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You can now REVIEW calculations prior to closing the year and rolling over. Choosing REVIEW enables you to view various screens involved in the Year End Process. This may include the Year End Market Revaluation and Trust distributions (if completed) and progress through the calculated Capital Gains, Taxable Income, Deductions, Income Tax and Losses screens to view the calculations and data recorded.

You cannot make changes during the Review process. If you need to make changes, you must return to the Step menu, select the option Reset all Data in the Allocation step, and proceed through the steps again.

Note: If you need to go back and make changes, use the Reset all Data option here. DO NOT use reset options in the Financial Years screen as these options do not reliably verify that calculations based on data you might change are updated correctly. If you are content that all steps have been processed correctly and you are ready to rollover the GL and close the year, It is recommended that you print each screen, save a PDF file, or export to Excel and save in order to ensure that you have complete records for your Fund accountant and for your files.

When you are satisfied that Mclowd has performed all calculations correctly, you can proceed to the final step (Rollover GL and Close Year).

If your version of Mclowd supports export to LodgeIT for automated tax return lodgement, you can now return to the Financial Years screen and select Export to LodgeIT to generate a file for import to LodgeIT.

Note: If the Download tax file for LodgeIT option does not appear in the options list after completing the RolloverGL and Close Year step, consider upgrading your version of Mclowd.