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Editing and deleting assets

Editing Assets

Mclowd allows asset details to be edited. This includes:

  • Asset Name;
  • Asset Class;
  • Listed Status; and
  • HIN/SRN/Holder Number

Note: To change the purchase date, volume, or cost, you must delete the asset and re-enter it.

If it was an Opening Balance (as part of fund setup), take care to enter it through Investments on the fund setup menu.

To access the asset to edit, select the Assets tab and then select the relevant asset from the displayed list.

Once you select the relevant asset, you will see an Edit Opening Balance Entry screen. In the following example, you will see a rental property where we want to change the name of the property to include Unit 1 as part of the title.

In this case, update the Asset Name and then select Update Asset.

You will now see the Assets: Opening Balance screen where you would see that the asset name has changed.

DELETING ASSETS

Mclowd will permit you to delete an asset that was entered in the currently open year and has no transactions entered against it.

If you have entered transactions against an asset, you must delete the transactions before you can delete the asset. This would include recorded income, corporate actions, trust distributions, or any other type of transaction relating to the asset you wish to delete. You will need to locate the relevant journal entries and delete them before proceeding with asset deletion.

If the financial year in which you acquired the asset has been closed, or if it was an opening balance asset and you have closed the opening year, you will need to reverse the rollover and reset relevant data to delete all journal entries related to calculated capital gain/loss before you can delete an asset. If you are trying to edit or delete an asset when it was acquired in a closed year, then you may see the following message:

Assets with transactions recorded against them cannot be deleted (other than as above).

To access the asset to delete, select the Assets tab and then select the relevant asset from the displayed list that you wish to delete.

On the Edit Opening Balance Entry screen, select Delete Asset.

You will then see a message, asking you to confirm the deletion of the asset. Select OK and the asset will be deleted.