Period End Close

The closing of a period consolidates actual values between two dates.

Period closings accumulate the costs and revenues corresponding to reported efforts, paid purchases, and realized revenues within the selected period.

Costs and revenues are considered actual values in the following cases:

• When efforts are reported or accepted by a user with an associated professional profile (defining their hourly cost), the cost proportional to the reported or accepted hours is considered an actual value.
• When the status of a purchase or revenue is any of those defined as Actual Value (customizable in the Purchases/Revenues area of the Parameters submenu within the Configuration menu), the defined actual value is included in the project budget.

Cash or treasury movements typically occur on specific dates, such as the end of the month. To monitor these transactions, performing period closings is advisable.

Once the period is closed, hours can no longer be reported within it, and the budgets of the affected projects will reflect the consolidated values up to the last closing.

Period closings generate closing documents that summarize worked hours and their cost/rate for each provider, along with an additional document for the internal team.

During the closing process, you can select the providers and individuals affected. If closing for both external personnel (providers) and internal personnel (employees), choose all.

In the closing document, you can apply adjustments, which can help inform providers about the amount they should invoice if they charge by the hour.

You may also be interested in reading Professional Profiles and Standard Costs.