Why is there a large rounding amount in Tax Accounting Reconciliation Report?
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.
To resolve this issue, you will need to roll back the period update and identify the modified events and re-process the period update.
Navigate to the Fund level > Periodic Processing > Period Update
- click on Financial Year > View/Rollback
- Click on the View Modified Events, as per the image below
- Identify events processed after the Period Update.
- Rollback period update
- Re-process it again
- Review the Tax Accounting Reconciliation Report.