The remainder of the Fund setup process should be completed only if you are migrating an existing Fund, rather than entering transactions from the date of Fund inception.
You should have decided which financial year to start recording from in the Sign up process and entered this in the Fund Details screen.
You will need to enter your Opening Balances as at June 30 in your selected Migration Year.
These steps can be done in stages. Allow adequate time to get it right, and seek help if needed. It's important that all the relevant data be entered correctly.
•You will need to enter Opening Balances as at July 1 in your start year.
•You should already have set up your bank and loan accounts and entered opening balances. Now Mclowd™ needs to know the opening balance of member accounts, the value of assets currently owned as at migration date, receivables and liabilities.
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The initial setup of your fund requires some care, because errors or omissions in this area may result in incorrect data in reports or difficulties entering transactions.
Migration Support is available from Mclowd™ as an extra. Access details or apply by logging in and selecting the Extras tab on the main tab men. Migration support is ideal for users who have not yet started their journey, and who are not familiar with Mclowd™’s free SMSF software. As part of this service Mclowd™ will:
•Set up your Fund on Mclowd™ and migrate all opening balances
•provide online training in all aspects of the software
Migration support does not include SMSF Fund Setup. Please go to the Mclowd™ Marketplace if you need help to establish a new Self-Managed Superannuation Fund. To access Mclowd™ Marketplace, please log in to your account and select Marketplace from the drop-down Settings Menu.
