Use this article to work out why a period won't close in Simple Fund 360, or why figures look wrong after closing. Each issue below links to the article with the full fix.
Before you start
Close Period is completed from Compliance > Period Compliance. The year-end Create Entries process must be completed for the full financial year before the period can be closed.
What Close Period does
Closing the financial year balances the ledger forward to the next financial year. When you select Close Period, Simple Fund 360:
- Posts the Close Period journals on 1 July of the next financial year, carrying closing balances forward as opening balances.
- Moves the fund into the next financial year. For example, after closing the 2026 financial year, Fund Details shows 01/07/2026 to 30/06/2027.
Close Period does not allocate profit or loss to members. Profit/loss is allocated to members daily and finalised by the year-end Create Entries process.
Checks run before the period closes
Before closing, Simple Fund 360 checks that:
- The Create Entries process has been performed for the full financial year.
- Profit/loss for the financial year has been fully allocated to members.
- There are no unmatched suspense entries (accounts in the 90000 range).
If any check fails, the period will not close until the issue is resolved.
Find your issue
| What you're seeing | Common cause | How to fix it |
|---|---|---|
| The Close Period button is missing | The financial year in Fund Details doesn't match the year you're trying to close | Close Period button not visible |
| Close Period is blocked because Create Entries hasn't been run, profit/loss isn't fully allocated, or suspense entries exist | Year-end processing isn't complete | Complete Create Entries for the full year and match any transactions in the 90000 accounts |
| Close Period is blocked by unallocated profit/loss, but the balance sheet balances | An account uses a tax label that's no longer valid for the current year | Unable to close the period due to unallocated profit/loss |
| Create Entries warns that the prior financial year has not been closed | The prior year was rolled forward by changing the year in Fund Details instead of using Close Period | Close Financial Year (Error: Prior financial year not closed) |
| The Statement of Financial Position does not balance | Create Entries not run to the report date, balances in clearing accounts, or member and system start date issues | Statement of Financial Position is out of balance |
| Member opening balances at 1 July don't match closing balances at 30 June | Close Period wasn't completed, or the Close Period journals were posted incorrectly | Member closing balance different to member opening balance |
| A message says future Create Entries / Close Period / Disposal entries were detected | Events exist in a later period, so system journals won't be cleared | Future Period System Revaluation and System Profit Allocation Journals |
| The Reverse Entries option is missing | The period has been closed | Re-open the period (below), then reverse entries. See I cannot see the Reverse Entries link under Period Compliance |
| Error: Member is part of a prior create entries period | A member change affects a period that already has Create Entries | Error: Member is part of a prior create entries period |
How to close the period
- From the Main Toolbar, go to Fund > Fund Details and confirm the financial year is the year you want to close.
- From the Main Toolbar, go to Compliance > Period Compliance.
- Confirm Create Entries has been completed for the full financial year.
- Under the Action column, select Close Period.
Once closed, the fund moves to the next financial year and a Re-Open option appears in its place.
How to re-open a closed period
If you need to correct a closed year, re-open it, make the correction, re-run Create Entries and close the period again.
- Make sure the fund is in the financial year after the one you want to re-open. For example, to re-open 2026, Fund Details must show 01/07/2026 to 30/06/2027.
- Go to Compliance > Period Compliance.
- Under the Action column, select Re-Open.
Funds migrated from Simple Fund Desktop
The Re-Open option won't appear for a year that 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.
For more detail, see How Do I Re-Open a Financial Year?
When to log a support call
Log a support call if:
- You've followed the relevant article above and the issue remains.
- The Close Period journals appear on 1 July but member opening and closing balances still differ.
- The imbalance is in a prior financial year.
- The period is blocked by outdated tax labels, which BGL Support needs to update.
What to include
- The fund name as it appears in Simple Fund 360.
- The financial year affected.
- The full text or a screenshot of any error or warning.
- What you're seeing, for example the period won't close, the Statement of Financial Position doesn't balance, or member balances don't carry forward.
- The steps you've already tried.
- For a prior-year imbalance, that year's audited financial statements.
Don't force the balance
Don't post manual journals to make the Statement of Financial Position balance. This hides the cause and makes the issue harder to resolve.