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Key concepts & glossary

A quick reference to the terms you'll see throughout CloseCore.

Core structure​

  • Subsidiary (entity): a legal entity you close the books for. You switch between subsidiaries in the breadcrumb menu. Each subsidiary has a number used in account tags when subsidiaries share a folder structure.
  • Subsidiary group: a named group of subsidiaries used to grant access and to view tasks across several subsidiaries at once. See Subsidiaries & groups.
  • Workflow: a recurring close process for a set of subsidiaries. Today this is "Close."
  • Period: the month (or fiscal period) you're closing. CloseCore keeps the current month and the closing month open by default.
  • Root Folder: the folder in your cloud storage that CloseCore manages for a workflow. CloseCore builds the year/month/recurring-folder hierarchy inside it.
  • Recurring Folder: one of the recurring monthly folders (for example, 01 Cash and Cash Equivalents). This is where your workpapers live. You manage recurring folders from CloseCore.
  • Folder Template: the set of recurring folders CloseCore recreates every month. Adding, renaming, or deleting a recurring folder updates the template going forward. See Folder structure & recurring folders.

Tasks​

  • Checklist item: a to-do in your close (for example, "Record depreciation"). See Checklist items.
  • Reconciliation: an account tie-out that compares the ERP balance to your workpaper balance within a materiality threshold. See Reconciliations.
  • Flux item: a month-over-month (or period-over-period) variance that reviewers explain. See Flux analysis.
  • Agent task: a beta, AI-assisted task (for example, drafting a journal entry). See Agent tasks.
  • Document: a file (usually an Excel/Google Sheets workpaper) synced from your cloud storage. See Documents.

People & sign-offs​

  • Assignee: a user assigned to a task as a preparer or reviewer. A task can have multiple preparers and reviewers.
  • Preparer / Reviewer: the two sign-off roles on a task. A user can't be both a preparer and reviewer on the same task.
  • Following a task: you can follow a task and its review notes to receive notifications without being assigned to it.
  • Sign-off: marking your part of a task complete. See Signing off on tasks.
  • Role: the permission role a user has in CloseCore (Accountant, Manager, Admin, and others, including custom roles). See Roles & permissions.

Tagging & tie-outs​

  • Anchor / tag: the text #cc-[account number] you place in a workpaper so CloseCore reads that cell's balance. See Tagging accounts & journal entries.
  • Materiality threshold: the maximum allowed difference between the ERP balance and the workpaper balance for a reconciliation to be considered tied out.
  • Fixed balance: a reconciliation balance you set directly in CloseCore instead of tagging a spreadsheet (useful for clearing accounts). Can be combined with auto-signoff.

Sync & automation​

  • Sync: CloseCore automatically pulls your chart of accounts, balances, folders, and documents on a schedule you configure. Available sync frequency depends on your plan; you can also refresh manually. See Syncing.
  • Roll forward: carrying folders and tasks into the next month. Folders, checklist items, and reconciliations roll forward automatically; documents roll forward on demand. See Rolling forward.
  • AutoExport: pulling data (for example, a NetSuite Saved Search) into your workpapers automatically each month. See the NetSuite RESTlet guide.