An administrator begins by reviewing the tasks required for a close process, and setting up Task Types to ensure consistency across tasks and to leverage predefined product integrations. Because many tasks are repeatable over close periods, the administrator saves a set of tasks as a template to use for future periods. For example, administrators can set up a monthly or quarterly close once, then use it for all months or quarters. Tasks are defined with task predecessors, assignees, and approvers.
Next, the administrator populates the template with the close period tasks.
To initiate the close process for a period, administrators generate a schedule (a chronological set of tasks) by selecting a template and assigning calendar dates. The generic tasks in the template are applied to actual calendar dates. The system validates the dates on which tasks are to be run. To begin the close process, the administrator changes the schedule status from Pending to Open. They can also modify the schedule if needed and monitor it throughout the close cycle.
During the close process, users receive email notifications of assigned tasks, and can click links in the email for direct access to assigned tasks. Alternatively, users can log on to Financial Close Management to review and access assigned tasks in different types of views, for example, the Dashboard, a portal-style interface; or Calendar, Gantt, or Task List views. When users complete tasks, the tasks are sent to approvers and can be viewed by other users.
Users can raise alerts for issues that they encounter during the close process such as hardware or software issues. Alerts are forwarded to assignees and approvers for resolution.
Financial Close Management users can define and generate a Report Binder for a close cycle, which contains a description of the task details that were executed as part of the process. Report Binders enable administrators and others to review and adjust activities for future periods, and are also useful for audit purposes.