Year End

11.4.1 Year End Processing: Allocate Tax – Contributions Tax

When you click ALLOCATE CONTRIBUTIONS TAX, Mclowd displays the Contributions Tax Summary Screen:

Allocate Contributions tax

Verify that the contributions shown and the allocation of contributions and tax is correct. Click ALLOCATE CONTRIBUTIONS TAX.

Mclowd displays the following screen:

Confirm allocation of contribution tax

Click the OK button to confirm. Mclowd confirms you have successfully allocated Contributions Tax to Individual Member Accounts and provides a link to the Accounting Page to check new balances. A journal entry will have been created.

Once the contributions tax allocation is complete, the residual tax of the fund can be allocated.

NEXT: ALLOCATE INCOME TAX


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.

Leave a Reply