When you click ALLOCATE CONTRIBUTIONS TAX, Mclowd displays the Contributions Tax Summary Screen:
Verify that the contributions shown and the allocation of contributions and tax is correct. Click ALLOCATE CONTRIBUTIONS TAX.
Mclowd displays the following screen:
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.