Mclowd™automates entry of expenses incurred and paid by your Fund.
Use Expenses to enter only expenses actually paid. Invoiced expenses not paid immediately should be entered through the LIABILITIES tab.
To enter a new expense, click the EXPENSES tab.
If you have expenses entered already, Mclowd™displays a list of expenses entered in the selected period.
Change the Financial Year selected to view expenses entered in a previous period.
Clicking on any underlined field displays full details of the expense.
To add a new expense, click the ADD NEW EXPENSE button.
Mclowd™ displays the Account selection field. Select the Account (Fund or a Member Account).
Mclowd displays:
In the From Account field, you can choose any bank account or loan account, or eligible current asset accounts (e.g. prepaid accounts)
In the Allocate To field, the selection list displays General Ledger expense accounts:
If your Fund is registered for GST and this payment includes a GST component, note carefully the Selected Account, the Date, the Allocate to account chosen, and the Total Cost. You will need this information to enter the GST Journal. Refer to Accounting for GST-for guidance on correctly accounting for the GST component of the expense.
Click ADD EXPENSE to save this expense.
