Mistakes happen. Changes make corrections necessary. Professional advisers suggest better ways to handle recording of particular income types, contributions etc. From time to time, every Mclowd user will want to alter the way a transaction was entered.
At the time of last updating this (May 2017), the Mclowd team is planning extensive improvements to the software to make editing simpler, and to expand the options available to users to make changes and corrections with safety, and without compromising the audit trail.
At the moment, most transactions are most conveniently corrected by reversal and re-entry.
Locating the Incorrect Entry
You may spot the incorrect entry in a report, or when viewing details in the Accounting Screen or a list of entries. Sometimes the entry ID will be linked to the transaction. An underline indicates a link that allows you to access the transaction.
Editing or reversing is not currently facilitated in Accounting, however. You will need to identify the transaction type and use the table below to access the correct method of accessing it for editing.
|Transaction IDs beginning with (prefix)||are||and can be accessed for editing via the|
|IN||Income entries||Income Tab|
|EX||Expense Entries||Expenses Tab|
|PAY||Payment entries||Expense Tab – Click ENTIRE FUND to view payments to members in the Expenses list.
These are payments (e.g. pension payments or commutations)
|TFR||Bank Transfers||Bank Tab (These are bank transfers)|
|JE||Journal Entries (Liabilities only)||Liabilities Tab Menu|
|JE||Journal Entries (Receivables only)||Receivables option on the Settings Menu|
|JE||Journal Entries (all)||Journal Entries option on the Setup Menu|
|DR||Direct Reinvestments||Income Tab.|
|YE||Year End||Note: These are generally automated entries calculated by Mclowd and not editable.|
|To edit details of :|
|ASSETS||ASSETS TAB- Choose the asset by name|
|BANK ACCOUNTS||BANK TAB – Select the account by name|
|FUND||Fund Setup on the Settings Men – Choose FUND DETAILS|
|MEMBER INFORMATION||Fund Setup on the Settings Menu – Choose MEMBER DETAILS, then select the member by name.|
|FUND TRUSTEE(S) or ADDRESS||Fund Setup on the Settings Menu. Select FUND DETAILS.|
Correcting the Entry
When you detect an entry error or see an entry that needs to be changed:
- Click to open the entry and view details.
- Look for the REVERSE button (usually located in the bottom left corner of the screen)
- Click REVERSE.
Some transaction screens (e.g. Income and Expense transactions) ask what you would like to do and display a drop-down selection list in which you need to select REVERSE. It may be selected by default.
Enter the transaction correctly, just as if you had never entered it.
1. Examples of Corrections:
Reversing an Income Transaction: IN000010 in the income transaction list shown below is incorrect. The dividend should have been $111.25 with a franking credit of $48.20.
- Click on the Journal ID (IN000010)
- Mclowd displays the transaction details:
NOTE: A message may display at the top of the window detailing plans for software improvements to make editing easier.
- Click the REVERSE button in the bottom left corner.
- Mclowd displays a warning message.
- Click REVERSE TRANSACTION.
The Income List is displayed. IN000010 is no longer shown.
Click ADD NEW INCOME and enter the transaction correctly.
The corrected entry will be included in the INCOME LIST.
Go to ACCOUNTING and scroll down to Account 4-1180 Franked Dividend Amount.
Mclowd displays a list of Franked Dividend Income entries, including the newly entered correct dividend from Telstra.
At the bottom of the list, a section titled ”DELETED TRANSACTION FOR THE FINANCIAL YEAR nnnn-nnnn” displays both the incorrect transaction and the reversal.
Listing deleted transactions and their reversals in this manner preserves the audit trail, ensuring you and your auditor can verify that no improper deletions were made.
2. Editing a Dividend Reinvestment Record
Apply the same methodology to correcting an error in entering a Dividend Reinvestment. Open the transaction record by clicking on the reference number, then click the REVERSE button in the lower left corner to reverse the transaction, and enter it again correctly.
3. Reversing an Expense Transaction:
To reverse an Expense Transaction, follow the same steps as for reversing an Income Transaction.
NOTE: The button, in this case, is labelled DELETE rather than REVERSE. The deleted transaction does not appear in a Deleted Transactions list when viewing in Accounting.
4. To correct entry of an Asset acquisition:
The process for correction of entry of an Asset acquisition is slightly different, because Mclowd provides a specific EDIT ASSET option on the Assets button menu.
Selecting to Edit Assets displays a list of assets with Edit buttons in the top left corner of each listing.
When you click the Edit button above a specific listed asset, Mclowd displays the entered acquisition details and provides an UPDATE HOLDING button in the lower left corner.
5. Correcting a Journal Entry
To correct a General Journal Entry, click Journals on the Settings Menu and select (click on) the incorrect journal. Mclowd displays the journal details.
Click REVERSE in the lower left corner to reverse the transaction.
Re-enter the journal correctly.
As with Income and Expense transactions, deleted Journal transactions and their reversals are shown grouped under Deleted Transactions in the relevant account when viewing records in Accounting.