Period Types in GCR

1. Abstract

Differentiating period types and aligning them with the fiscal calendar, as well as recognizing variations in closing procedures, significantly influence reporting requirements. Familiarity with period types within GCR enhances your ability to optimize its utilization. Grasping its functionalities and comprehending the potential impact on your closing or workflow processes is crucial for effective management.

2. Context

In the realm of group financial consolidation, period types are crucial for harmonizing and aggregating financial data from various entities within a corporate group. The use of period types in group financial consolidation provides a framework for synchronizing reporting timelines across diverse entities, promoting consistency, accuracy, and efficiency in the consolidation of financial data for comprehensive group-level analysis and reporting.

3. Content

3.1 Understanding Period Types in GCR for Financial Consolidation

In GCR application, configuring the system via the Wizard (the Excel configuration file) involves a crucial step: defining the period types.

These period types determine not only the frequency but offering a range of options:

All Period types could be used independently on each month, there is no real impact:

  • Monthly: Consolidation done monthly for regular financial assessment.
  • Quarterly: Provides a broader view by consolidating at the end of each quarter.
  • Semester: Twice-a-year consolidation for a semi-annual financial evaluation.
  • Hard-Close: Signifies a stringent closure period for meticulous financial scrutiny.
  • Year-End: Marks the conclusion of the fiscal year within the application.
  • Hidden: Hide a period type within the application interface to avoid affecting regular operations.

Keep in mind that those descriptions are just guidelines but do not affect the closing in any way. Only hidden has a function, when selected, this period type remains concealed within the application interface.

3.2 What are the impacts of period type?

3.2.1 Workflow

The choice of period types significantly influences workflow configurations within GCR. This intersection allows for a nuanced association between workflows and selected period types. For instance, aligning a monthly period might entail a straightforward closure date without phasing, whereas opting for a Year-End period could involve the incorporation of multiple precise phases within the workflow. This adaptability facilitates the creation of workflows tailored to each period type.

3.2.2 Validation Rules

Derived from these workflows, validation rules are based on the chosen period type. The integration of validation rules into period types enables the creation of more exhaustive checks and controls.

For instance, stringent period types like the Hard Close might necessitate more comprehensive validation rules to ensure accuracy within financial assessments.

3.2.3 To-Do List

The 'To-Do List' dimension within GCR consists of specific items that can also vary based on the chosen period types. Certain elements within the to-do list may be required for specific months or periods.

This alignment ensures that distinct elements are mandated or emphasized based on the selected period type, streamlining tasks and requirements across different temporal segments.

3.3 Coming soon

Looking ahead, the imminent integration of cash flow mapping with period types holds promise. This integration will enable specific mappings for different period types, allowing for tailored cash flow configurations based on the selected period type.

This forthcoming feature promises enhanced configuration and precision in managing cash flow within GCR.

4. Conclusion

Configuring period types in GCR is crucial for precise financial consolidation. These types, like monthly or hidden options, shape workflows and rules, processes for each evaluation cycle. Picking a type does not just set consolidation frequency but also controls how closely finances are checked.