Month-End Close (Soft Close)
Use Case
As the final day of the month passes, the project team reviews and validates the project data and prepares a month-end report.
This section covers how to configure organization settings for month-end reporting.
While construction progress and project health can be tracked by the project team on an ongoing basis, you will likely prepare a more formal report at the end of each month. This report may include forecasts, budget values, actuals, and schedule details. Monthly reports can be reviewed by senior stakeholders to find areas of low or high performance, consider changes or adjustments, and identify problems that need to be addressed.
Key project details are reflected in forecasting data blocks.
The month-end report is prepared over “plus days” – a suspended period during which the project team can finalize the forecast numbers without incurring any new actuals. The team may need to conduct a variety of activities during this time, such as reviewing and processing payroll, confirming installed quantities, conducting on-site surveys, and reviewing billing records, to ensure that the forecast data is as accurate as possible.
Each month a snapshot is captured of the Live Forecast. The snapshot can be captured manually on a specific date, or it will be captured automatically at the end of the plus-days period.
The snapshot includes all actuals for the current month. If actuals are posted during plus days with a posting date within the current period, they will be included in the live snapshot. Actuals posted with next period posting dates will not be visible in the live forecast until after plus days have completed.
End-of-month reporting details are configured in the Organization Settings under Fiscal Calendar. These settings affect the actuals in the forecasting-related data blocks.
Changes to the Fiscal Calendar will affect all projects in the organization. If you want to configure a unique fiscal calendar for your project, enable project-level editing under Project fiscal calendar settings.
Configure Month End Day
The Month End Day determines the last day of the reporting period for the month. Follow the steps below to learn how to configure the Month End Day.
Step 1
Open the Organization Settings.
Step 2
Under General Settings, open the Fiscal Calendar tab.
Step 3
Under Month end day, select a value from the drop-down menu.
Step 4
If your Financial period closing day is the same as the Month end day, select a closing time for the period.
Configure Plus Days
Plus Days represent a suspended period to finalize month-end reporting. Follow the steps below to configure Plus Days for your organization.
Step 1
Open the Organization Settings.
Step 2
Under General Settings, open the Fiscal Calendar tab.
Step 3
Under Month end plus days, enter the number of plus days to follow the Month end day.
Step 4
If your Financial period closing day is the same as the Month end plus days, select a closing time for the period.
Access the following links for additional information on setting up month-end details: