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Manage Your Billing Processes with Salesforce Billing
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            Close Finance Periods

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            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)

            Required Editions

            Available in: All Salesforce Billing Editions

            The finance department has completed all the updates required in Salesforce, and has reviewed all the numbers for this month’s finance period. They have requested to close the finance period.

            Warning
            Warning It is recommended to close the finance books in sequential order, starting from the oldest. Failure to do so can result in revenue for a transaction being recognized in older open months, skipping closed months, and then continuing with newer open months.
            1. Navigate to the Finance Period record that is to be closed.
            2. Change Period Status to Closed, and then click Save.

            Any revenue transactions from an order that falls in the timeframe of a finance period that has already been closed will begin in the next available finance period that is still open.

            The Next Open Period field becomes unchecked on this finance period record. The checkmark will be automatically added to the next sequential finance period record that is still open. The revenue transactions on the finance period related list will have their status changed from Deferred to Recognized.

             
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