thewealthworks Customer Support Portal

Period Ends

Transactions are posted in a defined period and at the end of this period a close off procedure ensures that the correct opening balances are brought forward to the new period.

The procedure depends on either the default definition at the master nominal account code level or the amended definition that can be set at the fund nominal code level. By running the close-off routine, the balance from each nominal account code with a close-off account defined is cleared and automatically posted to the specified close-off account. If no close-off account is specified the balance is brought forward into the new accounting period.

The close-off routine creates periods to the number of months the field Period Length is assigned to, and can be run as often as required. By default the routine will run as ‘Draft’. This means the period will be marked as ‘Closed’, but further entries can be made to the current period, subject to a warning message.

If the ‘Draft’ tick box is unchecked then the period will instead be marked as ‘Final’. Further entries will not be allowed and the period will be marked as ‘Read Only’, with a reduced client menu when logged in to that period.

The Period End routine can be run for periods of any length but only creates a new twelve month period if no subsequent period exists for the balances to be brought forward into.

Once you have confirmed your choices here, to run the close-off routine click on the ‘Run Close Off’ button. You will be asked to confirm that you wish to run the close-off for this period. Click Yes to continue.

Period End Rollback

The Rollback option will cancel a period end removing all the carry and brought forward figures that were generated. This must be run if the period end date is to be changed and it must be performed whilst logged in to the current period not the new period. It will not automatically remove the new period dates, this must be done manually from within the Client Details – Edit menu option, and the Periods tab.

To run a rollback, from the Wealth Management module, select the Client tab and the menu option Period - End.

Note: It is not necessary to run a period end rollback if the date of the current period end is to remain the same as the existing carried and brought forward entries will be overwritten by the new entries.

To run the rollback routine click on the ‘Rollback’ button. You will be asked to confirm that you wish to clear the period end journals. Confirm Yes to continue.

Troika should recalculate the trial balance automatically. Forcing a recalculation can be done here using the ‘Recalculate TB’ button, if required. A ‘TB Recalc’ button is also available to recalculate the trial balance within the Client Details – Edit menu option, and on the Periods tab.

Amending Periods

From the Wealth Management module, select the Client tab and the menu option Client Details - Edit. Navigate to the Periods tab. You can also access the client’s periods using the Client Periods – Edit option, if you have this available you.

This screen allows the creation of the clients accounting periods.

Every client must have at least one accounting period set up. Both the posting of new transactions and the retrieval of existing entries is limited to the dates of a selected period. There is no logical limit to the number of accounting periods any one client can hold, but access is limited to one period at a time.

New periods are automatically set up when a period end is performed.

Note: If the end of period date is changed the trial balance will be recalculated automatically to ensure the balances reflect the revised period.

It is possible to amend and delete existing period dates if they are incorrect. Any deletion will simply remove the period label and not the underlying data/transactions.

Each period has a "status" attached to it. These can be changed by clicking the Edit button to the right of the period. Use the drop down selection option to amend to either Open, Closed or Final.

• Open means any postings can be made to the period
• Closed means that any attempt to make a posting to this period will give a warning message to the user, and will ask for confirmation to proceed.
• Final means no further transactions can be posted to the ledger

In addition, the 'RO' indicator shows the period has been marked as read-only.

FAQ

If a period end has been run in a final mode (not draft), what can and cannot be done.

The balances from the individual nominal accounts will be closed off accordingly so changes to prior periods must not take place without re-running prior period ends.

The period will be marked as “Read-only” so users will have a restricted menu access when this period is selected. Users assigned the property “User has full access to read-only periods”, can remove the “RO” tick for that particular period, if required.

The period status will be set to CLOSED. Any attempts to make a posting to this period will give a warning message to the user, and asked to confirm whether they want to proceed with the transaction posting. Transaction Entry is not available to users when a read-only period is selected.

If the period is set to Final, then no transactions can be posted to the ledger.

Note: Read Only menus can be assigned to users using the ‘Utilities’ menu grouping function. The following menus provide a permanent read-only access for a user (regardless of the period status selected):

• Investment Ledgers – View Only
• Asset Ledgers – View Only
• Transactions – View
• Trial Balance – View Only
• Reports

If a period end has been run in a final mode (not draft), can this be reversed?

Yes this can be reversed. If your user log in has been assigned the property “User has full access to read-only periods”, you can remove the “RO” tick for that particular period. This will allow users to gain access to the transactions in that period. The period status (Open, Closed and Final) can also be edited to allow edits to take place, as required.

The period end roll back can also be used to remove all the carry and brought forward figures that were generated.

Can the period end dates be changed?

If the period end has not been run for this period, then the period end dates can be changed.

If the period end date has changed on the prior period and the period end has been already run, then brought forward figures and carry forward figures will already exist. The period end for the prior period must be re-run to bring the balances in to the current period.

If the period end has been run for the current period and the end date needs to be changed, you must rollback the period end before amending the period end dates. This will remove the carry forward/brought forward figures. Once the period dates have been re-set a new period end must be run.