NetClose - Set Up Flux Analysis Approvals
Overview
The Flux Approvals feature introduces a streamlined approval process for flux analysis. This feature enables users to set reviewers 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
- Enable Flux Approvals
- Navigate to NetClose > Setup > System Setup > System Features.
- Toggle the Flux Analysis Approvals feature to activate the approval function.
Optional Setup
The fields described below—due dates, preparers, and reviewers—are not mandatory, offering flexibility for users who do not need strict approval tracking.
2. Assign Flux Preparers and Reviewers
- Follow the instructions found here to assign flux preparers and reviewers.
3. Prepare and Review the Flux Analysis
- With Flux Approvals enabled, users will notice new status options in the Flux Analysis approval process:
- Not Started
- In Progress
- Submitted for Review
- Completed
- If the reviewer is the same person submitting, the analysis will automatically progress to the Completed status.
Note
Flux analysis that requires 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.
4. (Optional) 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
- To set the due date at the Account Level, navigate to the Chart of Accounts, edit the relevant account, and populate the NetClose Flux Absolute Due Date or NetClose Flux Close Timing (Business Days).
- To set the due date at the Flux Group level, navigate to NetClose > Setup > Flux Analysis Groups, edit the flux group, and select the appropriate due date.
- For Accounts Only flux scenarios, due dates and reviewers are set on each account record within Chart of Accounts.
- For Groups Only flux scenarios, due dates and reviewers 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
If the Flux Analysis Approval setting is disabled, the system will default back to preparers and due dates only, without the new status or approval functionalities.
For more information on Flux Approvals, see the walkthrough below.