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Allocating expenses of the fund 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)
- 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 you will need to allocate.
The following example relates to an Auditor Fee (ref 153023) of $308 on 18/10/2020 which is a fund expense.
In the relevant row, you need to:
- Click the Please select button against the expense transaction
- You will see a drop-down list of Income, Expenses, and Other categories
- In this instance, we have selected Auditor Fee
- Once you have selected the expense type, you will see the Add Expense screen. This screen will be pre-filled by Mclowd
- If the expense relates to an individual member, then you can click on the down arrow next to Select Account and change it to the relevant member account
- If required, you can change the Description to something more meaningful
- If you mistakenly clicked on the wrong expense category type on the previous screen, you can update it here
- If you incorrectly allocated an expense category when it should be an income category, then select CANCEL to return to the previous screen
Select ADD EXPENSE once you are satisfied with the information on the screen