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Financial periods actions menu

Note:  This section describes processing financial periods using the legacy method employed prior to August 2019 software updates. This method should be used for Financial Years prior to 2018-9 and funds in full pension mode. It is recommended that you use the Simplified Method for financial years from 2018-9 onward.

For each year displayed in the Financial Periods list, Mclowd provides an ACTIONS drop-down menu.

The available options vary depending on the status of the year and subsequent periods.

Depending on the status of subsequent periods, these options may allow you to roll back a financial period closing, deleting the period close journals and allowing editing of data for that year.

For closed periods, the menu may appear as:

Once a period has been closed, you have the option to View Year End Data to inspect the journal entries created during Year End Processing. For the most recently closed period, you also have the option to Reverse New Year. Reverse New Year reverses a roll-over, reopens the period, and allows you to reset selected or all data sets and reprocess. Note: Simply reversing does NOT delete year end journals. You must also RESET the data you wish to change

The Reverse and Reset options are useful where there are errors in the data (e.g. entries were not properly completed prior to running year end, a malfunction occurred during year end processing, or certain steps in the year end process were not correctly performed). You may also wish to reverse a year end process if your accountant or auditor advises that changes need to be made or specific journal entries made.

Note:  Should you need to make changes to a prior year, or to setup data, after a subsequent year has been closed, you will need to reverse ALL closed periods following the one for which you are making changes. This may require amending tax returns for previous years.

Mclowd also offers various Reset All Saved Year End Data options for years that have not yet been closed (or for which the New Year has been Reversed) but for which Year End Processing has been partly completed. This is useful if you believe some year-end journals are incorrect and you wish to reverse a procedure and start over.

You have the option to:

Edit Year End Data

This option allows the user to go back to the year-end data to review and make adjustments where necessary.

Reset Year End Revaluations

This option allows the user to delete the year end market revaluations only. It retains the remainder of the year end data. Amended valuations can then be entered. Other year end data remains unchanged.

Reset Year End Trust Distributions

This option deletes the year end trust distributions only and retains the rest of the data. You can then re-populate the Trust Distributions table with correct data. Other year end data remains unchanged.

Reset Year End Tax Data

This deletes only the year-end tax data and retains the rest of the year end data. You can then process tax calculations again. Other year end data remains unchanged.

Reset all Year End Data

Deletes all Year End journals and restores your balances to their values before year end processing began. You can then perform the entire year end process again. If you have completed Year End Processing and closed the year, then discovered errors or received professional advice that changes are needed, you must REVERSE NEW YEAR to reopen the period, then RESET selected or all Year End Data.  

If the changes you need to make relate to entries that were, or should have been, made prior to performing the year end processing, it is recommended that you RESET ALL YEAR END DATA, make the appropriate corrections, then perform year end processing again. Resetting only selected data in these circumstances may result in errors, as year end calculations will not have taken your amended entries into account.

When year end processing is complete, the Actions menu will offer Mclowd Pro Version and Mclowd Premium Version users the option to Download Tax File for LodgeIT.

This enables you to download tax data to upload to LodgeIT for automating completion of your Fund tax return. Note that there is also an option to download a tax file to Xero™. This feature is not yet enabled but is coming soon.

Note: Automated creation of download file for LodgeIT only available for FY2017-18 and subsequent years.

For the year you are currently processing, the Actions menu will appear as: or

The Start New Year option closes a selected year and makes the following year the current financial year for recording purpose (although you may record transactions in any year that remains Open).

You can only Start New Year when year-end processing is fully completed.