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Forum Discussion

NicoleBruno's avatar
NicoleBruno
Valued Contributor
4 years ago

Process for closing entities

Hello! What is your process for closing entities? Do you rename them or mark “Is consolidated” as false or do something else to discontinue them? We’re working through creating an official proces...
Metadata
Methodology
mgreenberg's avatar
mgreenberg
Contributor II
4 years ago

We have 2 options: we have dormant (only BS balances but remain constant) or inactive (no balances/activity). For both of these we move them to an WF profile for entities that dont have inputs (wish this could be based on an effective date) and set write access to admin only. Then for dormant entities we have a business rule that copies the balances over each month since they never change (selection based on entities that have a specific value in a text field with effective date). Then for inactive entities set the in-use flag to false with effective date.