Add a liability loan
Note: This section will be applicable only to existing Funds being migrated to Mclowd. New funds can only take liability loans after the Start Date and these should be entered in via Add Assets | Add New Liability Loan Account.
In the Owner Field, if the loan was not taken for the benefit of the Fund, with liability shared by all members, select the specific Member Account that owns the loan. (See Segregated Assets.)
The Setup Date is the date of the loan contract, or the date on which funds were advanced by the lender.
Give the account a name that will be easy to recognise when posting interest charges or repayments.
In the Lender field, select the Bank that extended the loan, or select Other. If the loan was from a recognised lender that is not listed, please advise Mclowd so the development team can consider adding that lender.
The BSB and Account Number are not required, but are entered (if known) for user convenience and to assist automated posting from imported data.
Enter the total balance owed as at 30 June in your Start Year (including any interest and charges applied).
DO NOT block the account at this point. If the account is no longer active, you may wish to return to this screen and block it for posting after the opening balance has been entered.
When the loan details are saved, the loan details will be displayed on the Bank page.