Income

6.1.2 Income: Adding Dividend Income

If your fund holds direct shares or hybrids, you may receive Dividends. To enter dividend receipts:

Click the INCOME tab.

Incometab menu
Click the ADD NEW INCOME button.

Choose the Account to which the income attributes (Fund, or a Member account if the income attributes to a segregated asset.)

Add income - select account

Select the Asset that generated the dividend.

Income_select asset

If you select Direct Equity or Hybrids, Mclowd will display:

entering income from hybrids

In the Income Type, select Dividend or Reinvestment for Direct Equities, or Dividend, Interest or Reinvestment for Hybrids.

Add income receipt options for Hybrids

If you selected Dividend or Interest, choose the Add to Account into which Interest or Dividend income will be deposited.


NOTE: If you selected Reinvest, please refer to Section 6.1.2.1.


If you selected Interest in Income type, you can now enter the Date the interest was received and the Amount, and click SAVE INCOME.

Entering hybrid interest income

If you selected Dividend Income, the Asset Description and Holding will display, with fields for you to enter the Unfranked Amount (if any) and Franked Amount.

entering income from equities

When you enter the Franked and Unfranked amounts, Mclowd will display the Total received (excluding Franking Credits, which will either reduce your Fund’s tax obligations, or will be repaid as an income tax refund).

Mclowd will calculate the Franking Credit due, based on your input of the Franked Amount, and display it in column F.


IMPORTANT NOTE:  You MUST enter a value in both Franked and Unfranked Amount fields, even if the amount is 0.00. 

  • If the dividend is fully franked, type 0 in the Unfranked Amount field.
  • If the dividend is fully unfranked, type 0 in the Franked Amount field.

entering dividends with franking credits calculated automatically

Click SAVE INCOME to save.


NOTE:

You should receive a statement from companies you invest in detailing the dividend paid and listing the franked and unfranked components and franking credits applicable. If you do not receive a statement, you can often locate the needed information (for Australian companies) by searching the ASX website. Go to http://www.asx.com.au/asx/markets/dividends.do and type the stock code into the search field. Details of dividends will be displayed.


If you choose Reinvestment in the Income Type field, Mclowd will grey out the Add to account field and add additional fields.

Refer to Section 6.1.2.1

 

 


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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