Income

6.1.1 Income: Adding Interest Income

To add new interest income received by your Fund, click the INCOME tab, then click the ADD NEW INCOME button.

Incomebutton menu

Select the Account to which this interest income accrues (the Fund, or an individual member account).

Add income - select account

 


NOTE: In some Funds, individual members may hold segregated assets. For example, a member may have chosen to invest in a particular Term Deposit that other members view as yielding inadequate returns. In this case, the investment can be made from the Member’s account, and all income from that investment will accrue to that Member’s account.


Select the Asset from the drop-down list presented by Mclowd.

Income_select asset

If the selected Asset Type is a Bank Account, Fixed Interest, Bond, Managed Fund or Unit Trust, Mclowd will now display:

InterestIncome - bank selected

In the Income Type field, Interest will be displayed by default and is often the only valid choice.


NOTE:

For some investment types, such as Unit Trusts, clicking this field enables you to select Reinvestment and record a reinvestment of income from the asset.

UnitTrustIncome_reinvest


To record Interest received as income, click the Add to account field and choose the bank account to which the interest was/will be paid.

Enter the Date the income was received.

Enter the Interest amount received.

Click SAVE INCOME.


NOTE:

If you select to Reinvest the income received, Mclowd will grey out the Add to Account field (because no cash was received) and add a Volume Reinvested field, in which you will enter the number of shares/units acquired.

UnitTrustInterestReinvested

Enter the Amount reinvested and the Volume of units acquired.

Click SAVE.


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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