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Correcting the accidental sale of an asset

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In the following example, we will correct the incorrect entry of a sale of AGL Shares.

To correct the error, click the INCOME tab and select the Financial Year in which the incorrect disposal was recorded.

Scroll down through the income entries until you see the heading Gain on Sale.

If the incorrect sale yielded a Capital Gain, the disposal will be displayed in this section.

If the incorrect sale yielded a Capital Loss, scroll further to the Loss on Sale section. The entry will be displayed there.

Locate the incorrect entry and click the underlined PSnnnnn link in the Reference column.

Mclowd displays the Reverse Transaction screen with the incorrectly entered Asset Disposal details.

Click REVERSE

Mclowd asks you to confirm that you wish to reverse this transaction. If you proceed, the disposal will be reversed that the asset restored to your Fund’s assets list.

The asset sale is no longer displayed in the Gain on Sale list:

The Asset is now displayed correctly in the Assets list.