Practitioner EditionPractitioner Edition: Why am I seeing?

Why can’t I add an Asset my Fund Already Holds?

Users occasionally struggle with adding records of assets their fund held prior to the start date of recording in Mclowd.

Mclowd will not allow you to add an asset via the ASSET – ADD ASSET function if the acquisition date was prior to the date you started recording in Mclowd.

Please note that the determining date is NOT the date of inception of your Fund. Perhaps your fund started operating in 2010. You might decide to start recording in Mclowd from the start of 2016-7 financial year.  (To record everything that happened from 2010 onward would be a huge task, and presumably you already have records in another format – i.e. paper records, a spreadsheet, or records made using some other software).

The critical date is always the date you entered here – in Mclowd’s Fund Details screen, accessed through the Fund Setup menu.

Fund details - start year

Note that the date displayed here is July 2016 – June 2017. This fund was commenced long before July 1, 2016, but the date the Trustees have chosen to begin recording in Mclowd is July 1, 2016. All opening balances will be input through the Fund Setup process.

Assets owned by this Fund prior to July 1 2016 cannot be entered through the ADD ASSET function.  They MUST be entered by selecting the Settings menu, then Funds Setup. Click the INVESTMENTS button.

Fund setup _ investments

 

Click ADD OPENING BALANCE.

Add opening Asset

The screen that now displays is almost identical to the screen used to ADD ASSETS, except that you will note the heading says “Add Opening Balance Entry as at 30 June 2016”.

AddAsset_openingbal

For more information on setting up your Fund and entering opening balances, please refer to Chapter 3 in the User Manual, or go directly to https://www.mclowd.com/support/usermanual/fund-set-up/fund-set-up-introduction/

 

 

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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