Income

6.2.1 Income: Cash Contributions

To record member contributions made in cash, select the ADD CONTRIBUTIONS button from the INCOME tab and select the Member on behalf of whom the contribution is/was made, then select CASH in the Contribution Class field.

Mclowd displays:

Income_cash contribution

Enter the Date of the contribution.
Enter a meaningful Description.
Select the Cash or Bank Account receiving the funds.
Select the Contribution type. Choose from Employer Concessional, Salary Sacrifice Concessional, Self-employed Concessional, Personal Non-concessional, Spouse Non-Concessional or Co-contributions Non-Concessional.

Income_contribution - select Type


NOTE: Mclowd will determine whether or not this contribution is Taxable in the Fund and display Yes or No.

Income_contribution_taxed yes or no


Enter the Amount of the contribution.
Click ADD CONTRIBUTION.
The contribution is saved to the Member’s account and the cash amount is added to the selected Bank or Cash account.

 


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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