Financial Close Management User Guide

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Version: 1.0.0
Last Updated: 2026-01-19
Module: FA-19 Financial Close Management

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Table of Contents

1. Overview
2. Getting Started
3. Managing Close Periods
4. Working with Tasks
5. Using Checklist Templates
6. Documentation & Attachments
7. Approval Workflow
8. Best Practices
9. Troubleshooting

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Overview

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What is Financial Close Management?

Financial Close Management (FA-19) provides a structured approach to managing your organization’s periodic financial closing process. Whether you’re closing a month, quarter, or fiscal year, this module helps ensure all critical tasks are completed, documented, and approved before finalizing financial statements.

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Key Features

• Close Period Tracking: Create and monitor close periods for month-end, quarter-end, and year-end processes
• Task Management: Track individual tasks with assignments, dependencies, and completion status
• Checklist Templates: Create reusable templates for consistent close processes
• Document Attachments: Upload supporting documentation for audit trails
• Approval Workflow: Submit completed periods for management review and approval
• Integration: Links to fiscal periods and financial reporting

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Who Uses This Module?

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Getting Started

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Accessing Close Management

1. Navigate to Finance & Accounting in the main navigation
2. Expand the Close Management section
3. Click Close Periods to view all periods

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Understanding the Dashboard

The Close Periods page displays:

• Period List: All close periods with status, dates, and progress
• Status Filters: Filter by Not Started, In Progress, Pending Approval, Completed
• Period Type Filters: Filter by Month, Quarter, or Year
• Quick Actions: Create new period, access templates

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Period Status Meanings

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Managing Close Periods

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Creating a New Close Period

1. Click Create Close Period button
2. Fill in required fields:
   • Period Name: Descriptive name (e.g., “January 2026 Month-End Close”)
   • Period Type: Month, Quarter, or Year
   • Start Date: First day of the period
   • End Date: Last day of the period
3. Optionally select:
   • Fiscal Period: Link to an existing fiscal period
   • Checklist Template: Pre-populate tasks from a template
4. Click Create

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Starting the Close Process

1. Open the close period detail page
2. Click Start Close button
3. Period status changes to “In Progress”
4. Tasks become available for assignment and completion

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Viewing Period Progress

The period detail page shows:

• Progress Bar: Visual indicator of completion percentage
• Task Summary Cards:
  • Total tasks
  • Completed tasks
  • In Progress tasks
  • Blocked tasks
• Task List: All tasks with status, assignee, and due date

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Reopening a Period

If corrections are needed after completion:

1. Locate the completed period
2. Click Reopen Period (requires fa.close.manage permission)
3. Status reverts to “In Progress”
4. Make necessary corrections
5. Re-submit for approval

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Working with Tasks

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Task Types

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Task Priorities

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Completing a Task

1. Open the task from the period detail page
2. Review task description and requirements
3. Perform the required work
4. Add completion notes (optional but recommended)
5. Upload any supporting documentation
6. Click Complete Task

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Skipping a Task

Sometimes tasks may not apply to a specific period:

1. Open the task
2. Click Skip Task
3. Required: Enter a reason for skipping
4. Click Confirm Skip

⚠️ Note: Skipped tasks still count toward completion percentage but are flagged for audit purposes.

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Task Dependencies

Some tasks depend on others being completed first:

• Blocked Tasks: Shown with a lock icon
• Dependency Indicator: Shows which task must complete first
• Auto-Unblock: Task becomes available once dependency completes

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Task Assignment

To assign a task to a team member:

1. Open the task
2. Click the Assignee field
3. Select a user from the dropdown
4. The user receives a notification

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Using Checklist Templates

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What Are Templates?

Checklist templates are reusable task lists that can be applied to new close periods. They ensure consistency and save time when creating new periods.

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Accessing Templates

1. Navigate to Close Management > Checklist Templates
2. View existing templates or create new ones

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Creating a Template

1. Click Create Template
2. Enter template details:
   • Template Name: Descriptive name (e.g., “Standard Month-End Close”)
   • Description: Purpose and scope
3. Add tasks to the template:
   • Click Add Task
   • Enter task name, type, priority
   • Set estimated duration
   • Define dependencies (optional)
4. Drag and Drop: Reorder tasks by dragging
5. Click Save Template

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Editing a Template

1. Open the template
2. Make changes to tasks or details
3. Changes do NOT affect existing periods using this template
4. Click Save

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Applying a Template

When creating a new close period:

1. Select a checklist template from the dropdown
2. Tasks from the template are copied to the new period
3. Customize tasks as needed for the specific period

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Template Best Practices

• Create separate templates for Month, Quarter, and Year-end closes
• Include standard tasks that rarely change
• Set realistic dependencies to guide workflow
• Review and update templates annually

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Documentation & Attachments

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Why Document?

