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· 2 min read· Finance
Finance: fiscal periods, reporting basis, and year close
Open and close fiscal periods deliberately, state cash vs accrual on reports, and run year-end when net results are ready to move.
ForControllers, finance leads, and anyone who closes books monthly or annually.
New
In this release
- Fiscal year and open-period navigation in Finance settings
- Period close / reopen governed by policy
- Reporting basis called out on statements
- Year-end close into retained earnings when ready
Closing a period should be a deliberate act, not a calendar surprise. Finance now supports fiscal year management, period close flows, and reporting that states which basis you are looking at — so a cash-view printout is never mistaken for an accrual close.
Fiscal years and periods
- Define and navigate fiscal years and open periods from Finance settings.
- Close a period when postings are complete; reopen only when policy allows.
- Keep cost center, business unit, and region dimensions available on financial documents so closed periods still report by the slices leadership cares about.
Reporting basis
Statements now call out reporting basis. Cash and accrual views can coexist without operators guessing which numbers they are looking at. That reduces the classic close-week argument: “why doesn’t this match the bank?”
Year-end close
- Run year-end close when net results are ready to move into retained earnings.
- Treat year close as a controlled step after periods are settled — not a hidden job that rewrites history.
Related in these modules