How do I

How do I… Enter Fund Establishment Costs

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.

Fund setup menu with Receivables selected

Mclowd displays:

Add new Receivables opening balanceClick 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.

Fund Formation Expenses

Mclowd displays a form for entering details. Enter a description and the Amount Paid for Fund Formation.

Enter fund formation costs


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.

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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