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Suspense Allocation – Legacy

Mclowd provides users with two options in terms of suspense allocations:

  • A legacy interface (available to all users)
  • An upgraded interface which incorporates a tabular interface for faster transaction processing (available to Pro and Premium users)

The balance of this article deals with the legacy interface.

If you have successfully imported the bank data:

  • Choose Suspense Allocation Legacy from the Transactions menu.
  • You will then see the Allocate Suspense Entries screen.

 

From the Suspense Account Allocation screen, you will see a list of transactions you will need to allocate.

On this screen, you will see a list of bank transactions you will need to manually allocate. You can change the view via the following columns:

  • Create a date range to view transactions
  • Sort by reference number – ascending/descending
  • Sort by date – ascending/descending
  • Search via text – could search for “interest”
  • Select an income, expense, or other category
  • Select whether “allocated” or “unallocated”
  • Select to “Delete” the transaction – you may have duplicated transactions which may require deletion

On the following pages, we will provide instructions on how to allocate the bank transaction or to delete the transaction. This will cover expenses, contributions, bank transfers, and income.

EXPENSE RELATED TO THE FUND

The following example relates to an Auditor Fee (ref 153023) of $308 on 18/10/2020 which is a fund expense.

In the relevant row, you need to:

  • Click the Please select button against the expense transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • In this instance, we have selected Auditor Fee.

  • Once you have selected the expense type, you will see the Add Expense screen. This screen will be pre-filled by Mclowd.
  • If the expense relates to an individual member, then you can click on the down arrow next to Select Account and change it to the relevant member account.

Note:

  • If required, you can change the Description to something more meaningful.
  • If you mistakenly clicked on the wrong expense category type on the previous screen, you can update it here.
  • If you incorrectly allocated an expense category when it should be an income category, then select CANCEL to return to the previous screen.

Select ADD EXPENSE once you are satisfied with the information on the screen.

EXPENSE RELATED TO A FUND MEMBER

The following example relates to a life insurance premium of $98.63 paid for Anita (a member of the fund).

In the relevant row, you need to:

  • Click the Please Select button against that expense transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • We have selected All Other Expenses.

Once you have selected the expense type:

  • You will see the Add Expense screen, where you will first need to select the correct account.
  • As the insurance expense relates to Anita Dudley, click Please select next to Select Account and select the member of fund. In this case we selected the member Anita Dudley.

Note: It is extremely important that you always select the correct account here. If you select Fund, then the expense will not be correctly allocated to the member’s account.

  • Once you have selected the Account, you will see the Add Expense screen. This screen will be pre-filled by Mclowd.
  • As it was originally classified as “All Other Expenses”, click Please select next to Allocate To and select the appropriate category from the drop-down menu – in this instance that would be one of the sub-categories of 5-015 Insurance Premiums.

 Note:

  • If required, you can change the Description to something more meaningful.
  • If you incorrectly allocated an expense category when it should be an income category, select CANCEL to return to the previous screen.

Select ADD EXPENSE once you are satisfied with the information on the screen.

CONTRIBUTIONS

The following example shows how to deal with contributions.

In the relevant row, you need to:

  • Click the Please select button against that contribution transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • Select Contribution.

  • You will then see the Add Contribution screen.
  • Click Please select next to On Behalf Of if there is more than one member. If there is only one member, then the member will be pre-selected. In this case, the correct member in this example is Zoe Flinstone.
  • The rest of the contribution information is pre-filled except for Contribution type.
  • Click the Please select button against the Contribution type.
  • Click Please select against Contribution type and select the relevant Contribution type from the drop-down menu.

Note:

  • If required, you can change the Description to something more meaningful.
  • If you should not be adding a Contribution, then select CANCEL to return to the previous screen.

Select ADD CONTRIBUTION once you are satisfied with the information on the screen.

RENTAL INCOME

The following example shows how you deal with rental income.

In the relevant row, you need to:

  • Click the Please select button against that rent transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • Select Rent.

  • You will then be taken to the Add New Income screen and you will see Assign Rent Transaction, which allows you to record both Income and Expenses relating to rent.
  • Click Please select against Select Account and then select the Fund or the relevant member.
  • Click Please select against Select Asset and then select the relevant property asset – which in this case is 55 Sirius St.
  • This screen allows you to include gross income and any expenses from your Rental Statement and a description relating to the rent like agent commission and other costs.
    • Include the Gross Rent and description.
    • If adding Rental Expenses, click Please select and choose a rental expense type, then add a description and include the amount paid.
    • If adding more than one rental expense, choose ADD ANOTHER EXPENSE ITEM. Complete the relevant details for all rental expenses until finished.
    • Make sure that the Net Rental Income figure matches the deposit. Check your rental statement and correct it if it differs.

