Table of Contents
- Overview
- Getting Started
- Managing Close Periods
- Working with Tasks
- Using Checklist Templates
- Documentation & Attachments
- Approval Workflow
- Best Practices
- Troubleshooting
Overview
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.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
Who Uses This Module?
Getting Started
Accessing Close Management
1
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
Period Status Meanings
Managing Close Periods
Creating a New Close Period
1
- 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
- Fiscal Period: Link to an existing fiscal period
- Checklist Template: Pre-populate tasks from a template
Starting the Close Process
1
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
Reopening a Period
If corrections are needed after completion:1
fa.close.manage permission)Working with Tasks
Task Types
Task Priorities
Completing a Task
1
Skipping a Task
Sometimes tasks may not apply to a specific period:1
⚠️ Note: Skipped tasks still count toward completion percentage but are flagged for audit purposes.
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
Task Assignment
To assign a task to a team member:1
Using Checklist Templates
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.Accessing Templates
- Navigate to Close Management > Checklist Templates
- View existing templates or create new ones
Creating a Template
1
- Template Name: Descriptive name (e.g., “Standard Month-End Close”)
- Description: Purpose and scope
- Click Add Task
- Enter task name, type, priority
- Set estimated duration
- Define dependencies (optional)
Editing a Template
1
Applying a Template
When creating a new close period:1
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
Documentation & Attachments
Why Document?
Proper documentation:- Provides audit trail for external auditors
- Supports internal review and approval
- Preserves institutional knowledge
- Enables troubleshooting of issues
Uploading Documents to Tasks
1
Period-Level Documentation
For documents that apply to the entire period:1
- Working paper
- Reconciliation
- Supporting schedule
- Approval memo
- Other
Viewing Document History
All document uploads are logged with:- Upload date and time
- Uploaded by (user name)
- Document type
- File size
Approval Workflow
Submitting for Approval
When all tasks are complete:1
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
Approving a Period
As an approver:1
- Task completion status
- Attached documentation
- Skipped task reasons
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
Handling Rejections
If a period is rejected:1
Best Practices
Planning Your Close
1
Standard Month-End Tasks
Consider including these common tasks:1
- Review open items
- Process pending transactions
- Complete bank reconciliations
- Record accrued expenses
- Post prepaid amortization
- Record depreciation
- Review account reconciliations
- Verify intercompany balances
- Reconcile subledgers to GL
- Generate trial balance
- Review financial statements
- Prepare variance analysis
- Manager review
- Close period in system
- Archive documentation
Task Naming Conventions
Use clear, action-oriented names:- ✅ “Review January bank reconciliation”
- ✅ “Post monthly depreciation entries”
- ❌ “Bank stuff”
- ❌ “Depreciation”
Documentation Requirements
For each task, consider documenting:- What was reviewed/completed
- Who performed the work
- Any exceptions or issues found
- How issues were resolved
Troubleshooting
Common Issues
”Cannot complete task - dependency not met”
Cause: This task depends on another task that isn’t complete. Solution:1
”Cannot submit for approval - incomplete tasks”
Cause: One or more tasks are not Completed or Skipped. Solution:1
”Cannot approve period - access denied”
Cause: You don’t have thefa.close.approve permission.
Solution: Contact your administrator to request approval permission, or ask someone with approval rights to process the request.
”Period is locked - cannot make changes”
Cause: Completed periods are locked to preserve the audit trail. Solution:1
Getting Help
If you encounter issues not covered here:1
Related Documentation
Document Version: 1.0.0
Last Updated: 2026-01-19
Next Review: 2026-04-19