The INCOME AND EXPENSE BALANCES button is provided to allow you to optionally enter last year's balances.
This is not essential, but doing so enables comparisons of income and expenses with the prior year.
Refer to a printed Trial Balance or General Ledger Report for the year prior to your Migration Year to complete the Income and Expense table.
After entering all income items, scroll down to the Expenses section and complete.
When all income and expense items are entered, Mclowd™ will calculate and display totals.
If the totals are correct, click SAVE OPENING BALANCES, then click BACK TO FUND SETUP.
Next, you need to enter any prior year losses your Fund is carrying forward. This information will be needed to calculate tax obligations correctly.
