Fund Set Up

3.4 Fund Setup: Investments – Entering opening balances

In this step, you will enter details of all the assets your Fund held as at the date of commencement of recording in Mclowd.


NOTE: At this stage in the setup process, you will enter the original purchase cost of each asset, not its value as at Migration date. In the next step, you will revalue each asset to match its current value as shown in Mclowd to its value as at the Migration date.


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

You should have a list handy of all your Fund’s assets with the original purchase cost of each.

On the Fund Setup Menu, click the INVESTMENTS button.

Mclowd displays the following screen:

 

Click ADD NEW OPENING BALANCE.

Mclowd displays the following screen:


In the Member Account dropdown, select either Fund (for assets owned collectively by all members) or a member account (for segregated assets to be owned by a member).

Assets|Add New|Select Account


NOTE – SEGREGATED ASSETS:
In some Funds, individual members may choose to invest in certain assets individually. When entering assets, you can specify that an asset belongs to the Fund, or to an individual member account in the Fund. Mclowd defaults to ”Fund”. Use the drop down Member list under Account to select the Member Account to which the investment you are entering belongs.


In the Asset Class drop down, select the Asset class:

Fund Setup|Asset Class


NOTE: Selection of the correct asset class is vitally important. In some instances, selection of an incorrect asset class can compromise performance of the system. Look carefully at the description Mclowd displays when you enter the stock code. The description may provide clues as to the correct entity type.

Check with your accountant or a member of Mclowd’s technical support team if you are uncertain about which class an asset belongs to.


 

In the Asset Category drop down, select whether this is a Domestic or Foreign Asset.

Mclowd now displays additional fields depending on the Asset Class you have selected. For example, for Direct Equities, you will see:

Investments|Direct Equities

For detailed instructions for entering each type of Investment, please choose from the following links:

When all assets have been entered, verify by Checking Opening Balances.


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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