Adjust asset values to match opening balances
When setting up a Fund in Mclowd, you will enter details of all assets held by the Fund at the Start Date (the date from which you chose to begin recording in Mclowd).
When you enter assets in the Fund Setup | Investments section, you assign them a value based on the original cost of acquisition. Mclowd will automatically update the value of some assets to their value at the current date.
This is not what you want. You want to update all the assets to their value as at the Fund Start Date.
Your asset values should match the values stated on your Investment Holding Report for June 30 in your start year, and the total value of all investments should match the Fund Balance as at June 30 in the year prior to the year you selected as your Start Year.
To correct asset balances to match the values on your Investment Holding Report for June 30 in your Start Year, go to the Settings Menu and select Fund Setup.
From the Fund Setup button menu, select REVALUATION AT MIGRATION.
Mclowd will display a list of your Fund’s assets with default values displayed (either the cost price you entered, or the current value read from online data sources to which Mclowd is linked).
The Valuation Date displayed in the Assets Valuation at time of Migration screen should be June 30 in the Start Year as set in the Fund Details screen.
In the ASSET VALUATION AS AT <DATE> column, type over the displayed value, entering the total value of the asset as per your Investment Holdings Report for the Valuation Date.
Note that this should be the total value of the holding, not the unit value.
When all assets have been updated, click the UPDATE button.
If you now go to REPORTS and select INVESTMENT HOLDING REPORT, then set the date for your Start Year, all asset values should now be the correct Opening Balances.
The Total should equal the total value of your Fund as at the Start Date.
When performing this task, if you have segregated assets, you will need to first select Fund in the Select Account field and update all assets held by the Fund, then select each of the segregated account, in turn, and update values of assets held in those accounts.
