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Prior Year Losses – error message

If you have not completed the “prior year losses” screen when doing your Fund Setup, then you are likely to see the following error when trying to enter data in respect of a future year in Mclowd.

If the fund has no prior year losses as at migration

The simple solution is to choose Fund setup link on the error screen and you will be taken to the Fund Setup screen.

Then at Prior Year Losses, choose the down arrow to the right of Please Select to drop down the options.

Choose “Not Applicable” and choose SAVE

You have now confirmed there are no income or capital losses.  You will not see this error again.

If the fund does have prior year losses as at migration

If you did not enter prior year losses when you completed your fund setup, but now need to do so, then you should do the following:

Reverse (rollback) all financial periods including migration year

To rollback a financial year, then please complete the following steps: –

Choose Periods on Menu and then choose Financial Years

You will then see the Financial Years screen.

On this screen, check what Financial Years have Yes in the GL ROLLED column.

For the LATEST year with YES in GL ROLLED, choose the down arrow to the right of Select to drop down the options. Choose Rollback and Open Year  Choose CONFIRM when asked to Confirm Rollback

You will now the see the Financial Years screen again with a highlighted message indicating the financial year was successfully rolled back and opened.

If you have other years that need to be rolled back, then repeat the above procedure.

Update losses via Fund Setup

Choose More from the Menu and then choose Fund Setup

You will now see the Fund Setup screen.

Choose Review and Edit Prior Year Losses from the Prior Year Losses dropdown list and choose EDIT.

You will now be taken to Prior Year Losses screen.

Please enter any losses carried forward from previous financial years on this screen.

Note:  Ensure the totals match the figures at U: Tax Losses Carried Forward to Later Income Years and V: Net Capital Losses Carried Forward to Later Income Years in the prior year tax return.

Choose SAVE PRIOR YEAR LOSSES and then choose OK when asked to Confirm Save.  There will be highlighted message indicating you have added Prior Year Losses for this fund.

Then choose BACK TO FUND SETUP.  If there are no other changes, then choose EDIT against Review and Close Financial Year and proceed to Close the Financial Year.