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Year end processing – simplified method

Note: The simplified year end method can only be used for:

  • Financial years 2018-9 and later, and
  • Only for funds that are not in full pension mode

For financial years prior to FY19 and funds in full pension mode, the legacy year end process should be utilised. When you select a year to close and display the Actions menu, select Year End Process to commence processing the Year End.

Mclowd displays the main Year End Processing Screen listing the steps to complete to finalise calculations of tax and member balances and close the financial year.

Choose Please Select… for any step in the screen below to jump to instructions for completing that step.

Note: A Review button is provided to enable you to inspect year end entries and verify that all is correct before closing the year.

As each step is completed, a green check mark and the word ‘Saved‘ will display in the STATUS column, indicating that this step has been completed. The EDIT button will display in the ACTION column, enabling you to return to that step and make further changes if required.

Mclowd will not allow access to steps where essential prior steps have not been completed and saved.

Note: If using the Simplified Step Method to process year end, DO NOT use any of the Reset options displayed on the Financial Years option list to make changes. Instead, use the Reset and Redo options provided inside the Step menu, which will ensure that all relevant steps are performed correctly again.  Using Reset options in the Financial Years screen risks resetting selected data without requiring review of calculations based on that data and may therefore result in errors.