Fund Set Up

3.1 Fund Setup: Getting Started

The Fund setup process can be done in stages. Allow adequate time to get it right, and seek help if needed. It’s important that all the relevant data be entered correctly.

If this is not a new Fund, decide which Financial Year you wish to be the first year for which you record transactions in Mclowd. This will be your ”Migration Year”.

What you will Need

Before you begin entering Fund Setup Data, be sure you have all the necessary information on hand. You may need to consult your accountant for assistance.
You will need:

  • Fund’s full legal name,
  • Tax file Number (TFN)
  • Australian Business Number (ABN)
  • Fund Formation Date
  • Trustee Details
  • Member Details for each member:
    • Full Name
    • Date of birth
    • Gender
    • Tax File Number
    • Date Joined
    • Service Start Date (date of first contribution by or on behalf of member)
    • Details of accounts they hold (Accumulation, Pension, Transition to Retirement) noting that a member may hold multiple accounts.

You should also have on hand:

  • Copy of Financials of the Fund as at 30 June [prior year]
  • Copies of Member Statements detailing components as at 1st July in the migration year.
  • Copy of Income Tax Return for the Fund [prior year]
  • Historical summary of investments, including:
    • No. units held
    • Purchase cost
  • Bank reconciliation as at 30 June [prior year]
  • Earlier Years Trade Debtors/Creditors Break Down.
  • Listing of Receivables with quantity of DRPs issued in the next year.
  • Tax Payable Reconciliation as at 30th June [prior year].

The Fund Setup Menu

The Fund Setup Link is located on the top SETTINGS menu (on the right, above the row of tabs).

Funds Setup|SettingsMenu

Click the Link to open the Fund Setup Menu. (Note that the Setup Menu will offer reduced options if you are beginning recording from the Fund Establishment Date (i.e. the Fund Formation date is in the Start Year (in the Fund Details screen). This is because for new funds, established in the Start Year (the first year for which you will record transactions in Mclowd) there will be no opening balances.

Fund setup menus for new and established funds


NOTE:

Mclowd may display the Fund Setup Menu greyed out, and a popup message cautioning that member details are missing.

Member details missing

You will need to click the UPDATE NOW button to navigate to the Member Details screen and provide the required information.

Member details

 

Enter the Member title, full name, date of birth, gender, date joined, tax file number, and service period start (the date of the first contribution to the member account either by the member on the member’s behalf).

Once this is done, you can return to the Fund Setup Menu and continue with fund setup.

 

 



 

 

 

 


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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