Fund Establishment Costs can be entered as an Opening Balance item when setting up a Fund.
To enter as an Opening Balance:
Choose FUND SETUP from the Settings Menu. Mclowd displays the Fund Setup Menu. Click ADD RECEIVABLES.
Click ADD RECEIVABLE OPENING BALANCE.
Mclowd displays the Opening Balance Receivable entry form. Ensure FUND is selected in the Account Field, and choose 1-1086 Fund Formation Expenses in the Add Other Receivables Select Field.
Mclowd displays a form for entering details. Enter a description and the Amount Paid for Fund Formation.
Having entered a Fund Formation Expense, you may want to write off this expense, and choose whether or not to make this written off expense tax deductible. Please refer to How Do I… Write Off a Fund Formation Expense.