The Advanced Close feature allows a User to lock and unlock Fiscal Years and/or Periods to better manage transaction entry. When enabled, a User can view and maintain the status of all Fiscal Years from the Fiscal Year Maintenance Screen so that transactions are correctly recorded for each Fiscal Period.
This feature is a part of the Advanced Accounting bundle. If you would like more information on the Advanced Accounting bundle, please reach out to your CSM or R365 Support.
Security & Access
The following Secondary Security Roles were created to use this feature, as part of the Advanced Accounting bundle:
Click here to view how to set up User Roles.
To begin using the Advanced Close feature, navigate to 'Preferences' under 'Administration' in the top ribbon. A new window will open with a listing of tabs for System Preferences. Click the 'Miscellaneous' tab, and a listing of various system settings will open.
Checking the 'Advanced Close' checkbox on the left side will open a pop-up window that will notify you of the updated close date. Clicking yes will transfer the settings from the Legal Entity closed date to the Fiscal Year Maintenance Screen.
- Note: Periods on or before the current Legal Entity close date will have a status of 'Closed'. Periods after and in the current Fiscal Year will be open and periods in future years will be closed.
Before leaving System Preferences, make sure to click 'Save and Close'.
Fiscal Year Maintenance Screen
As soon as the Advanced Close checkbox is checked, the Fiscal Year Maintenance screen can be found by hovering over the 'Account' tab in the top ribbon, down to the 'Fiscal Year' sub-menu, and clicking on 'Maintenance'. If the 'Fiscal Year' option does not appear in the menu, refresh the page and try again.
A new window will show the listing of all Legal Entities' Start and End Dates, Structures, and more.
1) View By - This will update the display of Fiscal Years/Periods on the Fiscal Year Maintenance Screen. When updated, the column headers will also update. The screenshot above displays the example of 'Periods'. The options from this selector include:
- General Ledger
2) Search Bar - This will search the listing for the characters entered
3) Legal Entity Selector - This provides a listing of all Legal Entities that can be selected and viewed from this screen
4) Year - The Fiscal Year(s) created from the Fiscal Years Setup screen
5) Period - The period associated with the Fiscal Year
6) Legal Entity - The Legal Entity tied to the Fiscal Year
7) Status - The classification of this Fiscal Period. This is a drop-down menu that can be edited as either 'Open' or 'Closed'
8) Start Date - The first day of the Fiscal Period
9) End Date - The last day of the Fiscal Period
10) Payables - The ability to allow or restrict access to approving/unapproving AP transactions within a period. This can be set to either 'Open' or 'Closed' without having to update the entire period
11) General Ledger - The ability to allow or restrict access to the General Ledger transactions within a period. This can be set to either 'Open' or 'Closed' without having to update the entire period
12) Filters - This drop-down menu allows a User to filter Fiscal Years by Year, Legal Entity, and Status
When the 'View By' selection is set to 'Years', the User can click into and view the open/closed periods that make up that year. Users can then open the 'Periods' view to update the necessary periods as needed.
Open / Closed Fiscal Year Status
Opening and Closing a Fiscal Year can be easily done by editing its Status in the Fiscal Year Maintenance Screen, as noted above, but this Status can also be seen in the Fiscal Period Setup Screen as well.
Navigate to 'Fiscal Years' under the 'Administration' listing in the 'Accounting' Module. A listing of all existing Fiscal Years will be displayed. In opening up one of the Fiscal Years, the End Date will now have a Status box next to it that marks the Fiscal Year as 'Open' or 'Closed', as shown in the image below.
To change this Status, click the 'Manage Fiscal Year Status' button beneath this box that will open the Fiscal Year Management Screen.
When the screen opens, ensure that the 'View By' selection is set to 'Periods' and filter by the year and necessary Legal Entities. Then, for any open periods, click their status and update it to either 'Open' or 'Closed' as needed.
- Note: Any changes will be saved automatically.
Creating a New Fiscal Year
The way to create a New Fiscal Year remains the same through the 'Administration' tab in the top ribbon, but it can also be created via the 'Account' tab.
When the Advanced Close checkbox is marked, the 'Fiscal Year' sub-menu is added to the 'Account' tab. Hovering over the 'Fiscal Year' sub-menu and clicking on 'Setup' will open a new Fiscal Period Setup window. When opened, the Status box next to the End Date will be marked as 'Closed', but can easily be changed by clicking the 'Manage Fiscal Year Status' underneath it.
- Note: If a User deselects the Advanced Close option in System Preferences, a dialog box will appear where the User will need to select a closed date to apply to all Legal Entities.