The Period Update does the following:
- Posts depreciation expense from Depreciation Worksheet
- Completes any unmatched parcel matches
- Calculates profit or loss on disposal of investments
- Revalues all investments
- Posts fund Income tax expenses
- Allocates benefits to members
- Updates investment, member, fund and tax registers
- All other necessary year-end adjustments
A period update is part of the year-end process but it can also be run during the financial year if member balances need to be confirmed e.g. for pension establishment or lump sum payments.
Processing a Period Update
Navigate to Fund Level > Periodic Processing > Period Updates
- Select the relevant financial year
- Click the New Period button
- Period End Date - Defaults to 30 June of the most recent open financial year but can override by selecting a different date
- Period Description - Defaults to '20XX: Financial Year' but can be overridden
- Click Process
The details displayed under Fund Tax Policy in the screen above can all be located in the fund's policy settings. To view or make any changes please refer to Fund Defaults.
Reversing a Period Update
Navigate to Fund Level > Periodic Processing > Period Updates
- Select the relevant financial year
- Click View/Rollback
If you have already closed the financial year and/or finalised tax you will need to roll back both of those before you can rollback the Period Update.
- Click Rollback
What's Next?
Learn to process a Tax Finalisation and Generate the Tax Return or, if you are encountering errors when running a Period Update refer to Period Update Error and Warning Messages