How do I close a fund?

This article explains how to close a fund within ExpensePlus.

Funds can only be closed at year-end, and only when:

• all balance sheet values on the fund have a zero balance (no cash, asset, creditor or debtor values)
• there are no unreconciled transactions relating to the fund.

A fund balance can be reduced to zero by completing a fund to fund transfer.

To close a fund

1. Go to the Fund Settings screen.
2. If the cross (X) icon to the right of the fund shows in white, you can click on it and close the fund.
3. If the cross (X) icon is greyed out, hover over it to see why you cannot close the fund at this time. It may give the following reasons:

• The fund has one or more non-zero Balance Sheet values at today's date.
• The fund has transactions, investment or loan closures in the current financial year, and funds can only be closed at the end of a financial year.

Once you have closed a fund, you can view it by going to 'Manage Closed' within your Fund Settings screen.

Why can't a fund be closed?

Here are the common reasons why a fund can't be closed and how to check for these:

• The fund balance isn't zero at the end of the financial year - this is easy to check within the Fund Movement Summary report within ExpensePlus.
• Whilst the fund balance is zero at the end of the financial year, the asset and liability balances aren't (only relevant for those using accruals accounting) - this is easy to check within the Balance Sheet report, by selecting the fund in question.

• The end of the financial year, when the balances are zero, is in the future - you can only close a fund after the end of the financial year, so you will need to come back and do this once this has happened.
• There are transactions in a financial year after the one you are trying to close.

To help you better understand the Adjustments module as a whole, please visit the module overview page here.