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 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.||
To close the period, under the Action column, select Close Period.
Before a financial year is closed, Simple Invest will run the following checks:
- The Calculate Profit/Loss Process has been performed for the full financial year;
- Profit/Loss for the financial year has been fully processed;
- No 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 unless the close period was previously processed.