Minimum Version Required: 22.01
Pre-Conditions
Encompass Financials is Enabled (System Setting 9)
Steps
How to Close Financials
1. Using the Universal Search Bar, navigate to the Daily/Monthly Best Practices dashboard.
2. Select a Company from the Dropdown.
By default, the dashboard displays combined information for every Company on the site and the latest Close Dates among the Companies.
3. Click Enter Manual Journal Entries.
If you do not need to make any Manual Journal Entries, skip to Step 6.
4. Add any Manual Journal Entries that still need to be created in the timeframe you are closing.
5. Return to the Daily/Monthly Best Practices dashboard.
6. Click Journal Entries Ready for End of Day.
7. Ensure Journal Entry data is accurate.
8. Back in Daily/Monthly Best Practices, click End of Day.
9. In the Financials section, select a Company.
The user can select more than one Company if the current Financial Close Dates are the same using Shift+Click.
10. Select the date in the Select a Financial Period to Close section.
11. Click Close Period.
12. Balanced Journal Entries are set to Verified.
Fields And Definitions
Financial Close Date - Balanced Journal Entries have been Verified through this day.
Financial Period to Close - The day that Journal Entries in Balanced status are Verified. In other words, any Balanced Journal Entries from the day after the current Financial Close Date through the Financial Period to Close are Verified upon Financial Close.
Best Practices
Always review Journal Entries for accuracy before Balancing and closing Financials.
Address any End of Day errors that result from closing Financials.
Reach out to Support for help resolving End of Day errors resulting from Financial Close as needed.