Use this article to identify and resolve the most common reasons a Period Close fails or produces incorrect profit and loss figures in Simple Fund 360.
Overview
When you run Period Close, Simple Fund 360 calculates and allocates profit and loss across member accounts. If certain conditions are not met before you run the process, it will either fail with an error or produce unexpected results.
The most common root causes are:
- The fund's system start date is set incorrectly
- Transactions have been posted manually to system-only accounts (such as accounts in the 49000 range)
- System journals are missing because a transaction was not fully saved
Each of these is self-diagnosable. Work through the sections below in order. If none of them resolves the issue, contact BGL Support — do not attempt further manual corrections.
Note: This article covers software configuration and data entry issues only. It does not cover how profit and loss should be calculated, allocated, or treated for tax or accounting purposes. Speak to your accountant or adviser if you need guidance on the correct treatment for your fund.
1. Check and Correct the Fund's System Start Date
An incorrect system start date is one of the most common causes of Period Close failures in new funds. If the system start date does not match the fund's actual commencement date, Simple Fund 360 cannot correctly establish opening balances, and the Period Close calculation will fail.
To check the system start date:
- Open the fund in Simple Fund 360.
- Go to Fund > Fund Details.
- Locate the System Start Date field.
- Confirm that the date matches the date the fund was first entered into Simple Fund 360 — this is typically the start of the first financial year you are processing, or the fund's actual commencement date if it is a new fund.
To correct the system start date:
Warning: Changing the system start date can affect opening balances and existing transactions. Before making this change, ensure you have a clear record of what the date should be. If you are unsure of the correct date, consult your accountant or adviser before proceeding.
- In Fund Details, click Edit.
- Update the System Start Date to the correct date.
- Click Save.
- Re-run Period Close and check whether the error is resolved.
2. Check for Manual Postings to System-Only Accounts
Simple Fund 360 reserves a range of accounts for system-generated journals only. If a transaction has been posted manually to one of these accounts, Period Close will not complete correctly.
Restricted account range: 49000–49999
Accounts in this range are used exclusively by Simple Fund 360 to record system journals — for example, profit and loss allocation entries. You must not post to these accounts manually.
Common restricted accounts include:
| Account Code | Description |
|---|---|
| 49000 | Profit and Loss Allocation |
| 49001–49999 | Other system-reserved P&L accounts |
Warning: If you have posted a manual journal to any account in the 49000–49999 range, do not attempt to fix it by posting an offsetting entry. Doing so can compound the problem. Follow the steps below to identify the entry, then contact BGL Support if you need assistance reversing it.
To check for manual postings to restricted accounts:
- Go to Transactions > Journal List (or the equivalent transaction listing for your workflow).
- Filter or search for transactions posted to account codes in the range 49000–49999.
- If you find any manually created entries in this range, note the transaction date, reference, and amount.
- Do not delete or reverse these entries yourself — contact BGL Support and provide the details you noted.
3. Check for Missing System Journals
System journals — such as those generated when a rollover is recorded — are created automatically when certain transactions are saved. If a transaction was not fully saved (for example, a session timed out, or the save was interrupted), the associated system journal may not have been created. This can cause Period Close to fail because the expected balancing entries are absent.
How to identify a missing system journal:
- Go to Transactions and locate the transaction you suspect is incomplete — this is commonly a rollover, a contribution, or another transaction that is expected to generate automatic system entries.
- Open the transaction and check whether the associated system journal appears in the transaction detail or in the linked entries.
- If the system journal is absent, re-open the transaction, make no changes, and click Save again. This will prompt Simple Fund 360 to regenerate the system journal.
- Once saved, go to the transaction list and confirm the system journal now appears.
- Re-run Period Close and check whether the error is resolved.
Note: If re-saving the transaction does not regenerate the system journal, or if you are unsure which transaction is causing the issue, contact BGL Support. Provide the transaction date, type, and any error message you received during Period Close.
4. Re-run Period Close
After addressing any of the issues above, re-run Period Close:
- Go to Processing > Period Close.
- Confirm the period end date is correct.
- Click Run and review the output for errors.
If Period Close completes without errors, verify that the profit and loss figures are consistent with your expectations before finalising. If the figures appear incorrect, consult your accountant or adviser — do not make manual adjustments to system accounts to correct the numbers.
5. If the Issue Is Not Resolved
If you have worked through all of the checks above and Period Close is still failing, do not attempt further manual fixes. Some Period Close failures are caused by underlying data issues that require investigation by BGL Support.
Contact BGL Support and include the following:
- The fund name and ABN
- The period end date you are trying to close
- A description of the error message or unexpected result (a screenshot is helpful)
- Which steps from this article you have already tried
You can reach BGL Support through the support portal or by phone during business hours.