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            Closing and Reopening Finance Periods

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            Closing and Reopening Finance Periods

            Finance departments close accounting and revenue finance periods at the end of each accounting period. After a period closes, the finance department can prepare statements and users can review their financial status. Finance periods need to close at least once a year, though most businesses close them monthly for easier bank statement reconciliation, sales tax report submission, and paying and sending out invoices. Salesforce Billing allows for convenient creation, management, and closing of your business’s finance periods. (Salesforce Billing Managed Package)

            Required Editions

            Available in: All Salesforce Billing Editions
            • Close Finance Periods
              Closing the finance periods makes it easier to reconcile bank statements, submit sales tax reports, pay invoices, and send out invoices. (Salesforce Billing Managed Package)
            • Reopen a Finance Period
              When an order requires an amendment in a closed finance period, reopen the period to make your changes. (Salesforce Billing Managed Package)
            • Managing Finance Period Errors
              If Salesforce Billing encounters validation errors while closing or reopening a finance period, we show error logs with detailed information on why each error happened. You can access the logs on the finance period and on each of its revenue transactions where an occurred. Review the logs to determine what corrective action to take to close or reopen your finance period. (Salesforce Billing Managed Package)
             
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