Separate the closing of the last period of the year from the closing of the year
Fund statements cannot be run until the period is closed so we open and close periods multiple times during a period so we can provide fund holders with timely statements.
Unfortunately, each time the last period of the year is closed the system generates retained earnings entries. If you open and reclose a period, the system deletes the retained earnings entries and repost.
The multiple deleting and reposting results in thousands of deleted retained earnings entries at year end. Currently there is no way to export or run a report on all deleted gl entries (view is limited to 1000 rows and the export does not work) so it is difficult to provide backup for audit on the missing journal entries.
Wendy Ponting
shared this idea
-
Anonymous
commented
And have the ability to keep the "13th" period open while still being able to close months in the current fiscal year. Not sure that's possible, but it would be great to have the functionality. At this point, if we have an audit entry, we have to open Dec and then close each individual month to get to the current month. It takes time and tends to mess up some of our reclass entries (for 201808 conditional grants).
-
Anna Wagner
commented
I love this idea! Other accounting systems use a "13th" period that is only the last day of the year. It allows the accounting/finance department to do all the year end entries in that period and keep the fiscal year open throughout the audit. However, it allows standard monthly data to be closed so fund statements aren't delayed and data integrity is protected with a closed period for the standard monthly activity. For a June year end, for example, you could close June (12th period) which allows you to run fund statements. Then there would still be a 13th period open for the fiscal year to allow entries to be made to 6/30 for the year end process and audit.
-
Marie-Genevieve Lane
commented
Oh gosh yes! This is our first year-end with CSuite and we also had to open and close the period mutliple times to prepare fund statements while also allowing our finance team to keep working on the accounting year-end. I didn't initially realize there would be so many entries for all these openings and closings!!
-
CHRISTINE GREEN
commented
Agreed!! We opened and closed multiple times throughout our first audit with Foundant. Finally ended up leaving the sandbox open for YE reconciliation purposes and use by auditors while using the live site to carry on with regular business. Either a "soft close" option, or make the retained earnings transaction a completely separate option.
-
Sarah Knoch
commented
Agreed. The monthly or quarterly close to run fund statements should be treated as a "soft" close and should have no effect on the retained earnings.
-
Michelle Bristow
commented
Great idea that will make our year-end close more headache-free!
-
Susan Lotreck
commented
A must! I had no idea this issue existed as we are new to CSuite (July 25. 2022) and have not generated CSuite fund statements yet.