Now that you have a basic understanding of Mclowd™, it's time to finish setting up your Fund.
You have already provided the legal name of the Fund, ABN, Tax File Number, date the Fund was formed, the Start Year this is the financial year from which you intend to begin recording with Mclowd., and whether the Members are Trustees or there is a Corporate Trustee. This information should have been provided in Sign Up process.
Mclowd™ also needs your bank account details, and if you are migrating an existing fund, details of all existing assets and opening balances as at Migration Date this July 1 in your start year - the date from which you will begin recording transactions in Mclowd.
Before you begin entering Fund Setup Data, be sure you have all the necessary information on hand. You may need to consult your accountant for assistance.
You will need:
•Member Details for each member:
oFull Name
oDate of birth
oGender
oTax File Number
oDate Joined
oService Start Date (date of first contribution by or on behalf of member)
oDetails of accounts they hold (Accumulation, Pension, Transition to Retirement) noting that a member may hold multiple accounts (but not multiple Accumulation accounts).
•A list of currently held assets and their value as at the Start Date
•A list of all current liabilities and receivables
•Details of any prior year losses you are carrying forward
