Statement of financial position report
Updates to the Mclowd software in last quarter of 2019 have modified the way investment values are calculated and reported in the Statement of Financial Position (SOFP). The upgrade brings Mclowd into parity with other platforms and ensures the values in the SOFP match those in the Investment Holding Report.
The Statement of Financial Position now uses Market Valuations for investments instead of investment account balances (which was typically the cost base for the assets).
This upgrade imposes a requirement for users to complete the Allocation step of a Financial Year End or Interim Period process in order to fully allocate the profit and loss of the Fund to the member accounts.
If the Allocation step is not completed, net assets will not balance against the liability for benefits.
If you do not have allocations for that report date, a notification will display at the top of the report.
This message is intentional. It does not indicate that an error has occurred, but only advises that the report reflects an incomplete set of data. The report will still run, but Net Assets will not equal Net Liabilities.
Note: To access investment account balances for a given date, please use the Trial Balance or General Ledger Reports, as the Statement of Financial Position will not report current investment values for dates other than end of period.