Multi-currency period close

Step by step

1. Closing rates Treasury Analyst

   Treasury Analyst confirms the closing and average rates required for the reporting period. Missing-rate exceptions remain visible until resolved or a permitted substitution is approved. Controller authorises closing-rate overrides with the original value, replacement, source and reason retained. Used-rate history remains available for review.

   • Updates Exchange rates, Rate exceptions, Rate overrides, Accounting periods

2. Reconcile Controller

   GL Accountant and Treasury Analyst prepare bank and subledger reconciliations; Controller approves the balanced bank reconciliations before revaluation starts. AR Clerk and AP Clerk complete cutoff work, with unapplied cash and unsettled payments explained. Intercompany balances are agreed and timing differences reviewed. Accruals, depreciation, allocations and tax accruals are prepared with their workings.

   • Updates Bank reconciliations, Intercompany transactions, Intercompany balances, Journal entries, Depreciation runs, Allocation runs, Close tasks
   ApprovalA person approves before the work moves on.

3. Revalue Treasury Analyst

   Treasury Analyst calculates revaluation from the approved reconciliations and applicable closing rates. Bank and loan balances use supported account-level workings; receivables, payables, unapplied cash and intercompany open items retain allocated carrying adjustments. The run records the source balances and the change from their current carrying values.

   • Updates Revaluation runs, Revaluation lines, Revaluation items

4. Review Controller

   Controller reviews revaluation, manual journals, asset-level depreciation and allocation targets. FP&A Analyst supplies variance analysis; Tax Specialist supplies tax accrual evidence. Changes go back to the owner and invalidate affected calculations or approvals. Waiving a close task requires a recorded reason and independent Controller decision.

   • Updates Revaluation runs, Journal entries, Close tasks, Depreciation runs, Depreciation lines, Allocation runs, Allocation lines, Approval decisions
   ApprovalA person approves before the work moves on.

5. Post Controller

   Controller authorises the reviewed postings and entity close. Revaluation updates carrying values and schedules reversal where that method applies. Soft close permits the authorised close adjustments; hard close blocks further postings. A later filing retains its reporting period but uses an eligible open posting period for any new journal.

   • Updates Journal entries, Depreciation runs, Allocation runs, Revaluation runs, Accounting periods

6. Consolidate Controller

   The preparing Controller translates the included entity periods into the group’s reporting period and reviews eliminations and differences. A different authorised Controller signs off. Preliminary runs may use soft-closed entities; locking requires the required entity closes, resolved adjustments and frozen rate versions. A later entity correction supersedes the affected run.

   • Updates Consolidation runs, Consolidation entities, Translated balances, Elimination entries
   ApprovalA person approves before the work moves on.

Treasury Analyst

Prepares rates, reconciliations and revaluation.

GL Accountant

Prepares journals and close workings.

AR Clerk

And AP Clerk complete subledger cutoff.

FP&A Analyst

Reviews allocations and variance.

Tax Specialist

Prepares tax evidence.

Controller

Approves reconciliations, close postings and consolidation through separate preparing and signing people.

Auditor

Reads the binder.