Overview
The Monthly Close is to be conducted after the conclusion of the month. While Daily Close reports serve as a continuous record (meaning that if a day is missed, it will be included in the following Daily Close), the Monthly Close consolidates all Daily Close Reports by date. However, you have the flexibility to select which specific dates are included in the Monthly Close, as opposed to the Daily Close, which automatically incorporates all dates.
In this article, I will outline the process for performing the Monthly Close, give a detailed analysis of each section of the report and the data it encompasses, as well as instructions on how to access the Monthly Close reports in Cloud 9. Additionally, I will demonstrate how you can consolidate these reports into a single comprehensive report for printing or for comparison with other financial reports over the months or the entire year.
How to Close the Month
To conduct the monthly close in Cloud 9, begin by clicking on 'Financial,' then select 'Close the Month.' This action will direct you to the screen where you will first name the file (e.g., December 2024) in the Period Description field. *Please note once you complete the Monthly Close this Period Description cannot be changed.
After naming the Monthly Close file, you will proceed to choose the locations from which you wish to include transactions in the report. You have the option to select all locations or specify one or a few, depending on how you wish to group the data.
The next section allows you to select the dates you want to include in this monthly close report. This is particularly useful in cases where you may forget to close the month until a week or two into the following month, as you can select only the relevant dates to ensure accuracy in the Monthly Close.
Once you have entered all the necessary information, click the green save button labeled 'Close the Month.' Additionally, you will find two buttons at the top of the screen: an arrow for refreshing the page and a print button that enables you to view a print preview of the monthly close before finalizing it, similar to the process for the Daily Close report. (Screenshot from the test site below to illustrate the appearance of this screen.)
Monthly Close Report Components
The Monthly Close Report is divided into three distinct sections. After saving the Monthly Close, you can view the report and its layout either directly or by selecting the print preview option.
The first section is titled 'Monthly Production'. This section includes all charges or adjustments designated to "Affect Production." (This designation can be configured in the Edit, Setup, Transaction Types for each transaction, charge, or adjustment within your Cloud 9 database.) It organizes the information by charge or adjustment type and encompasses all dates selected for the monthly close report. Additionally, this section features subtotals for each transaction or adjustment type, along with a grand total at the end of this section.
The second section is titled 'Monthly Receipts'. This section provides a detailed listing of all payments received for the selected dates in the monthly close report, categorized by transaction type. Furthermore, it includes subtotals for each payment transaction type, culminating in a grand total for all payments at the end of this section.
The third section is titled 'Monthly Adjustments.' This section offers a comprehensive list of all adjustments for the selected dates in the monthly close, categorized by adjustment type. It includes subtotals for each adjustment type, along with a grand total for all adjustments at the conclusion of this section.
Accessing Past Monthly Close Reports in Cloud 9
To access a previous monthly close report in Cloud 9 for details or financial review, please navigate to the Reports section and enter "Monthly Close Reports" in the search bar. Click on the corresponding selection, which will display a screen with filters on the right-hand side. The first filter, labeled "Monthlies," contains a list of all Monthly Close reports generated in the software. You can select one month to view a specific month's report, three months for a quarterly overview, or twelve months to access all Monthly Close reports for the year in a single document. This feature is beneficial for reviewing financial data, and you also have the option to print or download the report for later reference.
The next filter is "Break By," where you can choose "None" to display all information sorted by date and transaction/adjustment type, or you can opt to organize the data by location or provider. *Please note that this report is based on Transaction Date and Location Posted for the data.
The final filter is "Login Name," which allows you to view production, receipts, or adjustments by individual login. This option is optional; for optimal results, it is recommended to leave this field blank to view all transactions.
At the top of the report, there is a cloud icon and a download button that allow you to export the report file to a PDF, Excel, or other file formats for later viewing. To the right of these options, you will find a print button should you wish to print the report. Additionally, the button immediately to the right of the print option enables you to email the report for future reference. (Please see the screenshot below for a visual representation of the screen.)
Is there a Yearly Close or Close of Year Report?
There is not an annual close or year-end report within Cloud 9 Software; however, you can utilize the filters I previously mentioned to include all months of the year. You can then export, print, or email the report to yourself for later review of financials or to compare the annual figures from the monthly close reports with any other financial reports generated by your office. The Monthly Close Report offers significant customization options regarding the data you choose to view, based on how you label the reports and how you close them. For instance, if you prefer to generate quarterly reports, you could close the month on a quarterly basis and select the relevant dates. Alternatively, you might choose to close the month each month and later review the annual reports using the filters I mentioned earlier.
As always, if you have any further questions please do not hesitate to reach out to Cloud 9 Support by emailing us at cloud9support@planetdds.com, or chatting us online using the chat bubble on the lower right at https://cloud9support.planetdds.com/hc/en-us, or giving us a call during our business hours of 8:00 AM EST to 8:00 PM EST at the 1.800.394.6050 option 2.