As part of the year-end process, you will need to close the year.
To finalise a financial year, there are three steps:
- Period Update: This process allocates all of the profits or losses to the members
- Tax Finalisation: Prepares a fund tax return for the financial year
- Close Financial year: This will close the financial year so that no transactions can be added, edited or deleted for the period
Navigate to fund level > Periodic Processing > Period Updates
- Select the Financial Year
- Click Close Financial Year
- Click OK to finalise (Click Cancel to go back)
- The screen will then update as follows:
Re-opening the Financial Year
If you need to re-open a closed financial year the process is very simple.
Navigate to fund level > Periodic Processing > Period Updates
- Select the Financial Year
- Click the Reopen Financial Year button
- You will receive a notification that the update was successful.