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Planview Customer Success Center

Month Locking

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Overview

The Close Fiscal Month feature allows PSA organizations to lock financial and project data for a specific fiscal period, ensuring accuracy, consistency, and auditability at month-end.

When a fiscal month is closed, all actuals for that period are finalized and locked, including:

  • Cost (internal cost derived from timesheets, expenses, and cost rates)

  • Billing (billable amounts calculated based on billing rules and rates)

  • Revenue (recognized or accrued revenue, depending on the revenue model)

Once the month is closed, these values cannot be edited or recalculated for the locked period. This prevents retroactive changes—such as late timesheets or rate updates—from impacting closed financial results, project margins, or customer invoices.

Closing a fiscal month is typically part of the PSA month-end close process, performed after timesheets are approved and billing and revenue calculations are completed. If changes are required after a month is closed, the system preserves the locked data and records the financial impact as adjustments in a subsequent open fiscal period, maintaining a clear audit trail.

The Close Fiscal Month feature helps align Finance and Project Management teams by clearly separating open and closed periods, while still allowing controlled corrections without compromising financial integrity.