Issue

Why is there a large rounding amount in the Tax Accounting Reconciliation Report?

Cause

If there are modified events i.e. events are processed after the Period Update has been run, these events will be excluded in the Tax calculation.  

Generally, there should be no Modified Events after running the Period Update, so this income may not be included in assessable income or Profit & Loss for Accounting purposes.

Resolution

To resolve this issue, you will need to roll back the period update, identify the modified events and reprocess the period update.

Navigate to Fund Level > Periodic Processing > Period Update 

1. Click on Financial Year > View/Rollback
2. Click on the View Modified Events, as per the image below
3. Identify events processed after the Period Update
4. Rollback period update
5. Reprocess it again
6. Review the Tax Accounting Reconciliation Report