New bank accounts
New funds require at least one bank account to be set up, but all NEW bank accounts should have a $0 opening balance.
For existing funds being migrated to Mclowd, the balance as at June 30 in your Migration Start Year should be entered in the Opening Balance field.
To set up a Bank Account, click ADD NEW BANK ACCOUNT. The following screen will be displayed:
Choose the Account Owner from the dropdown list. Usually this will be the Fund, but in some instances the Fund may segregate assets such that they belong to a particular member account. Refer to Understanding Segregated Assets for further explanation.
The account name generally should be the name of the fund (i.e. “Smith Super Fund”). If the SMSF has multiple accounts, then it would be advisable to include some form of descriptor in the account name, so you can easily identify the accounts for recording deposits and withdrawals.
Note: If your bank or lender is not listed, in the Bank dropdown field, simply choose OTHER from the bottom of the list, and please advise Mclowd so that they can add it to the list.
If your bank or loan account does not have a BSB or account number, or you don’t have that information to hand, you can leave these fields blank. This information is not essential to create an account. You can fill in these fields at a later time and update the record if you wish.
You may block the account for posting if no further transactions will occur on this account after you start using Mclowd for SMSF accounting.
Complete the bank account information for the bank account and then choose ADD ACCOUNT and/or SAVE AND ADD ANOTHER.
When you have added all your bank accounts, you can then add any Loan Assets or Liability Loans if there are any. Otherwise, you can return to the Fund Details screen and insert the Bank Account you wish to use for super payments and tax refunds.
When you save the Bank Account, it will appear in the list: