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- Multi-currency Accounting
- Features
- Period close
Period close
Period close connects each finance team’s work to the final entity and group results. Rates, reconciliations, adjustments and approvals have a defined sequence. Every completed task retains evidence; every exception has an owner and an explicit treatment.
OverviewMy Close Tasks×
Multi-currency Accounting · Period close
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My Close Tasks
Close tasks
Subledger1
Reconcile USD operating cashWillowmere Procurement Mexico
26 Oct
Add
Reconciliation1
Post CAD receivable revaluationWillowmere Procurement Mexico
16 Oct
Add
Accrual1
Confirm intercompany balancesWillowmere Services Australia
27 Oct
Add
Allocation1
Review GBP vendor accrualsWillowmere Logistics Singapore
12 Oct
Add
Depreciation1
Translate EUR subsidiary trial balanceWillowmere Logistics Singapore
31 Oct
Add
What you can do
Checklist and dependencies
Close task templates define the work, role, due-date rule and dependencies for an entity. Opening a period creates close tasks with assigned owners. My Close Tasks shows individual responsibilities; Close Task Board shows progress and blockers across the period.
| Close area | Required work | Preparing role |
|---|---|---|
| Subledgers | Invoice, bill, receipt and asset cutoff; unexplained balances resolved | AR Clerk, AP Clerk, GL Accountant |
| Reconciliation | Bank and subledger reconciliation; independent bank approval before revaluation | GL Accountant, Treasury Analyst |
| Adjustments | Accruals, prepayments and recurring-entry review | GL Accountant |
| Assets and allocation | Asset-level depreciation and reconciled allocation targets | GL Accountant, FP&A Analyst |
| Tax | Reviewed tax accrual and conversion basis | Tax Specialist |
| Intercompany | Counterparty confirmation, period mapping and balance agreement | Controller |
| Revaluation | Approved closing rates and carrying-value workings | Treasury Analyst |
| Review and sign-off | Variance review, approved postings and entity close | Controller |
| Consolidation | Translation, elimination adjustments and independent final approval | Controller |
Task completion follows the dependency evidence. A balanced but unapproved bank reconciliation is incomplete for revaluation. An unresolved rate or intercompany exception remains visible instead of being cleared by a status change alone.
Waivers and delegated work
A requested waiver records the reason and requester. A Controller other than the requester approves it with the decision date and identity; the binder retains that the task was waived, rather than presenting it as completed. Balanced journals, required rates, entity boundaries and approval conflicts cannot be waived.
Approval delegations record authority, scope, delegate and effective dates. Approval decisions record the actual actor and authorised person. Reassignment or delegation does not allow someone to approve their own preparation where separation is required.
Adjustment workings
GL Accountant prepares manual journals and submits them for independent Controller approval. Depreciation runs summarises depreciation lines for each asset, including beginning carrying value, method, convention and calculation inputs. Asset movements retain additions, disposals and other changes behind that basis.
Allocation runs have allocation lines for target accounts and cost centres, driver quantities, shares and allocated amounts. The targets reconcile to the source. Controller reviews the workings before posting; corrections use linked reversals or replacement calculations without rewriting posted history.
Revalue before final close
Approved bank reconciliations establish the foreign balances. Treasury Analyst calculates revaluation using the required closing rates and item carrying adjustments. Controller reviews the result independently and authorises its journal. Delta adjustments stay allocated until settlement or later revaluation; reverse-next-period treatment retains a linked reversal.
Soft close permits the authorised close adjustments. A changed source can require revaluation or consolidation to be recalculated. Hard close is the Controller’s final sign-off and blocks further postings. Admin reopening requires the logged emergency procedure with reason, identity and independent Controller authorisation.
Tax filings after close
Tax accrual belongs to the close. A later tax filings record identifies the reporting period, filing currency and authority-prescribed conversion. Tax Specialist prepares it and Controller signs off. The report can describe a hard-closed period without permitting another journal in it.
Posting period identifies the eligible period for a new liability-transfer journal; payment period identifies the eligible period for payment. Those postings retain links to the original reporting period and filing. No new entry is back-posted into hard close simply because the filing reports that month.
Consolidation and the binder
The group run maps each entity period through consolidation entities. Preliminary work may start on soft-closed results; final lock requires the required hard closes, approved adjustments and a Controller distinct from the preparer. Elimination residues retain explanations and reviewed treatment.
The binder links tasks, waivers, reconciliations, rate exceptions, journal approvals, asset and allocation workings, revaluation items and intercompany agreements. Statements identify their entity period or locked consolidation version. Auditor can trace a reported amount to the supporting postings and decisions.
What it keeps track of
Data model- Close task templates
- The close checklist template per entity. Opening a period generates one close task per active template line, with the owner resolved from the role and the due date from the period end.
- Close tasks
- Period-close checklist items with owners and dependencies, generated from close task templates when a period opens.
- Accounting periods
- Fiscal periods per entity with open and close state, the date whose closing rates the period uses, and the reopen record when a hard close is broken.
- Approval delegations
- Dated, entity-scoped substitution for an absent approver. It does not grant the delegate new permissions, bypass conflicts, or increase either person’s monetary authority.
- Approval decisions
- Immutable decision evidence tied to the exact source revision. Both the actual actor and the represented approver remain visible. Monetary limits are compared only after explicit conversion to the approver’s limit currency.
- Depreciation runs
- Monthly depreciation batches per entity per period.
- Depreciation lines
- Asset-level depreciation calculations frozen with the run, including method inputs and any units-of-production evidence. Posted lines and reversals reconcile the asset register to the ledger.
- Asset movements
- Reviewed capitalisation, impairment, transfer and disposal evidence. Cost and accumulated balances move together; posted source bills are linked rather than capitalised twice.
- Allocation runs
- Cost-center allocations of shared services run at period end.
- Allocation lines
- Frozen source-to-target allocation workings. All drivers and percentages reconcile to the run and the final line receives the documented rounding residual.
- Tax filings
- Tax reporting for an entity and reporting period, with separately eligible posting and payment periods. Filing reclassifies amounts already accrued to settlement accounts and posts only approved differences; it never duplicates the tax liability already recognised on source documents.
- Tax codes
- Named tax rates applicable to a jurisdiction and a direction.
- Tax jurisdictions
- Tax authorities that levy tax and receive filings, with the currency the return is filed in and the rate source the authority prescribes for foreign-currency documents.
- Revaluation runs
- Month-end revaluation of open foreign-currency balances for one entity and one period at the closing rate. Posts unrealised gain or loss and either reverses on day one of the next period or posts the delta next period, by the entity’s method.
- Bank reconciliations
- The reconciliation of a statement to GL activity on the bank account, in the account’s currency: the bank side adjusted for timing items, the book side adjusted for what the bank knew first.
- Consolidation entities
- Entity-period coverage included in a group run. Local fiscal periods are mapped to the group date range explicitly; income movements may span several local periods, while closing balances are selected once per entity.
- Journal entries
- GL journal entries: manual, subledger-posted, recurring, reversing, revaluation, elimination. The header carries the transaction currency and the rate; totals are in the entity’s functional currency.
Who uses it
Permissions- Controller
- Owns dependencies, approval and sign-off.
- GL Accountant
- Prepares journals and asset workings.
- Treasury Analyst
- Reconciles and revalues.
- Tax Specialist
- Prepares tax evidence.
- FP&A Analyst
- Allocates and reviews variance.
- AP Clerk
- And AR Clerk complete subledger cutoff.
- Auditor
- Reads the binder.
Set up Multi-currency Accounting your way.
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