NetClose - Flux Analysis Approvals

Overview

The Flux Approvers feature in NetClose's Flux module introduces a streamlined approval process for flux analysis. This feature enables users to set approvers for flux analysis, introduces statuses to the flux module, and allows for configurable due dates either at the account level or flux group level. The feature is optional, providing flexibility for organizations to enable or disable it based on their workflow needs.

Step-by-Step Process

  1. Enable Flux Approvers Feature:
    • Navigate to NetClose > Setup > System Setup > System Features.
    • Toggle the Flux Analysis Approvals feature to activate the approval function.
  2. Assign Approvers and Statuses:
    • Once the feature is enabled, users will notice new status options in the Flux Analysis approval process:
      • Not Started
      • In Progress
      • Submitted for Review
      • Completed
    • If the approver is the same person submitting, the analysis will automatically progress to the Completed status.
    • Flux analysis that require an explanation based on the balance sheet and/or income statement thresholds set on the flux scenario will need an explanation in order to be submitted for review or marked as completed.
  3. Set Due Dates:
    • Due dates for flux analysis can be configured as either:
      • Absolute Due Date: A fixed calendar date (e.g., the 15th of the month).
      • Close Timing (Business Days): Adjusts for weekends and holidays, applying the due date to the next available business day.
    • The Absolute Due Date and Close Timing (Business Days) due dates are relative to the first day after the selected “Current Period” for the flux analysis. Meaning that if the Absolute Due Date is set to 1 and the flux scenario’s “Current Period” is March 2024 then the due date would be set as April 1, 2024 and if the Absolute Due Date was set to -1 then the due date would be set as March 31, 2024.
    • Due dates can be applied at both the Account Level and Flux Group Level
  4. Configure Account and Flux Group Settings:
    • Account Level Configuration:
      • Go to Chart of Accounts and select the relevant account.
      • Set the NetClose Default Flux Assignee and NetClose Flux Default Approver.
      • Specify Absolute Due Date and Close Timing Business Days Due Date as needed.
    • Flux Group Level Configuration:
      • Navigate to Flux Groups, select a group, and configure assignees, approvers, and due dates as described above.
    • For Accounts Only scenarios, due dates and approvers are set on each account record within Chart of Accounts.
    • For Groups Only scenarios, due dates and approvers are set at the Flux Group level.
    • For Accounts and Groups scenarios, the system will use the account-level settings for account lines and group-level settings for group lines.

Things to Be Aware Of

  • Feature Dependency: If the Flux Analysis Approval setting is disabled, the system will default back to assignees and due dates only, without the new status or approval functionalities.
  • Optional Setup: Due dates, assignees, and approvers are not mandatory, offering flexibility for users who do not need strict approval tracking.
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