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Fund details and set up

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Migrate data from an existing fund

When we refer to Migration Start Year, we are referring to the year before you will start recording your transactions in Mclowd. For example, you decide to use Mclowd from 1 July 2019 (2019/20 income year). Your migration start year is the year ending 30 June 2019 (prior year).

To migrate data for an existing Fund, you will need to have on hand from your Migration Start Year:

  • A copy of Financials of the Fund as at 30 June [prior year]
  • ABN and TFN of the Fund
  • Name and ACN of the Corporate Trustee (if applicable)
  • SMSF auditor of the fund
  • Names and TFNs of all members
  • Copies of Member Statements detailing components as at 30 June [prior year].
  • A copy of the Income Tax Return for the Fund [prior year]
  • If you wish to record Income and Expenses for the year prior to Migration (for comparison purposes), your Trial Balance or General Ledger report for that year
  • Historical summary of investments, including:
    – The number of units/shares held as at 30 June [prior year]
    – Purchase cost of units/shares held as at 30 June [prior year]
    – The balance of the Dividend Reinvestment program (DRPs) for any investments held as at 30 June [prior year]
    – Bank reconciliation as at 30 June for all accounts [prior year]
    – Loan reconciliation for any loans to the fund
    – Loan reconciliation for any asset loans the fund has extended
    – Earlier years trade debtors/creditors breakdown
    – Listing of Receivables with total of DRPs balances as at 30 June [prior year]
    – Tax Payable Reconciliation as at 30 June [prior year] including SMSF annual levy

Fund details and set up

While Trustee users will have added their fund details during the registration process, Practitioner users adding a new client fund will be presented with the following screen.

If you choose Corporate Trustee, please enter:

  • the company name and ACN
  • the list of current directors

If you choose All Members as Trustees, the Corporate Trustee fields will be removed.

Choose FINISH.

The Fund Setup screen will now display.

Choose the down arrow to the right of Please Select… to drop down the options.

Choose Review & Edit Fund Details and choose EDIT.

Automated calculation and recording of GST on relevant sales and purchase transactions can also be enabled in the fund details screen. Mclowd defaults to No for GST. However, if you are registered or are registering for GST, please choose Yes from the dropdown list in Enable GST. If you have selected Yes, then refer to the GST section in the Appendix. 

Enter the address details for the Super Fund.

 

Enter the SMSF auditor details. Note: If you start entering the name for the SMSF auditor, a list of possible SMSF auditors will appear in the drop down list. Once you select the correct SMSF auditor you will need to enter any missing details for that auditor.

At the bottom of the form, users are requested to enter Annual Return Financial Institution Details. Please enter if available. If there are no bank accounts set up yet, then please leave this section blank for now.

Once you have completed all the information on this page, please choose SAVE DETAILS. If there are errors, please fix errors. Then choose BACK TO FUND SETUP.