For existing Simple Fund Desktop users, "Balance Forward", or "Roll Forward" will now be referred to as "Close Period".
|From the Main Toolbar, go to Compliance.
|Select Period compliance from the list.
This process is completed at the end of each financial year. Closing the financial year will balance the ledger forward to the next financial year.
To balance the ledger forward to the next financial year, under the Action column, select Close Period.
Before the financial year is closed, Simple Fund 360 will run the following checks:
- The Create Entries Process has been performed for the full financial year;
- Profit/loss for the financial year has been fully allocated to members;
- Any unmatched suspense entries (posted to accounts in the 90000 range) exist.
You will need to complete these tasks before you can close the financial year.
Re-Open Financial Year
To reverse a Closed financial year in Simple Fund 360, under the Action column, select Re-Open.
Note: The re-open icon will not appear if the prior financial year was completed in Simple Fund Desktop and then migrated. Prior period information from Simple Fund Desktop cannot be opened or edited in Simple Fund 360.
Error: Prior financial year not closed
When completing The Create Entries Process for the current financial year, a warning displays that the prior financial year has not been closed.
The prior financial year has been closed by changing the financial year in Fund Details. The Close Period option was not used. To resolve, adjust the financial year in Fund Details to the prior financial year and then select Close Period.
Re-attempt the Create Entries process for the current year and the warning will not display.
Note: if the Tax Return has been processed and lodged for the current year, lodging an Amendment is advised to ensure the values on the Tax Return are correct.