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Add fund establishment costs

Fund establishment costs can be entered as an opening balance item when setting up a Fund.

If you are migrating an existing Fund, this expense must be entered during Fund Setup and BEFORE you REVIEW AND CLOSE FINANCIAL YEAR.

If you are starting a new Fund in Mclowd, this expense will be entered in the first year, as one of the first expenses incurred. In that case, the entry would be a simple Expense entry allocated to account 1-1086 Fund Formation Costs.

To enter as an Opening Balance select ADD RECEIVABLES / OTHER ASSETS from the Fund set up menu.

Mclowd displays:


Fill out the displayed Add Opening Balance Receivable Entry form.

Having entered a Fund Formation Expense, you may want to write off this expense, and choose whether or not to make this written off expense tax deductible.

Please refer to Write Off of Fund Formation costs.