In this step, you will create the bank accounts and any loan accounts your Fund operates.
Select the BANK ACCOUNTS button on the FUND SETUP Menu.
Select the Account owner. Usually this will be the Fund, but in some instances the Fund may segregate assets such that they belong to a particular account. Refer to Understanding Segregated Assets for further explanation.
Fill the form.
For new funds, when recording in Mclowd™ begins with the first transaction affecting the Fund or members, the Opening Balance of any bank or loan accounts must be $0.
When you have added your bank accounts, you can return to the Fund Details screen and insert the Bank Account you wish to use for super payments and tax refunds.
This completes Fund Setup for a New Fund. If the Date Formed is in the Start Year, Mclowd™ will not require any further Setup information. You can start recording transactions now.
If you are migrating an existing fund - the Date formed is earlier than the Start Year - you need to complete Member Details and all steps in Existing Fund: Opening Balances.
