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Allocating dividends from suspense (legacy method)

Mclowd provides users with two options in terms of suspense allocations:

  • A legacy interface (available to all users)
  • An upgraded tabular interface which supports faster transaction processing (access to which is restricted to Pro and Premium users only)

**NOTE:

  • The suspense allocation function – in either mode – is not suitable for adding a new property or any additions to that property.
  • That should be done only via the Add New Asset or Assets screens
  • However the interface is suitable for allocating property-related rental income and deductions

The balance of this article deals with the legacy interface.

If you have successfully imported the bank data:

  • Choose Suspense Allocation Legacy from the Transactions menu
  • You will then see the Allocate Suspense Entries screen

 

From the Suspense Account Allocation screen, you will see a list of transactions that are available for allocation.

The following example relates to dealing with Dividend income.

In the relevant row:

  • Click the Please select button against the Dividend Income transaction
  • You will see a drop-down list of Income, Expenses, and Other categories
  • Select Dividend

  • You will then be taken to the Add New Income screen
  • Click Please select against Select Account and choose the Fund or the relevant member
  • Click Please select against Select Asset and choose the relevant asset from the drop down menu

You will then see the Income from Equities screen.

You will need to input some data from your dividend statement:

  • Date of dividend payment (the date on the manual data feed transaction details below)
  • A description (if required)
  • Unfranked amount (maybe zero)
  • Franked amount (Mclowd calculates the franking credit)

Note: If you should not be adding a dividend, select CANCEL to return to the previous screen.

Select SAVE INCOME once you are satisfied with the information on the screen.