Close Period in Simple Invest 360 has similarities to Close Period in Simple Fund 360 in that this process is completed at the end of each financial year. Closing the financial year will bring the ledger forward to the next financial year.
The Close Period does however differ in Simple Invest 360 in terms of Beneficiary account allocation. For a detailed explanation of how Beneficiary account allocation works in Simple Invest 360, see the following article
|From the Main Toolbar, navigate to Compliance.||
|Select Period Compliance from the list.||
In order to close the period you will need to complete the workflow steps outlined below:
1. Calculate Taxable Income.
2. Calculate Profit(loss)/ Distribute Profit
3. View Tax Reports/ Tax Return
4. Close Period
To begin the process click
To complete step 4 select Close Period and Confirm.
Re-Open Financial Year
To reverse a closed financial year in Simple Invest 360, Select the previous year from the Timeline and select Re-open Period
Note: The Re-open icon will not appear unless the close period was previously processed.