In this step, all member specific transactions such as contributions, insurance premiums, pensions, etc. are allocated to the member accounts.
This does not save allocated profits. Profit distribution will be completed in the next step.
Mclowd™displays:
Mclowd™ displays a warning that the next step will overwrite any previous entries you have made. Verify that you are happy to proceed by pressing OK.
Mclowd™ confirms that the distribution has been completed and provides a link to the Accounting Page to enable you to check the updated balances.
At this point, you would be well advised to move to the Accounting screen or TRANSACTIONS screen to verify all entries are correct, and print and inspect a set of reports.
If you are completely confident that all entries are correct, you can click NEXT – CLOSE FINANCIAL YEAR AND ROLL GL.
If you prefer to exit this screen and verify everything first, you can return to this point when you are ready by selecting Financial Periods from the Settings Menu, selecting Edit Year End Data for the year you are closing, clicking ALLOCATE TRANSACTIONS, then ALLOCATE TRANSACTIONS again, then NEXT – CLOSE FINANCIAL YEAR AND ROLL GL OR you can simply opt to select Start New Year from the Actions Menu for the year you are closing.
