Product summary
Nearly 150 accounting firms rely on Mclowd to manage their clients SMSFs, and that number continues to grow as the platform improves.
The following table summarises the strengths and weaknesses of the software, and is designed to allow Practitioner and Trustee users to match the current functionality (and current WIP priorities) to the profile of the funds they are managing.
If you require any further details (or have any suggestions about further improvements), please don’t hesitate to contact us.
| Asset Class | Strengths | Weaknesses | Comment |
|---|---|---|---|
| Direct Property | Comprehesive support for related depreciation entries and provision of options on how the depreciation needs to be reported such as Depreciation – Building – Tax Adjustment or Depreciation – Building – Tax Deductible. | ||
| Bank feeds available via our Partner SISS Data Services | |||
| The ability to add income and related expenses gained from the rental property. | |||
| Direct equities | End of day feed for ASX securities | Support for editing corporate actions has not yet been developed. | In the interim users can submit a support request and the edit will be handled by the Support Team |
| The ability to add / manage foreign equities | Need to manually add foreign share price for valuation purposes | ||
| Franking credits automatically calculated on entry of franked dividend | We recommend that ETFs and Hybrids are recorded as Unit Trusts | ||
| Broker data feeds available via our Partner SISS Data Services | |||
| Comprehensive support for Dividend Reinvestment Plans (DRP), including charitable donations. | The ability to adjust the opening balance of dividend reinvestment plan in case it was recorded incorrectly in the previous year is part of current WIP. | ||
| Support for all forms of corporate actions | Corporate actions must be entered in date order | ||
| Support for editing corporate actions has not yet been developed. | In the interim users can submit a support request and the edit will be handled by the Support Team | ||
| Hybrids | End of day feed for ASX-listed hybrids | Where hybrids have a tax statement we suggest recording those entities as a Unit Trust in order to record taxable part of distribution | |
| The ability to add / manage foreign equities | Need to manually add foreign share price for valuation purposes | ||
| The ability to add dividend and interest | |||
| Comprehensive support for Dividend Reinvestment Plans (DRP), including charitable donations. | |||
| Support for all forms of corporate actions | Corporate actions must be entered in date order | ||
| ETFs | End of day feed for ASX-listed hybrids | ETFs may have a tax statement (need to record the ETFs as an unit trust in order to record taxable part of distribution | We recommend recording the ETFs as an unit trust in order to record the taxable part of distribution |
| The ability to add / manage foreign equities | Need to manually add foreign share price for valuation purposes | ||
| The ability to add income (distribution of dividend) | |||
| Comprehensive support for Dividend/Distribution Reinvestment Plans (DRP), including charitable donations. | |||
| Support for all forms of corporate actions | Corporate actions must be entered in date order | ||
| Cash and Bank Accounts | Direct feeds from Macquarie CMA and DDH Graham | ||
| Other banks supported via our Partner SISS Data Services | |||
| The ability to import bank (or broker) data via a manual import. | |||
| Term Deposits | The ability to create, add interest and reinvest interest | There is a particular process to deal with Term Deposits which are reinvested | |
| Bonds | Asset architecture upgraded in 2020 to match that used in direct equities | No data feeds for exchange-traded bonds | |
| The inability to edit asset valuations during the year | |||
| Managed Funds | Comprehensive support for Distribution Reinvestment Plans (DRP), including charitable donations. | No end of day data feed for unit prices | |
| Small number of funds have daily market value update | For reinvested units, you need to separately value each one at year end | ||
| Can enter Tax statement information at year end | |||
| Unit Trusts | ASX-listed trusts have daily valuations | The requirement to manually update unit prices for unlisted trusts (year end or interim period) | Recommend that ETFs, Hybrids and Cryptos are entered as a Unit Trust asset |
| Ability to enter Tax statement information at year end | |||
| Crypto currencies | Can be recorded as a "Managed Fund" or "Unt Trust" | At present their is no separate asset category for cryptocurrencies | Improved support for cryptocurrencies is part of current WIP priorities |
| Loan Assets | The ability to manage loan assets as required. | ||
| Alternative Assets | Can add Assets such as Bullion, Artwork, Motor Vehicles, Memorabilia or Other Assets |
| General | Strengths | Weaknesses | Comment |
|---|---|---|---|
| Lodgement | Integration with our online lodgement partner LodgeIT | Requirement to generate draft Tax Return from within LodgeIT itself | Incorporation of draft Tax Return into the Reports Pack is part of current WIP priorities |
| Pensions | Can easily create a pension for a member | The inability to produce pension documents. | The ability to rollback TTR to Accumulation is part of current WIP priorities |
| Contributions | Support for all contribution types, as well as roll-ins | ||
| Interim Periods | The ability to create interim period where required for Pension starts and lump sum withdrawals (including COVID-19) | ||
| Year End Process | Automated allocation of P&L |
Was this page useful?
If you would like follow up on your feedback please provide your email address