At the end of every month, you should close the fiscal period. This ensures that all of your batches in a given month are accurate and accounted for while reconciling with your preferred Financial Management System (FMS) and your merchant account. Once a period has been closed, nothing can be changed or added. This allows you to be confident in the accuracy of your financial data.
Close a month in Rhythm
- Access your the Finance & Billing application
- Navigate to the Month End Close tab and select the Fiscal Period that needs to be closed
- The Fiscal Period will display all Batches that were ran during the month that need to be closed
Helpful Hint: The Fiscal Period will include all Recurring Batches as well as any manually created batches. Every batch must have a Posted status in order to close the Fiscal Period.
- Use the hyperlink in the Batch column to navigate to any columns with a status of Error or Open. After navigating to these open batches, post them by resolving any errors that may persist.
- Once all Batches in a Fiscal Period have been posted, the Close Current Fiscal Period button can be selected. Clicking this will close the Fiscal Period you are reviewing and open the next Fiscal Period.
- After a period has been closed, it will:
- Recognize all deferred revenue
- Recognize all COGS (cost of goods sold) entries