Period Updates (1.0)
A period update brings a fund's accounts up to date to a chosen date. It is part of the year-end process, but it can also be run part-way through a financial year when balances need to be confirmed and investments revalued, for example before starting a pension or paying a lump sum.
When a period update runs, Class:
- posts depreciation expense from the depreciation worksheet
- completes any outstanding parcel matching
- calculates profit or loss on investment disposals
- revalues the fund's investments
- posts income tax expense
- allocates benefits to members or beneficiaries
- updates the investment, member, fund and tax registers.
For the full product explanation, see Period Update.
Period updates run in the background
New period update and Roll back period update return 200 as soon as the work has been accepted and queued, not when it has finished. Use Period update detail to follow progress until ProcessingStatus reaches a final value.
| Operation | Status when accepted | Final status |
|---|---|---|
| New period update | Initial | Processed, or Errored if processing failed |
| Roll back period update | Usually Cancelling (see below) | Cancelled |
Initial covers both waiting in the queue and processing. There is no separate in-progress status.
Straight after a rollback is accepted, the period update can still show Processed for a short time before it changes to Cancelling. After a rollback, only Cancelled means it has finished.
Running a period update, in this order
- Period updates: list the fund's period updates. A new period update starts the day after the fund's latest active period update ends or, if the fund has none, on the fund's start date. Its
PeriodEndDatemust be later than the end of the latest active period update. - New period update: send the
PeriodEndDateand aDescription. Class works out the start date and financial year. Keep the returnedPeriodUpdateId. - Period update detail: poll with the
PeriodUpdateIdat a modest interval untilProcessingStatusisProcessedorErrored. When it isErrored,Messagesexplains what went wrong.
Run one period update at a time for each fund. Do not send New period update while the fund's latest period update is still Initial or Cancelling.
Rolling back
Only the fund's latest active period update can be rolled back, and only once it has finished processing. To roll back several, start with the most recent and work backwards, waiting for each to reach Cancelled. Class's own rollback rules also apply, and a rollback they reject returns 400 with the reason in Errors.
Which funds are supported
Super funds (SMSF and SAF) and other entity types (Personal, Trust, Company and Partnership) are supported. Consolidated entities are rejected on every operation with API_INVALID_FUND_TYPE. A fund that is not Active can still be read, but period updates cannot be created or rolled back on it.