Introduction to suspense allocation (legacy method)
Mclowd provides users with two options in terms of suspense allocations:
- A legacy interface (available to all users)
- An upgraded tabular interface which supports faster transaction processing (access to which is restricted to Pro and Premium users only)
- The suspense allocation function – in either mode – is not suitable for adding a new property or any additions to that property.
- That should be done only via the Add New Asset or Assets screens
- However the interface is suitable for allocating property-related rental income and deductions
The balance of this article deals with the legacy interface.
Once you have successfully imported the bank data:
- Choose Suspense Allocation Legacy from the Transactions menu
- You will then see the Allocate Suspense Entries screen
From the Suspense Account Allocation screen, you will see a list of transactions that are available for allocation.
You can change the view via the following columns:
- Create a date range to view transactions
- Sort by reference number – ascending/descending
- Sort by date – ascending/descending
- Search via text – could search for “interest”
- Select an income, expense, or other category
- Select whether “allocated” or “unallocated”
- Select to “Delete” the transaction – you may have duplicated transactions which may require deletion
In addition to this introductory article (which covers off autosave and deletion), the following series of Knowledge Base articles deals with:
- Expenses relating to the fund
- Expenses relating to a member
- Rental income
- Bank transfers
There are certain types of transactions where an Autosave function works well. This is because there is sufficient data in the bank file for Mclowd to allocate the transaction without any more information.
Interest is a great example, where we know it is income from that account and there is no data missing, like franking credits or what type of expense.
In order to turn on Autosave, on the Suspense Account Allocation screen:
- In Allocations Information and Settings, click on the down arrow and select Yes.
- Under Transactions, use the “search text and amounts” for the word “interest”. This will list all interest receipts.
- Otherwise, for each interest receipt, click Please select and choose Bank Interest (autosave).
- You can repeat this for each interest receipt quite easily. Mclowd completes the allocation process without navigating to the income details screen.
You will them notice that the interest is now allocated as shown below.
There are circumstances where you will need to delete a transaction that appears on your Suspense Account Allocation screen.
Examples could include:
- a bank transfer that was allocated when you allocated the bank data from a separate bank account. If you processed the bank transfer again, then you would effectively include the bank transfer twice.
- A transaction which includes expenses for multiple members, e.g., insurance premiums paid for multiple members.
- A transaction that includes a combination of income and expense.
In the following example, we are going to delete a bank transfer which has already been processed in a different account.
In the relevant row, you should:
- Tick the box under the DELETE column against the bank transfer transaction
- Select the DELETE button
Once you have selected the Delete button, you will be asked to Confirm the Deletion. Select OK if you wish to delete the transaction, otherwise select CANCEL.