Mclowd assigns transactions and calculates totals based on dates. Therefore, after June 30 you are able to continue entering transactions in both the new and the previous financial year. Mclowd will correctly determine in which period the transaction belongs.
Once you are satisfied that all entries have been completed correctly for a specific financial year, Mclowd requires you to close that year (ROLL GENERAL LEDGER – YEAR END). This will cause account balances for income and expense accounts to be reset to zero, and the opening balances of all balance sheet accounts to be adjusted for income, expense and member transactions that occurred in the year you are closing.
FINANCIAL PERIODS, on the Setup Menu,
- displays a list of all the periods for which Mclowd stores data
- shows which period is currently open
- shows which periods have been rolled
- allows you to close a period (ROLL GENERAL LEDGER – YEAR END)
- allows you to roll back a previous period closure to make adjustments (ROLL BACK)
- provides access to enter YEAR END JOURNALS (*Refer to Chapter on Year End)