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Asset name, purchase date and cost
Where an asset is not selected from a database, Mclowd will ask you to enter a name for it.
Name assets with care. You will need to be able to identify them readily on a selection list when you enter transactions that relate to that asset. It is important that you can readily recognise the correct asset on the list, because choosing the wrong asset may result in serious errors in your accounts.
Enter the date the asset was purchased. Capital gains/losses calculations will be based on this date, so it is important that the purchase date is entered correctly.
When entering cost, be sure to enter the Total Cost for that acquisition. DO NOT enter a price per share or unit. The cost should be the total paid for that asset on the Purchase Date (from which the system will calculate the per unit cost).