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Process for closing entities

Contributor II


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 process for closed entities so I was wondering how other folks deal with clearing out RE or other account calcs or otherwise officially close entities.

Appreciate any input! Thanks!


New Contributor II

I think the In Use setting is probably the best option. It allows for setting the Varying Properties to start the In use=False at a specific period.

This from from the Platform Guide:
If set to False, this can turn off the ability to use an Entity based on Time. This keeps historical data available. This is designed to be used when an Entity becomes inactive or is sold. Once an Entity is no longer in use, it will be ignored during consolidation and all intersections including this Entity will be invalid.

New Contributor III

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.