The Advanced Close feature allows a User to lock and unlock fiscal periods with more precise control to better manage transaction entry. When set up, a User can view and maintain the status of all Fiscal Years in the Fiscal Year Maintenance Screen for all Legal Entities so that entries are recorded in the proper period without the need for adjusting entries.
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 R365 Sales or CSM Representative 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) Filters Drop-Down - This drop-down menu allows a User to filter Fiscal Years by Year, Legal Entity, and Status
2) Year - The Fiscal Year(s) from the Fiscal Years Setup in the system
3) Legal Entity - The Legal Entity tied to the Fiscal Year
4) Status - The classification of this Fiscal Year. This is a drop-down menu that can be edited as either 'Open' or 'Closed'. When opening a Fiscal Year, the first period of that year will also be open. The number of open periods will be displayed next to the 'Open' status
- Note: An Open Fiscal Year will display as Red if it is a year prior to the current year while an Open Fiscal Year will display as Green if it is the current or a future year
5) Type - The type of Calendar Year selected
6) Structure - The Fiscal Period Structure
7) Start Date - The first day of the Fiscal Year
8) End Date - The last day of the Fiscal Year
9) Payables - Grant and restrict access to AP transaction Approval and Unapproval without having to close the entire period. The number of periods is visible, and when the year is expanded, the status of a module can be updated
10) General Ledger - Grant and restrict access to the General Ledger transactions without having to close the entire period. The number of periods is visible, and when the year is expanded, the status of a module can be updated
When a Fiscal Year is expanded, the User is able to view the periods that make up that year, including details about their period names, the quarter that the period takes place in, and the date range.
Individual periods are then editable and can be marked as 'Open' or 'Closed' by clicking the current Status and selecting the other option in its drop-down menu.
The Payables and General Ledger Modules are also editable by clicking the green dot in the specific period row and selecting one of the options in its drop-down menu. This will then update that period's information and that module's number in the Fiscal Year line. When the last period of a year is closed, the year is automatically updated as 'Closed'.
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.
- Note: When entering a transaction, a warning message will appear if the date selected is in a closed period. To open a closed period, navigate to the Fiscal Year Maintenance screen and open the necessary period by following these instructions.
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.