Issue
How do I complete a period update?
We will learn about the following topics:
- Period Update Overview
- Processing a Period Update
- Reviewing Errors from a Period Update
- Reversing a Period Update
The Period Update performs the following tasks:
- 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/beneficiaries
- 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 at any point during the financial year if balances need to be confirmed and investment revalued 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
Whilst waiting for a Period Update to run, the Status will display as In Progress. During this time you are able to navigate and continue processing in another part of Class.
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.
Reviewing Errors from a Period Update
If errors are encountered while processing a Period Update, the status will be updated and display as "Errored":
- The period will be highlighted by a red box
- A tooltip is available under the column Info; which displays the errors when you hover over the tooltip
From this page you can either:
- View the error/s by clicking on "Errored" link which will display a page with all the errors and a New button to rerun the Period Update once the issues have been addressed, or
- Rerun the Period Update by clicking in the "New Period" button
Only five errors will display at a time in the Tooltip.
For help troubleshooting errors please refer to Period Update Error and Warning Messages
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 how you can View and Amend a Period Update Allocation of Profit and Tax
View Fund Expenses Pension Exemption Calculation