Practitioner Edition

11. Year End Processing: Introduction

If you have captured all transactions for a fund for a particular financial year, you will want to run your year-end reports and close off the financial year.

Running the year-end process will create journal entries, enabling you to produce a set of financial reports, a tax return and member benefit statements.

This Section of the User Guide is designed to provide you with a step-by-step guide to the processing of these year-end entries.

This Section also provides instructions for creating a Tax Data Extract and, if desired, use the optional Tax Return Lodgement service facilitated by Mclowd’s partnership with LodgeIT. This service is offered (free of additional charges) to users of the Mclowd Pro and Premium versions. It enables the automatic electronic lodgement of a Superannuation Tax Return using data exported from Mclowd. This is a quick, simple and inexpensive process that greatly reduces the cost and effort of compliance.


NOTE:
Users of the Free Forever version of Mclowd should consider upgrading to Pro to access this and other benefits. Go to https://www.mclowd.com/plans-and-pricing-trustees/ (or https://www.mclowd.com/plans-and-pricing-practitioners/ if a practitioner) for details of price and benefits of the Pro and Premium editions.


Trustees using Mclowd can give auditors, accountants and actuaries access to their data for checking and verification purposes, or can authorize a selected practitioner to perform part or all of the year end processing procedure, including tax return lodgement.

Purchase an Actuarial Certificate at by clicking the EXTRAS tab on the main Mclowd menu

Before you attempt to complete the year end process it is critical that you:

  • Review your data and ensure all transactions have been input correctly
  • Are confident that your financial statements are based on the correct data
  • Print a full set of reports for future reference, marking them ‘’Draft only. Prior to running Year End’’
  • You may wish to export your General Ledger to Excel and save as a backup.

 


 

NEXT:  THE FINANCIAL PERIODS SCREEN


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.