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Allocation of bank data imported manually

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Mclowd allows you to manually import bank data using a CSV file you can obtain from your bank. This is described in Manual Bank Import.

If you have successfully imported the bank data:

  • Select Manual Import from the Transactions menu.
  • You will then see the Manual Import screen.

From the Manual Import screen:

  • Select Allocate from the Actions column against the relevant bank account.
  • You will then see the Manual Data Allocation screen.

On this screen, you will see a list of bank transactions you will need to allocate. You can change the view via the following columns:

  • Create a date range to view transactions.
  • Sort by reference number – ascending/descending.
  • Sort by date – ascending/descending.
  • Search via text – could search for “interest”.
  • Select an income, expense or other category.
  • Select whether “allocated” or “unallocated”.
  • Select to “Delete” the transaction – you may have duplicated transactions which may require deletion.

On this page, we will provide instructions on how to allocate the bank transaction OR to DELETE the transaction. This will cover expenses, contributions, bank transfers, and income.

EXPENSE RELATED TO THE FUND

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 that expense transaction.
  • You will see a drop-down list of Income, Expense, and Other categories.
  • 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.

Note:

  • 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.

EXPENSE RELATED TO A FUND MEMBER

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 do the following:

  • Click the Please Select button against that expense transaction.
  • You will see a drop-down list of Income, Expense, 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 Account.
  • As the insurance expense relates to Anita Dudley, you can click on the down arrow next to Select Account and select Anita Dudley.

Note:

  • It is extremely important that you always select the correct Account here, as, 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. This screen will be pre-filled by Mclowd.
  • As it was originally classified as “All Other Expenses“, you will need to click on the down arrow next to Allocate To and select the appropriate category – which in this case would be one of the sub-categories of 5-015 Insurance Premiums.

Note:

  • 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, then select CANCEL to return to the previous screen.

Select ADD EXPENSE once you are satisfied with the information on the screen.

CONTRIBUTIONS

The following example shows how you deal with contributions.

In the relevant row, you need to:

  • Click the Please Select button against that contribution transaction.
  • You will see a drop-down list of Income, Expense, and Other categories.
  • Select Contribution.

  • You will then see the Add Contribution screen.
  • Select the correct member, which – in this example – is Zoe Flinstone.
  • The rest of the contribution information is pre-filled except for Contribution type.
  • Select the appropriate Contribution type by clicking on the right down symbol.

Note:

  • If required, you can change the Description to something more meaningful.
  • If you should not be adding a Contribution, then select CANCEL to return to the previous screen.

Select ADD CONTRIBUTION once you are satisfied with the information on the screen.

BANK TRANSFER

The following example relates to dealing with a Bank Transfer.

In the relevant row, you need to:

  • Click the Please Select button against that Bank Transfer transaction.
  • You will see a drop-down list of Income, Expense, and Other categories.
  • Select Bank Transfer.

  • You will then see the Assign Bank Transfer screen. Most of the screen is pre-filled by Mclowd, except for To Account.
  • Select the correct To Account by clicking on the right down symbol.

Note:

  • If required, you can change the Notes to something more meaningful.
  • If you should not be adding a Bank Transfer, then select CANCEL to return to the previous screen.

Select TRANSFER FUNDS once you are satisfied with the information on the screen.

DIVIDEND

The following example relates to dealing with Dividend income.

In the relevant row:

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

  • You will then be taken to the Add New Income screen.
  • Select the correct Select Account (Fund or member) by clicking on the right down symbol.
  • Select the relevant Asset at Select Asset by clicking on the right down symbol.

You will then see the Income from Equities screen.

You will need to input the following information from the Dividend statement:

  • Date of dividend payment – this would be 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, then select CANCEL to return to the previous screen.

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

UNIT TRUST/MANAGED FUNDS

The following example relates to dealing with Unit Trust/Managed Fund income.

In the relevant row:

  • You need to click the Please Select button against that Trust Distribution transaction.
  • You will see a drop-down list of Income, Expense, and Other categories.
  • Select Trust Distribution.

You will then be taken to the Add New Income screen.

  • Select the correct Select Account (Fund or member) by clicking on the right down symbol.
  • Select the relevant Asset at Select Asset by clicking on the right down symbol.
  • We have selected VAS.

You will then see the Add New Income screen.

You will need to input the following information from your income statement:

  • Date of payment – this would be the Date on the Manual Data Feed transaction details below.
  • The amount of the payment – this will match the amount from Manual Data Feed Transaction Details below.
  • A description if required.

Note:

  • If you should not be adding New income from the Unit Trust or Managed fund, then select CANCEL to return to the previous screen.

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

AUTOSAVE

There are certain types of transactions where an Autosave function works well. This is because there is sufficient data in the bank file for Mclowd to allocate the transaction without any more information. Interest is a great example, where we know it is income from that account and there is no data missing like franking credits or what type of expense.

In order to turn on Autosave, on the Manual Data Allocation screen:

  • In Allocations Information and Settings, click on the down arrow and select Yes.

  • Under Transactions, you could use the “search text and amounts” for the word “interest”. This would list all interest receipts.
  • Otherwise, for each interest receipt, click the right down arrow next to Please Select and select Bank Interest (autosave).
  • You can repeat this for each interest receipt quite easily. Mclowd completes the allocation process without navigating to the income details screen.

You will then notice that the interest is now allocated as shown below.

DELETE TRANSACTIONS

There are circumstances where you will need to delete a transaction that appears on your Manual Data Allocation screen. Examples could include:

  • A bank transfer which was allocated when you allocated the bank data from a separate bank account. If you processed the bank transfer again, then you would effectively include the bank transfer twice.
  • A transaction which includes expenses for multiple members, e.g., insurance premiums paid for multiple members.
  • A transaction that includes a combination of income and expense.

In the following example, we are going to delete a bank transfer which has already been processed in a different account.

In the relevant row, you should:

  • Tick the box under the DELETE column against the bank transfer transaction.
  • Select the DELETE button.

Once you have selected the Delete button, you will be asked to confirm the deletion. Select OK if you wish to delete the transaction, otherwise select CANCEL.