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- Paper & Pulp ERP
- Process
- Financial close
Financial close
Finance closes a period only after the operating sources and posted books agree at one cutoff. Customer invoices, supplier bills, bank lines, stock value and work in progress each retain their own evidence. A payment instruction or prepared journal is not a confirmed settlement or posting.
Step by step
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Prepare source balances Accountant
Accountant reviews receivables, payables, stock, bank and unapplied cash at the entity cutoff.
- Establishes reconciliation population
- Updates Close tasks, Customer invoices, Supplier invoices, Bank statement lines, Inventory
-
Resolve mismatches Accountant
Accountant records the source issue and prepares a correction rather than editing posted history.
- Preserves a source-linked correction
- Updates Match exceptions, Finance corrections, Journal entries
-
Approve correction Finance Manager
Finance Manager reviews the current correction revision and period before approval.
- Authorizes protected financial change
- Updates Finance corrections, Approvals
ApprovalA person approves before the work moves on. -
Review revaluation Finance Manager
Accountant calculates dated monetary balance changes; Finance Manager approves the current run before posting.
- Measures and reviews currency change
- Updates Revaluation runs, Revaluation lines
ApprovalA person approves before the work moves on. -
Close period Finance Manager
Accountant completes source tasks and Finance Manager reviews the close decision for the entity.
- Records reviewed entity cutoff
- Updates Accounting periods, Close tasks, Approvals
ApprovalA person approves before the work moves on.
Who does what
Roles and permissions- Accountant
- , Finance Manager, Warehouse Manager, Purchasing Manager.
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