When you select to enter a liability existing as at Migration Date, Mclowd™ displays:
Liabilities accrue to the Fund, so there is no facility to select a different account in this instance.
When entering a description, take care to include enough detail to enable you (and potentially you accountant or auditor) to identify the debt correctly when it appears in reports, and to ensure you can identify it when you wish to enter the payment that clears this debt.
REPEAT until all Liabilities as at Migration Date are entered.
Clicking LIABILITIES on the Fund Setup Menu after entries are made will display a list of all Liability entries for checking.
Next, you can optionally enter prior year income and expenses. This is optional, but will enable you to compare Fund performance for the first year of recording in Mclowd™ with the prior year.
If you prefer to skip this step, go to Prior Year Losses.
