Receivables are amounts owed to your Fund by various entities. At this time, Mclowd does not facilitate creating separate debtor accounts, but any Receivables can be tracked if they are posted with adequately detailed descriptions to the relevant Receivables accounts (e.g. Accounts receivable, Dividends receivable, Distributions Receivable, Contributions receivable, Interest receivable)
Mclowd facilitates entries of RECEIVABLES through a Journal Entry screen accessed by clicking RECEIVABLES on the Settings Menu (top right above the HELP tab).
Click Receivables. Mclowd displays:
NOTE: Journals relating to past financial years are shown greyed out.
To enter a new RECEIVABLE, click ADD NEW JOURNAL ENTRY.
Mclowd displays the Journal Entry screen.
Enter or select the DATE for the transaction.
Enter a DESCRIPTION. Take care to include sufficient detail to enable you to identify this transaction later to allocate a payment against it, or follow up with a demand for payment of an overdue account.
In the first row, select Fund, or a Member Account if this transaction relates to a specific member (e.g. a receivable related to a segregated asset held by a member, or to a member contribution).
Select the INCOME account to which the income should be allocated.
NOTE: If the receivable is a Member Contribution, you may need to select one of the accounts under 7-1020. If the receivable is a Refund from a supplier, you should select the Expense account to which the original supply was debited.
Enter a clear DESCRIPTION of the transaction.
Enter the AMOUNT in the CREDIT column.
In the second row, select FUND in the Member Account/Fund column. (Although the credit may correctly belong to a member, it is up to the Fund to manage receivables on behalf of the member.)
Enter the DESCRIPTION. (Be sure to include the identity of the debtor and a reference number or date so that the debt can be readily identified for follow-up or entry of payment.)
Enter the AMOUNT in the DEBIT column.
Click ADD JOURNAL ENTRY (bottom left of screen) to save.
The Receivables list now shows:
If you view the Distributions Receivable account in ACCOUNTING, you will see:
Refer to 9.3.2 ACCOUNT MAINTENANCE: JOURNAL ENTRIES: Receivable paid for guidance to enter a payment of this receivable.