The finance close process for each accounting period starts with the planning phase. During planning, you create the workbook for the period. You can also review and modify task dependencies and assignments.

The planning phase for a workbook for a period involves these tasks:

1. Duplicate a workbook.

Because the finance close is a repetitive process, the workbook is created only once for the first period. From the next period onward, the finance close admin creates the workbooks and tasks by duplicating the workbook from the prior period. The Duplicate function copies over the entire workbook along with tasks including dependencies.

2. Create close tasks for any unplanned work.

In addition to the repetitive tasks for a period, the finance organization might also need ad hoc tasks. This type of task is not copied to the duplicated workbook. Navigate to the current workbook and create close tasks as required for these tasks. Add any task dependencies.

3. Verify and modify tasks assignments.

The task assignments to the task owners and groups are also copied when duplicating a workbook. Navigate to close tasks, verify the task assignments, and modify assignments, if required.

Note: If a task is assigned to an owner group, members of this group can assign the task to themselves after the kickstart.

4. Verify and modify task dependencies.

When you duplicate a workbook, the dependencies are also copied along with the tasks. Navigate to the Planning Console, verify that the dependencies between the tasks are correct, and modify the dependencies if necessary.

The finance close admin keeps the workbook in the Planning state for a few days so the assigned accountants can review and, if necessary, modify their tasks.