Note:

  • If required, you can change the Description to something more meaningful.
  • If you make a mistake with a rental expense, you can choose DELETE to delete the expense and re-enter it if appropriate.
  • If you should not be adding rental income, select CANCEL to return to the previous screen.

Select SAVE INCOME once you are satisfied with the information on the screen.

BANK TRANSFER

The following example relates to dealing with a Bank Transfer.

In the relevant row, you need to:

  • Click the Please select button against the Bank Transfer transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • Select Bank Transfer.

  • You will then see the Assign Bank Transfer screen. Most of the screen is pre-filled by Mclowd, except for To Account.
  • Click Please select against To Account and then select the relevant bank account.

 Note:

  • If required, you can change the Notes to something more meaningful.
  • If you should not be adding a Bank Transfer, select CANCEL to return to the previous screen.

Select TRANSFER FUNDS once you are satisfied with the information on the screen.

DIVIDEND

The following example relates to dealing with Dividend income.

In the relevant row:

  • Click the Please select button against the Dividend Income transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • Select Dividend.

  • You will then be taken to the Add New Income screen.
  • Click Please select against Select Account and choose the Fund or the relevant member.
  • Click Please select against Select Asset and choose the relevant asset from the drop down menu.

You will then see the Income from Equities screen.

You will need to input some data from your dividend statement:

  • Date of dividend payment (the date on the manual data feed transaction details below)
  • A description (if required)
  • Unfranked amount (maybe zero)
  • Franked amount (Mclowd calculates the franking credit)

Note: If you should not be adding a dividend, select CANCEL to return to the previous screen.

Select SAVE INCOME once you are satisfied with the information on the screen.

UNIT TRUST/MANAGED FUNDS

The following example relates to dealing with Unit Trust/Managed Fund income.

In the relevant row:

  • Click the Please select button against the trust distribution transaction.
  • You will see a drop-down list of Income, Expenses, and Other categories.
  • Select Trust Distribution.

You will then be taken to the Add New Income screen.

  • Click Please select against Select Account and then choose the Fund or the relevant member.
  • Click Please select and then choose the relevant asset from the drop down menu.
  • In this instance, we have selected VAS.

You will then see the Add New Income screen.

You will need to input data from your income statement:

  • Date of payment (the date on the suspense account allocation transaction details below)
  • The payment amount (this will match the amount from suspense account allocation transaction details below)
  • A description (if required)

 Note: If you should not be adding new income from the Unit Trust or Managed fund, select CANCEL to return to the previous screen.

Select SAVE INCOME once you are satisfied with the information on the screen.

AUTOSAVE

There are certain types of transactions where an Autosave function works well. This is because there is sufficient data in the bank file for Mclowd to allocate the transaction without any more information.

Interest is a great example, where we know it is income from that account and there is no data missing, like franking credits or what type of expense.

In order to turn on Autosave, on the Suspense Account Allocation screen:

  • In Allocations Information and Settings, click on the down arrow and select Yes.

  • Under Transactions, use the “search text and amounts” for the word “interest”. This will list all interest receipts.
  • Otherwise, for each interest receipt, click Please select and choose Bank Interest (autosave).
  • You can repeat this for each interest receipt quite easily. Mclowd completes the allocation process without navigating to the income details screen.

You will them notice that the interest is now allocated as shown below.

DELETE TRANSACTIONS

There are circumstances where you will need to delete a transaction that appears on your Suspense Account Allocation screen.

Examples could include:

  • a bank transfer that was allocated when you allocated the bank data from a separate bank account. If you processed the bank transfer again, then you would effectively include the bank transfer twice.
  • A transaction which includes expenses for multiple members, e.g., insurance premiums paid for multiple members.
  • A transaction that includes a combination of income and expense.

In the following example, we are going to delete a bank transfer which has already been processed in a different account.

In the relevant row, you should:

  • Tick the box under the DELETE column against the bank transfer transaction
  • Select the DELETE button

Once you have selected the Delete button, you will be asked to Confirm the Deletion. Select OK if you wish to delete the transaction, otherwise select CANCEL.