What is Trintech Close Approval?

Definition

Trintech Close Approval is the structured review and authorization of financial close activities managed through Trintech or a Trintech-supported close environment. It helps finance teams approve reconciliations, journal entries, close tasks, exceptions, entity submissions, and reporting evidence before the books are finalized.

How It Works

Trintech Close Approval starts when a preparer completes a close activity and submits it for review. The item is routed to the correct reviewer based on account, entity, risk level, due date, value, or close responsibility. The reviewer validates the support, checks the balance or task status, adds comments, and records approval with a timestamp and decision trail.

For example, a reconciliation may move from preparer to reviewer to controller approval through a Multi-Level Approval Workflow before the account is marked complete in the close cycle.

Core Components

• Approval rules for reconciliations, journals, tasks, exceptions, and close packages.

• Ownership by preparer, reviewer, approver, controller, and entity finance lead.

• Status tracking for pending, approved, rejected, reopened, and escalated items.

• Evidence such as account support, comments, attachments, and variance explanations.

• Control alignment with Segregation of Duties (Close).

Role in Financial Close

Trintech Close Approval supports timely and controlled close execution by showing which items are complete, which are waiting for approval, and which require follow-up. It connects close tasks to owners, evidence, due dates, and approval status, helping controllers manage the close with stronger visibility.

It also supports Autonomous Close Management and Close Checklist Automation by linking task completion, approvals, exceptions, and sign-offs into one governed close structure.

Common Use Cases

Finance teams use Trintech Close Approval for account reconciliation review, journal approval, close checklist sign-off, late adjustment approval, intercompany review, entity certification, and reporting pack approval. A high-risk account may require additional review before final approval, especially when it affects cash, revenue, tax, debt, or equity balances.

Close approvals may also connect with adjacent activities such as Payment Approval Automation, Expense Approval Automation, Inventory Approval Workflow, and Customer Credit Approval Automation when transactions affect close balances.

Key Metrics

Useful metrics include close approval completion rate, overdue approval count, average approval time, rejected submission count, reopened item count, open exception value, and approval SLA achievement. These metrics help finance leaders see whether the close is ready for reporting or still waiting on material approvals.

For example, if 1,500 close items require approval and 1,410 are approved before the deadline, the approval completion rate is 94%. If the remaining 90 include key revenue, cash, or tax accounts, controllers may prioritize those items before final reporting release.

Audit and Control Readiness

Trintech Close Approval supports Close External Audit Readiness by maintaining approval evidence, reviewer comments, timestamps, and supporting documents in a traceable record. This helps auditors understand who reviewed each item, what evidence was used, and when approval occurred.

Recurring approval delays, reopened items, and late adjustments can also feed into Close Continuous Improvement reviews so finance teams can strengthen ownership, timing, and close quality over time.

Summary

Trintech Close Approval gives finance teams a controlled way to review and approve close activities, reconciliations, journals, exceptions, and reporting outputs. It improves financial reporting quality, audit readiness, cash flow visibility, and operational efficiency by making close approvals timely, traceable, and evidence-based.