Glossary of Terms

Y

Year End Processing

A process that involves checking and verifying that all entries for a financial year have been made correctly, including

  • entering income due but not yet received and liabilities owing but not yet paid,
  • revaluing assets and/or checking that displayed values are correct,
  • entering Trust Distributions from end of year statements, printing/saving end of year reports,
  • calculating tax obligations (using Mclowd’s highly automated tools) for both the fund and individual members
  • lodging a tax return (automated through Mclowd/LodgeIt integration
  • distributing net profits and losses between member accounts
  • closing the financial year to set opening balances for the next financial year

Refer to Section 11: YEAR END in the Mclowd User Manual.

Yield

The return on an investment, expressed as a percentage.

 

 


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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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