Proper documentation:

• Provides audit trail for external auditors
• Supports internal review and approval
• Preserves institutional knowledge
• Enables troubleshooting of issues

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Uploading Documents to Tasks

1. Open the task detail view
2. Scroll to Attachments section
3. Click Upload or drag files
4. Supported formats: PDF, Excel, Word, images
5. File appears in attachment list

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Period-Level Documentation

For documents that apply to the entire period:

1. Open the period detail page
2. Navigate to Documentation tab
3. Click Add Document
4. Select document type:
   • Working paper
   • Reconciliation
   • Supporting schedule
   • Approval memo
   • Other
5. Upload and add description

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Viewing Document History

All document uploads are logged with:

• Upload date and time
• Uploaded by (user name)
• Document type
• File size

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Approval Workflow

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Submitting for Approval

When all tasks are complete:

1. Verify all tasks show Completed or Skipped status
2. Click Submit for Approval
3. Status changes to “Pending Approval”
4. Approvers receive notification

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Approval Requirements

Before a period can be approved:

• All tasks must be Completed or Skipped
• Required documentation must be attached
• Period must be in “Pending Approval” status

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Approving a Period

As an approver:

1. Open the period detail page
2. Review:
   • Task completion status
   • Attached documentation
   • Skipped task reasons
3. Click Approve or Reject
4. Add comments (required for rejection)

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After Approval

• Period status changes to “Approved”
• Period can be marked as “Completed”
• Related fiscal period may be updated
• Period becomes locked to prevent changes

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Handling Rejections

If a period is rejected:

1. Status reverts to “In Progress”
2. Review rejection comments
3. Make necessary corrections
4. Re-submit for approval

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Best Practices

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Planning Your Close

1. Start Early: Begin planning 1-2 weeks before period end
2. Assign Tasks: Distribute work before the close period starts
3. Set Deadlines: Use due dates to keep the team on track
4. Communicate: Hold a kick-off meeting for major closes

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Standard Month-End Tasks

Consider including these common tasks:

1. Pre-Close
   • Review open items
   • Process pending transactions
   • Complete bank reconciliations
2. Accruals & Adjustments
   • Record accrued expenses
   • Post prepaid amortization
   • Record depreciation
3. Review & Reconciliation
   • Review account reconciliations
   • Verify intercompany balances
   • Reconcile subledgers to GL
4. Reporting
   • Generate trial balance
   • Review financial statements
   • Prepare variance analysis
5. Final Steps
   • Manager review
   • Close period in system
   • Archive documentation

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Task Naming Conventions

Use clear, action-oriented names:

• ✅ “Review January bank reconciliation”
• ✅ “Post monthly depreciation entries”
• ❌ “Bank stuff”
• ❌ “Depreciation”

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Documentation Requirements

For each task, consider documenting:

• What was reviewed/completed
• Who performed the work
• Any exceptions or issues found
• How issues were resolved

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Troubleshooting

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Common Issues

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”Cannot complete task - dependency not met”

Cause: This task depends on another task that isn’t complete. Solution:

1. Check which task is blocking (shown in error message)
2. Complete the blocking task first
3. Return to complete this task

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”Cannot submit for approval - incomplete tasks”

Cause: One or more tasks are not Completed or Skipped. Solution:

1. Review the task list
2. Complete remaining tasks or mark as Skipped with reason
3. Try submitting again

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”Cannot approve period - access denied”

Cause: You don’t have the fa.close.approve permission. Solution: Contact your administrator to request approval permission, or ask someone with approval rights to process the request.

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”Period is locked - cannot make changes”

Cause: Completed periods are locked to preserve the audit trail. Solution:

1. If corrections are truly needed, contact an administrator
2. Consider posting adjusting entries in the next period instead
3. Document the correction in the current period’s notes

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Getting Help

If you encounter issues not covered here:

1. Check the task notes for specific instructions
2. Review attached documentation for guidance
3. Contact your finance manager or system administrator
4. Submit a support ticket with details of the issue

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Related Documentation

• Financial Close Management Admin Guide
• General Ledger Guide
• FA Module Settings

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Document Version: 1.0.0
Last Updated: 2026-01-19
Next Review: 2026-04-19