If your Fund has investments in Direct Property (houses, units, land or commercial buildings, for example) you can enter details in the Investments section of the Mclowd Fund Setup procedure.
In the Fund Setup Menu, select INVESTMENTS or go to https://app.mclowd.com/fund-setup
Mclowd displays this screen:
Click ADD NEW OPENING BALANCE.
Select the Account.
Assign a recognizable name to your property – one that will distinguish it from any other property holding.
In the Asset Type field, select whether this is a Residential, Commercial or Industrial property.
Enter the Unit number (if any), Street number, Street name, Suburb name, State and Postcode.
Enter the date you purchased the property by selecting from the calendar popup.
Enter the CGT date by selecting from the calendar popup. The CGT date is the date the property was put into service as an investment. This is the start date for capital gains tax calculations.
NOTE: If you have extended or improved a property your fund owns, or made other cost base adjustments, prior to the date of commencement of entering transactions in Mclowd, you should first enter the property details, then ADD ANOTHER ITEM and select the property to enter details of the renovations or extensions.
Any capital cost incurred either at the time of purchase, or later, should be added to the direct property asset value by either including in the total cost, or, if incurred after the original purchase but before the date of commencing recording in Mclowd, it can be added to the asset by clicking ADD ANOTHER ITEM.
Click SAVE ASSET or SAVE & ADD ANOTHER if you have more Investments to add.
Click SAVE ASSET to go back to INVESTMENTS on the FUND SETUP menu to view a list of your fund’s investments.