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Allocating expenses relating to a member 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 that are available for allocation.
The following example relates to a life insurance premium of $98.63 paid for Anita (a member of the fund).
In the relevant row, you need to:
- Click the Please Select button against that expense transaction
- You will see a drop-down list of Income, Expenses, and Other categories
- We have selected All Other Expenses
Once you have selected the expense type:
- You will see the Add Expense screen, where you will first need to select the correct account
- As the insurance expense relates to Anita Dudley, click Please select next to Select Account and select the member of fund. In this case we selected the member Anita Dudley
Note: It is extremely important that you always select the correct account here. If you select Fund, then the expense will not be correctly allocated to the member’s account.
- Once you have selected the Account, you will see the Add Expense screen, which will have been pre-filled by Mclowd
- As it was originally classified as “All Other Expenses”, click Please select next to Allocate To and select the appropriate category from the drop-down menu
- In this instance that would be one of the sub-categories of 5-015 Insurance Premiums
- If required, you can change the Description to something more meaningful
- If you incorrectly allocated an expense category when it should be an income category, select CANCEL to return to the previous screen
Select ADD EXPENSE once you are satisfied with the information on the screen.