the appropriate account type. Edit the Account name to reflect the Account type selected. SAVE DETAILS.


NOTE:  You can create as many different accounts as the member requires. Make sure each has a distinctive name that you will recognize when processing transactions, as it is vital that each transaction be assigned to the correct member account.


Mclowd returns you to the Main Member Details screen and now shows your member’s name in the Member List (on the left) and all details, plus a list of his/her accounts.

 

Click ADD NEW MEMBER in the button menu on the left of the screen to add another member and create accounts for that member, following the instructions above.

Continue adding until all members have been added and their accounts created. (Mclowd allows up to 4 members, but unlimited accounts.)


NOTE: A Delete Member button is provided on the right of the screen in case you make an mistake and need to completely delete a member record.


When all members and accounts are created, click BACK TO FUND SETUP to return to the Fund Setup Menu.

Member Opening Balances

In this step, you will enter the opening account balances for each member of your Fund.


NOTE:  These are the balances as at 1 July in the year you selected as the start year for entering fund data (your ‘’migration year’’). If you are uncertain of the correct allocation of funds between taxed and untaxed or preserved and non-preserved etc., contact your Fund accountant for guidance.


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 MEMBER OPENING BALANCES button.

Mclowd displays the following screen:

Member opening balances

From the Select Account drop down, select the name and account (Accum, Pension or TRIS) of the member whose opening balances you wish to enter.

You should have set up member accounts in the previous step. If you cannot see the name of the member and the member account in the drop down, go back to MEMBER DETAILS.

Using Member Statements, enter the relevant balances in each field. The tax free and taxable component and the preserved and non preserved amounts can be found in the audited financial statements/roll over statements.

The total of taxable and non taxable amounts must equal the total of preserved and non preserved amounts.

Click SAVE OPENING BALANCES to save the balances for this member.

Repeat these steps to enter opening balances for each account in the Fund.


NOTE: Some members may have active balances in more than one account. Take care to correctly allocate balances between Pension, Accumulation and/or Transition to Retirement accounts for each member where applicable. Past financial reports should show the breakdown of balances in each account. Contact your Fund accountant for further assistance if you are uncertain.


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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