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Phase Reporting Periods can be closed by PMs at the end of each month to prevent changes to historic actuals impacting their project costs and revenue. As a Phase Reporting Period is closed, Precursive takes a Snapshot of the Phase Actual Financials during that Period and it recalculates the Forecasts based on the changes that were made to its Bookings.

Services Leaders can close the overall Reporting Period at the end of each month once all Timesheets have to be submitted and approved for that month (please see How to Close a Reporting Period for more information). However, PMs have the possibility to close their Phases Reporting Periods to be able to report on actuals and track their progress.

Closing a Phase Reporting Period only affect the Phase and it be closed by the PM. Reporting Periods close all Phase Reporting Periods at once and can only by managed and closed by Super Users only.

How to Close a Phase Reporting Period

In order to be able to close a Phase Reporting Period, the Timesheets of its Participants for that month must have been all submitted and approved and Timesheet Periods must be closed. If Timesheet Periods haven't all been closed before closing a Reporting Period, you receive an error. You can close both Phase Timesheet Periods and a Phase Reporting Period from the Phase Reporting Period record. Here's how:

1. Navigate to the 'Related' tab of your Phases and to the Reporting Period for the current month. There you can find a list of all the Timesheets Period for that month.
2. You can then use the drop down arrow at the end of each line to edit and close these records.
3. Tick the 'Closed' checkbox to close Timesheet Records. Note - If not all Participants' Timesheets for that week have been submitted and approved, you receive an error similar to the one above.
4. Once all Timesheet Periods have been closed, you can tick the 'Closed' checkbox on the Phase Reporting Record to close that Period.

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