In this step, you will adjust the value of all your investments to their correct market value as at the 30th June of the relevant financial year. Mclowd can then calculate gains and losses for the financial year.
You should already have selected Edit Year End Data in the Actions menu for the Financial Period you wish to finalize, and clicked the MARKET REVALUATION button on the Financial Periods Button Menu.
Mclowd will display a list of assets owned by the fund as at that date.
Verify that the Revaluation year shown in the title bar is correct and the Valuation Date shown above the table is 30/06 in the year you are closing.
For most equities listed on the ASX, the value as at 30th June is available in the Mclowd database, and will be automatically picked up and presented in the summary table. For other assets, you should use your end of year statements, consult your financial adviser, or navigate to a relevant website to look up unit values as at 30 June and manually input the June 30 unit price for each asset.
You should carefully check and confirm that:
- All of your Fund’s investments are listed (including any that were acquired during the financial year.
- All investments are correctly named and displayed IDs and Asset Classes are correct.
- Mclowd correctly displays the number of units held as at June 30
- The price per unit displayed is correct. (You may need to cross-check with the ASX website, the company website, end of year statements from companies, Unit Trusts or Managed Funds, etc., or a report from your financial adviser or accountant to verify that all displayed prices are correct.)
NOTE: At this point in time, if you have made multiple investments to a Managed Fund or Unit Trust, Mclowd may display each investment as a separate asset rather than consolidating as it does for Direct Equities. You may need to manually add the units acquired at each reinvestment or additional investment in order to verify that the total units reported in Mclowd matches your total holding.
When you are certain that all prices are updated correctly, click SAVE REVALUATION to save the adjusted values.
Mclowd will ask you to confirm:
Click OK to confirm.
Mclowd displays banner indicating you have successfully saved the Year End Market Revaluation entries.
Click NEXT – CALCULATE TAX to move to the next step in year end processing.
Mclowd will display the Tax Calculation Button Menu.
NEXT: NEXT – CALCULATE TAX