Click REVIEW AND CLOSE FINANCIAL YEAR.
Mclowd™ displays the Review and Close Financial Year July yyyy to June yyyy screen. (yyyy will be determined by the start year you specified. The figures are for the year immediately preceding your Start Date.
Check carefully, comparing all figures shown with the figures shown in your Fund's Financial Statements for June 30 prior to your Start Date.
Check that the Clearing Account balance is $0. If not, there is an error somewhere that you need to go back and rectify.
You may wish to print this report and/or create a PDF file to save with your Fund records.
If you are certain that all values are correct, click the CLOSE FINANCIAL YEAR button.
If your clearing account balance is not zero, Mclowd™ will display:
You will need to review all balances entered and correct the error.
If there is no error, Mclowd™ will return you to the Fund Setup menu. You can now go to Financial Periods on the Settings Menu and see that the first year listed (the year prior to your Start Year) is Closed and the GL is rolled.
If you realise you have made mistakes, you can still correct them. Choose Reverse New Year on this menu. Mclowd™ displays:
If you choose CONFIRM, Mclowd™ will roll back the period close and you can edit your opening balances via the buttons on the Fund Setup Menu, and close again when the mistakes are corrected.
You can actually edit opening balances any time up to the closure of the next financial period (either the end of the financial Start Year or the end of an Interim Period you create), but you are strongly advised to make sure your opening balances are correct before you start recording in Mclowd™.
Congratulations! If you reached this point successfully, you should now be confident to record most daily Fund transactions with Mclowd™. Remember that Mclowd™ provides assistance with Fund setup at very low cost. If you had difficulty with this process, it might be wise to use Mclowd™'s Migration Support service. Click the EXTRAS button when logged in to Mclowd™, then choose Migration Support.
