The Advanced Close feature allows a User to lock and unlock Fiscal Years, Periods, and Modules 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.
This article reviews the following topics:
- Security & Access
- Fiscal Year Maintenance Screen
- Fiscal Year Maintenance Screen – Saved Table Views
- Open / Close Fiscal Year Status
- Limited Fiscal Year Status
- Grid Actions
- Create a New Fiscal Year
Users with the following Security Roles will be able to access and update the Fiscal Year Maintenance Screen:
- Full Access (Primary)
- Advanced Close Maintenance (Secondary)
Users with the following Security Role can only view the Fiscal Year Maintenance Screen:
- Advanced Close - View Only (Secondary)
Users with the following Security Roles can edit and enter transactions for periods or modules marked with a status of 'Limited':
- Full Access (Primary)
- Access Limited Periods (Secondary)
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 where the status can easily be updated to one of the following options:
- Note: This status classifies that only Users with the Access Limited Periods Secondary User Role or the Full Access Primary User Role can edit and enter transactions
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) Table Views - The views saved for the table. When clicked, Users can create, update, and delete saved Table Views from the drop-down menu that appears. Learn more about this below
13) 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.
Fiscal Year Maintenance Screen – Saved Table Views
Users can create saved views of the Fiscal Year Maintenance Screen to easily jump to set years, statuses, and/or date ranges. Views can be saved, edited, and deleted from the Table Views drop-down menu.
Create / Edit a Table View
Table Views can be easily created and updated from the Fiscal Year Maintenance Screen. First, update the screen to show the desired fiscal year and grid fields.
Then, click the 'Table Views' option, located just above the grid on the right side of the screen. A drop-down menu will appear where you will click 'Save Current View'. From here, Users can create or update a saved view and have the option to make available to all Users from the modal that opens.
1) View Name - The name of the view. If creating a new view, ensure to update this field
2) Available to All Users Checkbox -
3) Cancel - This will close the modal without saving any changes
4) Update Current - This will apply the changes made to the selected view
5) Create New - This will create a new view
Once the View Name and 'Available to All Users' checkbox is set, select the desired action to either create a new or update an existing view.
Update a Table View's Name and User Access
Existing views can have their Table View changed by updating the name and clicking 'Update Current' from the 'Save New View' modal described above or by completing the steps listed below.
In the top, right corner above the grid, click 'Table Views' and then 'Edit Table Views' from its drop-down listing.
All Table Views will be displayed. From this listing, hover over the desired Table View and click its edit icon. This will open an additional modal where the User can update and save its name and access to all Users.
Update the Default Table View
Users can update their default Table View by clicking 'Table Views' in the top, right corner above the grid and then 'Edit Table Views' from its drop-down listing.
All Table Views will be displayed. From this listing, click the desired view's radio button and then 'Save'. This will update the default Table View.
Delete a Table View
To delete a Table View, start by clicking Table Views' in the top, right corner of the screen and then 'Edit Table Views' from its drop-down listing.
All Table Views will be displayed. From this listing, hover over the desired Table View, click its trash can icon, and then click 'Save' this will remove the Table View from the listing.
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.
Limited Fiscal Year Status
Both a Fiscal Year's periods and modules can be set to a 'Limited' status, which means that only Users with either the Access Limited Periods Secondary Security Role or the Full Access Primary Security Role can edit and enter transactions for that period/module when it is set to 'Limited'. Providing this access to certain Users will prevent Admin Users from having to open or close periods/modules frequently.
Limited Fiscal Years can have their status updated from either the grid or 'Edit Selected' menu on the Fiscal Year Maintenance Screen.
Users can easily create and manage Table Views from the grid as well as filter the grid to display a specific year, date range, or module. In addition to this, Users can update the status of the Fiscal Year, its periods, and its modules from the grid in two ways: individually and in bulk.
- Individually - Click the status of the desired Fiscal Year, its period(s), or its module(s) to open a drop-down menu and select its new status
- In Bulk - Open the desired list ('Years', 'Periods', 'Payables', or 'General Ledger') above the grid and select the necessary grid rows. An 'Edit Selected' menu will then appear in the bottom ribbon of the grid where the User can update their status
Create 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.