Close a Performance Fee Expense

In the Close Performance Fee Expense panel, you can close or stop the expense accrual for a performance fee expense.

To close a performance fee expense:

1. In Accounting Center, in the left navigation pane, click Setup > Expense > Performance Fees > Close Performance Fee Expense.
   You see the Close Performance Fee Expense panel.

2. Specify the criteria to select the performance fee expense that you want to close.
   For example, you can identify the entity/accounting basis and expense account name for the expense you want to close. 

3. In the Accrual Ending Date box, specify the ending date that accruals occur. 

4. In the Effective Date box, specify the date this change becomes effective.
   You can select any date between the current Earn Thru date and the existing effective date. You cannot extend it beyond the current effective stop date. 

5. Click Submit.

When you close the fee rule for the current earn through date, the system no longer accrues the performance fee. It creates a true-up fee rule for the performance fee. 

When you close the fee rule for any date after the current earn thru date, the rule remains active through the new effective stop date. The system switches the Accrual Update Option to Manual (null) so that it creates no subsequent fee rules.