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The Close Workbench and sign-off

The Close Workbench is where the month is closed: the Close checklist, Post Journals, and, for a company on QuickBooks Online, a QuickBooks tab.

Every balance sheet account

The checklist lists every balance sheet account with a balance, each with its method: Schedule, Reconcile, QuickBooks rec, Intercompany or Direct. The method is inferred and can be changed.

What signs off automatically

• Bank accounts reconciled in QuickBooks Online (read from the latest cleared transaction, to the month).
• AR and AP control accounts that tie to the aging sub-ledger within $0.50.
• Schedule accounts whose schedule ties to the ledger within $0.50.
• Intercompany accounts whose pair agrees within $0.25.

An account whose balance has not moved since the last closed period drops out of the count that needs sign-off; it can still be signed.

Three stages

Each account moves through Prepared, Reviewed and Signed Off, each stamped with the person and the time. Anyone assigned can mark an account prepared; reviewing and signing off need the CFO or Admin role.

Closing and locking

Close a period, lock it (no further posting), or re-open it. Closing a period also closes earlier open ones. Periods closed in QuickBooks Online are closed in Fynease automatically.

Posting and lead sheets

• Post Journals posts the month's schedule entries. The QuickBooks tab shows each journal's status in QuickBooks Online and sends the period in one click; Skip records an entry the bookkeeper already booked.
• Lead sheets export to Excel: prepaids, deferred revenue, loans, the right-of-use asset and lease liability, and cost, accumulated depreciation and net book value.

More in the close

• Prepaid expenses and deferred revenue
• Fixed assets and depreciation
• Loans and leases
• Cost allocations
• Write-back to QuickBooks Online
• Audit trail

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