Having entered Fund Formation Costs during Fund Setup, you may wish to write off this Expense.
To write off this cost, choose EXPENSES from the Tab Menu. Click ADD NEW EXPENSE
.
Select Fund in the Account Field.
In the From Account field, select 1-1086 Fund Formation Costs.
Enter the Date and Description, then choose Account 5-1086 Fund Formation Costs Written Off in the Allocate To field.
Enter the Total Cost (the amount you entered as Fund Formation Costs during the Setup process).
Click aDD EXPENSE to save.
When closing the financial year in which this expense was written off, you are able to select the preferred tax deductible status to ensure the write-off is correctly reflected in your tax return. Please refer to Select Tax Deductible Status of Written Off Fund Formation Costs.
