Soft Close Overview

At the end of your fiscal year, you will need to perform a soft close to close out your funds for the year. A soft close performs the following functions:

Purchase Order Soft Close:
- Completes or rolls purchase orders into the new fiscal year according to your selected soft close method.
- Creates and automatically posts soft close journals containing all Purchase Order-related soft close transactions (i.e., Budget Adjustments and Encumbrance Adjustments).
Fund Soft Close

The soft close can be performed anytime after the last day of the fiscal year. Users may close out all funds at one time or individual funds or groups of funds. The determination of when to perform the soft close will depend on a number of factors and will vary from customer to customer. Most customers prefer to soft close within 2 to 4 weeks after the last day of the fiscal year.