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.
You will need to process the year-end journals that will enable you to produce a set of financial reports, 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 offers instructions for creating a Tax Data Extract and, if desired, using the optional Tax Return Lodgement service facilitated by Mclowd’s partnership with LodgeIT. This service is offered as a paid extra for Mclowd users, enabling the automatic electronic lodgement of a Superannuation Tax Return using data exported from Mclowd. This is a quick, simple and inexpensive process that greatly eases the cost and effort of compliance.
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 or the Online Lodgement Service at or by clicking the PAID 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.
The year-end process can be accessed via the SETTINGS menu (Top right, above the HELP tab).
Choose Financial Periods, or go to https://app.mclowd.com/financial-periods.
NOTE: Mclowd will indicate which years are open and provide a ROLL BACK option for any year that has been closed. ROLL BACK deletes end of year journals and allows you to reprocess a year end for a year that had previously been closed. This option is useful where there are errors in the data (e.g. entries were not properly completed prior to running year end, a malfunction occurred during year end processing, or certain steps in the year end process were not correctly performed. You may also wish to reverse a year end process if your accountant or auditor advises that changes need to be made or specific journal entries made.) Mclowd also allows you to CLEAR SAVED YE DATA for years that have not yet been closed.
The START NEW YEAR button closes a selected year and makes the following year the current financial year for recording purpose (although you may record transactions in any year that remains Open).
You will note a column labelled TAX DATA provides a DOWNLOAD button for selected years. This enables you to download tax data to platforms that enable automated tax return lodgement. The DOWNLOAD feature is only available when:
- Year end data is complete
- The year has not yet been rolled over
- A tax data extract has been purchased (Refer to Online Lodgement under the EXTRAS tab.)
To commence year end processing, click the EDIT YE DATA button for the financial year you wish to process.
Mclowd displays the Year End Step Menu.
The first step is to revalue your assets as at June 30 with the latest market prices.
Click the MARKET REVALUATION button.
NEXT: MARKET REVALUATION