Overview
If Simple Fund 360 is preventing you from closing a period with a warning about unallocated profit/loss, but the balance sheet is balanced, the cause is often an account assigned a tax label that is no longer valid for the current financial year.
Tax labels in Simple Fund 360 are tied to specific financial years. A label that was valid in an earlier year, for example, one configured in 2022, may no longer be recognised by the time the fund reaches a later financial year such as 2025.
If an account in the Chart of Accounts is still assigned one of these outdated labels, Simple Fund 360 cannot map that account's balance to the current year's tax return labels. Simple Fund 360 treats the account as unallocated, which stops the period from closing.
This issue most commonly affects funds that:
- Have not been processed for one or more financial years.
- Were set up with tax labels that were later retired or replaced in updated tax return schedules.
- Have custom or manually assigned tax labels that were not updated when Simple Fund 360's tax label list was refreshed.
Solution
You can't resolve this issue yourself, as changing tax labels can affect prior-year data.
Instead, log a support call with the support team.
BGL Support can update the affected tax labels on the back end to ensure they map correctly to current-year labels without disrupting existing data.