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Revenue Management

How to Close a Reporting Period

Learn how to close a Reporting Period to prevent changes to submitted Timesheets and take a Snapshot of the 'Actuals' for your active Projects.

  • 03-Mar-2025
  • Knowledge

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How to Close a Reporting Period
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About

Reporting Periods can be Closed at the end of the Month by Super Users to prevent changes to historic actuals impacting project costs and revenue. As a Reporting Period is closed, Precursive takes a Snapshot of the Actual Financials for all active Phases during that Period and it recalculates the Forecasts based on the changes that were made to their Bookings. Please see Revenue Management in Precursive and How to Take Snapshots of Revenue Forecast for more information.

Services Leaders can close the overall Reporting Period at the end of each month once all Timesheets have to be submitted and approved for that month. PMs still have the possibility to close their Phases Reporting Periods to be able to report on actuals and track their progress (please see How to Close a Phase Reporting Period for more information).

Closing a Phase Reporting Period only affect the Phase and it be closed by the PM. Reporting Periods close all Phase Reporting Periods at once and can only by managed and closed by Super Users only.

How to Close a Reporting Period

Note - In order to close a Reporting Period, all Timesheets for that month must have been submitted and approved. 

To close a Reporting Period, you can:
  1. Navigate to the 'Reporting Periods' tab
  2. Find the Reporting Period record for the past month
  3. Select the record and mark it as closed by ticking the 'Closed' checkbox
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Alternatively, you can display this field on a List View and close a Reporting Period directly from there. 
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If Timesheet Periods haven't all been closed before closing a Reporting Period, you receive an error.
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How to close a Timesheet Period

From the record Page you can navigate to the Timesheet Periods for that month and check what week hasn't been closed yet.
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There you can also see what Timesheets are pending and reach out to the relevant Resources to make sure these are all submitted and approved. Alternatively, you can also decide to force close the Timesheet Period and 'Ignore Unapproved Timesheets' by clicking the relevant checkbox.
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Once a Reporting Period is closed, Precursive automatically takes a Snapshot of the Actuals and Forecast for that period in time that can be found on Phases 'Related' tab and used to report on Project Financials to review your performance and and take the necessary actions to make sure you hit your Revenue targets.
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How to close a Single Project Early

If needed, PMs also have the possibility to close their Phases Reporting Periods to be able to report on actuals and track their progress. Similarly to the structure described above, each Phase has a Reporting Period associated to it per each month and the related Timesheet periods. Phase Owners can make sure all the Timesheets of the Participants to their Phases are submitted and approved and close the Timesheet Periods and Reporting Periods associated to their Phases ahead of time. Please see How to Close a Phase Reporting Period for more information.

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