You do not need to perform this step if starting the new account from July 1.
Ensure you have finalised the Year End and go directly to Completing the Conversion.
If converting a member account from or to an account of a different type, you should have now created an interim period and performed all the steps to calculate taxable income and tax for that period.
When the Interim Taxable Income steps have been completed, Mclowd™ asks you to confirm that Interim Entries Journals are complete.
If you respond No, indicating entries are not complete, Mclowd™ will advise that you must go back and complete year end journals before proceeding with the roll-over for the Interim period.
If all Interim period entries are completed, select Yes and click the PROCESS button to proceed.
Mclowd™ will display a Confirm GL Roll-over dialogue and ask you to confirm.
If you click OK, you will not be able to make further entries for any date prior to the Interim To Date.
In the event that the summary P&L does not equal $0, Mclowd™ will display an error message and ask you to go back and finalise Interim Closing Entries before rolling the General Ledger.
You will need to review entries and make corrections
When posting is complete, Mclowd™ returns you to the Financial Periods screen, now displaying the new Interim period you created.
