Practitioner Edition

11.6 Year End Processing: Distribute Member Net P & L

When you progress to Distribute Member Net P&L, Mclowd displays:

Distribute net profit or loss to member accounts

As the final step in the year end process, Mclowd will allocate specific member income and expenses (e.g. income and expenses relating to any segregated assets) to the appropriate member accounts.

Mclowd will display the overwrite warning and allow you to either click OK to proceed or CANCEL to revert to the previous input screen.

Confirm instruction to distribute net profit or loss to member accounts

Mclowd confirms specific member distributions have been completed and provides a link to the Accounting Page where you can inspect updated balances if desired.

Click NEXT – CLOSE FINANCIAL YEAR to complete the year end process and roll over to the next financial year.




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