Financial Close is the section in Syft where you manage the accounting adjustments that sit between your raw data and your final month-end numbers. Instead of juggling spreadsheets, manual journal entries, and separate reconciliation files, everything lives in one structured place.

To navigate here, go to Financial Close in the left-hand menu of your entity or consolidation. Depending on whether you are in a single entity or a group, you'll either see Review or Eliminations as the first subheading. Review is not available in any consolidation or multi-entity view as it is entity specific.

Single entity

Multi-entity

The following sections and tools are included in Financial Close:

Review

Enhance your data integrity with Syft's Review tool. You can view the collection of articles related to Review here.

Adjustments (for all entities)

Eliminations (for the purposes of multi-entity work)

Remove intercompany activity from consolidated financials, and ensure the integrity of all eliminations using Balance Check and Impact. Have a look at all the resources related to multi-entity work here.

Journals in Syft allow you to edit the numbers across most of Syft’s reports. Journals will post a transaction entry into the transaction list.

Navigate to "Adjustments" > "Journals" to add or manage journals.

You can view all the journals you've posted on this page; complete with the date that each journal was created, the journal number and value as well as whether the journal was posted or if it still exists as a draft. Use the toggle highlighted to enable or disable a specific journal.

On the far right, you have the option to edit, duplicate, reverse or delete any journal displayed on the page. To view your journal in more detail, click on the arrow next to the journal name to expand.

Click on “Add journal” to add an entry. Here, enter the date, account, description, debit or credit amount and a tax code. Once you do have journals, the table above will populate with your journal entries.

You can either post single journals or multiple journals at a time by toggling between the "Single" and "Multiple" button. Additionally, get Syft to balance your journals for you by clicking "Auto balance"! You can save the journal as a draft by clicking on the "Save Draft" button, or click on the "Post" button to post the journal.

You have some optionality, such as adding multiple rows. If you're doing multiple debits and credits, you've got the option to add additional notes to the journal for that background information on what the journal was for. You can give it a description.

Click on the "Options" button above the table next to "Add row" to:

Revenue recognition journals are used when your business receives cash in advance but hasn't yet earned the income. Common examples include:

Under accrual accounting, cash received doesn't equal earned revenue. You should only recognize income in the period you've actually delivered the goods or services.

When you set up a revenue recognition schedule, Syft first records the upfront cash receipt as deferred revenue on the balance sheet and then reduces that liability each month as the service is delivered, recognizing the relevant portion as revenue in the P&L.

To set up a revenue recognition schedule, follow the following steps:

The prepaid expenses functionality can be used when your business paid for something upfront but will only receive the benefit over time, for example:

When accrual accounting is used, you should only recognize the expense in the period you actually consume it, not the period you paid for it, and recording the full amount on the income statement in month one would distort your P&L.

Syft's prepaid expense journals solve this by letting you set up a schedule that automatically spreads the cost across the relevant periods.

When you set up a prepaid expense schedule, Syft will record the upfront payment as a prepaid expense asset on the balance sheet and then gradually reduces that asset each month by recognizing the relevant portion as an expense in the P&L.

You can set up a prepaid expense schedule by following the following steps:

Reallocations allow you to redistribute income or expenses to the correct operational owner, ensuring your income statement accurately reflects where costs and revenue belong. This is particularly useful when a central entity pays costs on behalf of others in the group; shared overheads need to be split across divisions; or payroll is centralized but staff work across multiple entities or departments.

Syft allows for two types of reallocations, being: entity reallocations (moving income or expenses between two entities in a consolidation), and divisional reallocations (moving income or expenses between divisions in a single entity).

Entity reallocations are used in a consolidation to move costs or income between entities. These reallocations can be used for intercompany recharges, management fee allocations, overhead absorption journals, or cost centre apportionment.

Rules are created at the consolidation level, but journals post directly into the underlying entities' books, not as a consolidation-only adjustment. This means:

Rules can be set up using either

In situations where multiple currencies are noted, the allocation is first calculated in the consolidation currency and then distributed. Journals are posted in each entity's local currency. These translations can result in foreign currency differences in the consolidated view.

Entities can see the reallocations that have been posted to their books in their own entity view. This is a read-only interface — rules cannot be created or edited here. However, entities can use toggles to include or exclude individual reallocations from their own reporting, without affecting the group consolidation.

This is useful when a parent company's management fee allocations are necessary for group reporting but distort the standalone P&L of a subsidiary.

Divisional reallocations redistribute values between divisions within a single entity. No intercompany entries are created and everything stays within the entity's accounts. These reallocations can be used when you need to account for shared services, or when costs need to be allocated across different product lines or regions.

Divisions can toggle reallocations off in their own view without affecting entity-level reporting. The same rule types are available in entity and divisional reallocation.

Every reallocation has a from account (decreased) and a to account (increased). The debit/credit direction will be determined by the natural balance of the from account. For example, if we are reallocating from an expense account elsewhere, that specific expense account will be credited, and the to account will be debited.