How Can We Help?

Categories
Article contents

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 ClassStrengthsWeaknessesComment
Direct PropertyComprehesive 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 equitiesEnd of day feed for ASX securitiesSupport 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 equitiesNeed to manually add foreign share price for valuation purposes
Franking credits automatically calculated on entry of franked dividendWe 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 actionsCorporate 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
HybridsEnd of day feed for ASX-listed hybridsWhere 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 equitiesNeed 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 actionsCorporate actions must be entered in date order
ETFsEnd of day feed for ASX-listed hybridsETFs may have a tax statement (need to record the ETFs as an unit trust in order to record taxable part of distributionWe recommend recording the ETFs as an unit trust in order to record the taxable part of distribution
The ability to add / manage foreign equitiesNeed 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 actionsCorporate actions must be entered in date order
Cash and Bank AccountsDirect 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 DepositsThe ability to create, add interest and reinvest interestThere is a particular process to deal with Term Deposits which are reinvested
BondsAsset architecture upgraded in 2020 to match that used in direct equitiesNo data feeds for exchange-traded bonds
The inability to edit asset valuations during the year
Managed FundsComprehensive 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 updateFor reinvested units, you need to separately value each one at year end
Can enter Tax statement information at year end
Unit TrustsASX-listed trusts have daily valuationsThe 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 currenciesCan be recorded as a "Managed Fund" or "Unt Trust"At present their is no separate asset category for cryptocurrenciesImproved support for cryptocurrencies is part of current WIP priorities
Loan AssetsThe ability to manage loan assets as required.
Alternative AssetsCan add Assets such as Bullion, Artwork, Motor Vehicles, Memorabilia or Other Assets
GeneralStrengthsWeaknessesComment
LodgementIntegration with our online lodgement partner LodgeITRequirement to generate draft Tax Return from within LodgeIT itselfIncorporation of draft Tax Return into the Reports Pack is part of current WIP priorities
PensionsCan easily create a pension for a memberThe inability to produce pension documents.The ability to rollback TTR to Accumulation is part of current WIP priorities
ContributionsSupport for all contribution types, as well as roll-ins
Interim PeriodsThe ability to create interim period where required for Pension starts and lump sum withdrawals (including COVID-19)
Year End ProcessAutomated allocation of P&L