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The financial periods screen

To perform year end processing, go to the Financial Periods screen.

Note:  The Year End Processing methodology was changed for years from 2018-9 onward with major improvements to the Mclowd system. These changes provided welcome efficiency and simplicity enhancement. For financial years prior to 2018-19,  the legacy Year End Processing method must be used pending further software upgrades. If processing the end of a financial year prior to 2018-19, please refer to the section titled Year End processing Years – Legacy Method.
 
Also please note that as at August 2019, the simplified method of year end processing is not available for Funds in Pension Only mode. Trustees of funds in Pension only mode may choose to use the old method of processing Year End by selecting Edit Year End Data in the Financial Year Options list, or to await a further software release (expected by end September 2020) which will enable the simplified year end method for Pension Only funds.

Choose Financial Years from the Periods tab.

This menu displays a list of all years from the year you selected in Fund Setup as the commencement year up until the current year.

For each year, Mclowd indicates whether or not the year is OPEN for posting, and whether the General Ledger has been rolled.

For closed years, when you click the Select arrow in the ACTIONS column you can choose to View Year End Data (inspect the entries made to finalise accounts for that year) or Rollback and Open Year (reopening the year and rolling back so that you can edit the year end entries and make needed changes, then close the year again.)

Note:  The displayed menu currently also shows an option to Close and Roll Year. This option is irrelevant and will be removed during software maintenance procedures.

For any open year, the Actions menu will display options to:

Perform Year End Processing (uses Simplified method – only displayed for years from FY2018-19 onward)

Options displayed for years prior to 2018-9 (refer to Year End Processing – Legacy Method)

Edit Year End Data (Perform year end processing using the legacy method, or make manual edits to year end journals )

Close and Roll Year

Reset Year End Revaluations (Reset Market Valuations to default values and optionally edit manually again)

Reset Year End Trust Distributions (Reset Trust Distributions to default values and optionally edit manually again)

Reset Year End Tax Data (reset tax data to default values and facilitate recalculation)

Reset All Year End Data (return to the condition prior to commencing year end processing and begin processing again)

For financial years prior to 2018-9, the option to use the simplified Year End Process is not available. For these years, the options will present as:

You will need to Edit Year End data by progressing through the various screens one by one.