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Add income for a financial year received after 30 June

Funds / members may receive a number of dividend and / or distribution payments in early July that should be counted in the income for the year ended June 30.

There are two steps to posting these receipts.

Firstly, they are posted as Receivables (or Payables, if expenses). The applicable date is the due date. The amount is debited to Accounts Receivable.

The first step MUST be performed manually. You cannot complete this step by allocation from Data Feeds.

From the Income Tab, choose to ADD NEW INCOME.

Click SAVE INCOME.

Next, the actual receipt is posted to the Receivables account as a credit.

You can either make a Journal Entry as below:

  • The applicable date is the date actually received.
  • The Account must be the same account that was Debited with the income entry above (Dividends receivable, Distribution Receivable, or Income Receivable)
  • The amount will show as a Debit to the bank account on the date received.

OR, this step can be completed manually from the Income Tab or by Data Feed allocation.

Select RECEIPT FROM DEBTOR from the INCOME category

Mclowd displays the EXPENSE screen, pre-populated.

Check that the data is correct and click ADD EXPENSE.

Currently, Mclowd does not enable correct allocation of received income (this is on the list of issues for remedy), and therefore a journal entry is required to transfer receipt from Accounts Receivable to Dividends, Distributions or Income receivable so that it cancels out the balance in that account.