Our side-panel had a revamp, transforming it into a sleek, modern navigation system. And the most exciting part – the Financial Close section. In this section, you have everything you need to ensure a hassle-free financial close.
If you have a consolidation, the Financial Close section will house your eliminations and adjustments. For single entities, Financial Close will house the Review tool and adjustments. Let’s take a look at what each of these contains.
Eliminations
If you are working with a Consolidation, you will see Eliminations housed here. Under Eliminations, you can create eliminations at either the account or transaction level and use smart suggestions to ensure you aren’t missing any critical eliminations.
You can also review your eliminations to make sure everything is correct before you begin reporting.
Note 📝: As a single entity, you will see the Review tool in this section.
Adjustments
Adjustments is the new home for manual journal entries. Here, you can create and manage journals for any account, with any value, and assign contacts and divisions where relevant.
For single entities, you can review your data in terms of quality, bank accounts, accounts, contacts, transactions, and VAT or GST. For more information, take a look at our Knowledge Center article on the Review tool.
Closing thoughts ☁️
We know how important financial close is – and how time-consuming it can be! That’s why we are so excited to share our dedicated section in our product to help you review transactions, manage eliminations and prepare efficiently for financial close.