Once the Accounting team finishes closing the books, it’s time to update your financial statements.
Cube makes it easy to prepare your month-end closing package.
Step 1: Update Source Data
Since Cube maintains your data rules for consolidation and mappings, the first step is to login into Cube to update any new accounts that may have been added in the past month.
Click on Source Data in your Cube Web Portal to get started.
- Resync the connection.
- Map new accounts to Cube Dimensions.
- Import the past month.
Step 2: Tie Out the Data
Compare month in the system source to Cube to capture discrepancies and ensure accuracy. If this is your first time doing this with Cube, see our article on how to tie out data.
Sometimes discrepancies may lie in formulas; while some will automatically update, others may need to be recalculated. Learn how to recalculate a Formula.
Step 3: Make Changes
Once data is tied out, next, compare the data between what you budgeted/forecasted and what actually happened.
If any changes are being made to your plans or budgets, update the values and Publish the data back to your Cube.
See how to publish data to Cube for detailed support.
Step 4: Update Forecast(s)
Now that you're data is tied out and changes are accounted for, update any forecasts to account for changes.
For example, if there were a change in expenses or otherwise, you'd want to update your rolling forecast.
- From Cube Web Portal, select Dimensions and then the Scenario tab.
- Click Merge Scenarios to overwrite existing values with your actuals data.
If you're tracking historical forecasts, duplicate your Scenario first.
Step 5: Finalize Month-End Close Package
Now that you have everything ready to go, you're ready to package and share your updated financials.
If you have decks that include forecasts, update them to show the changes and drivers behind them.
If you've yet to templatize your month-end close package in Cube:
- From the Add-On, under Publish select Template and give it a name.
- Determine if you'd like to share access with other Cube users
- Select Publish Template
- Link or embed your workbook in your presentation