Practitioner Edition

11.6 Year End Processing: Allocate all Other Transactions

In this step, all member specific  transactions such as contributions, insurance premiums, pensions, etc. are allocated to the member accounts.


NOTE: This does not save allocated profits. Profit distribution will be completed in the next step.


When you click ALLOCATE ALL OTHER TRANSACTIONS, Mclowd will display:

Allocate all other transactions

Read the warning message and take care to verify that all transactions for the financial year have been correctly entered before proceeding further.

When you are confident, click the PROCESS ALL OTHER TRANSACTIONS button at bottom left to proceed.

Mclowd displays a warning that the next step will overwrite any previous entries you have made. Verify that you are happy to proceed by pressing OK.

Confirm Interim Contributions Tax Allocation

Verify that you are happy to proceed by pressing OK.

Mclowd confirms that the distribution has been completed and provides a link to the Accounting Page to enable you to check the updated balances.

Member transactions distributions saved

Click NEXT – CLOSE FINANCIAL YEAR AND ROLL GL to move to the next step.


NOTE:

At this point, you would be well advised to move to the ACCOUNTING screen or TRANSACTIONS screen to verify all entries are correct, and print and inspect a set of reports.

If you are completely confident that all entries are correct, you can click NEXT – CLOSE FINANCIAL YEAR AND ROLL GL.

If you prefer to exit this screen and verify everything first, you can return to this point when you are ready by selecting Financial Periods from the Settings Menu, selecting Edit Year End Data for the year you are closing, clicking ALLOCATE TRANSACTIONS, then ALLOCATE TRANSACTIONS again, then NEXT – CLOSE FINANCIAL YEAR AND ROLL GL

OR you can simply opt to select START NEW YEAR from the Actions Menu for the year you are closing.


NEXT: CLOSE 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