You will now populate the various Member Accounts with their correct balances.
Select member opening balances from the Funds Setup menu.
Mclowd™ displays:
You should have set up member accounts in the previous step.
If you cannot see the name of the member and the member account in the drop down, go back to MEMBER DETAILS on the Fund Setup Menu
Using Member Statements, enter the relevant balances in each field.
If the total of Rollover Components (in Section 2) does not match the sum of all Preservation Components (in Section 3), Mclowd™ will display an error message.
Correct the error and click SAVE OPENING BALANCES again.
When the balances match, Mclowd™ asks you to confirm that you wish to save these balances.
Take care to ensure the opening balances you are saving for each account are correct.
Click OK to save. Mclowd™ displays a message confirming that the balances were added. You can check the balances in the Accounting screen.
Repeat these steps to enter opening balances for each account in the Fund.
Some members may have active balances in more than one account. Take care to correctly allocate balances between Pension, Accumulation and/or Transition to Retirement accounts for each member where applicable. Past financial reports should show the breakdown of balances in each account. Contact your Fund accountant for further assistance if you are uncertain.
