Overview
If an account is closed at the bank, users can now mark it as “closed” in Trovata on the balances page and set an official close date, ensuring that both systems stay in sync. This will automatically hide the account from the balances page, while retaining the balance and transaction data for historical reporting and analysis queries.
Additionally, managing closed accounts can have broader implications for other reporting and forecasting modules. It is advisable to understand the interplay between account status and these analytics tools to fully leverage Trovata's capabilities.
Prerequisites
In order for a user to mark an account as closed, they must:
1) Be entitled to the applicable account under "Data Resources" in user settings.
2) Have the appropriate account permission called "Mark an Account as Closed" in user settings.
3) Make sure the "Actions" column is visible in your accounts table on the balances page.
How to mark an individual account as closed from the Balances Page
Step 1) Go to the balances page and find the account you would like to close in the table.
Step 2) Click the three dots under the "Actions" column and select "Close Account". This will open a window titled "Confirm Account Closure".
Step 3) In the Confirm Account Closure window, set the closing date of the account. This date should match the official closure date in your bank portal.
Step 4) After reviewing the closing date and the account details, click "Close to complete the process.
NOTE: After the account is marked as closed, it will be removed from the Balances Page, but the data will still be available in reports and analysis.
Moreover, keeping a closed account ensures its data remains part of historical actuals used for trend analysis. If accounts are removed, they will no longer serve as reference points in reporting and forecasting.
If you need to reopen the account for any reason, please contact our customer support using the chat widget in the bottom right corner of the page.
How to mark multiple accounts as closed from the Balances Page
Step 1) Go to the balances page and locate the account group you would like to close in the table.
Step 2) Click the three dots in the far right side of the row and select "Bulk Close Accounts". This will open a window titled "Close Accounts".
Step 3) Select the individual accounts from the group you'd like to close, or select the top checkbox to choose all. Then click "Close Accounts"
Step 4) In the Confirm Account Closure window, set the closing date of the accounts. This date should match the official closure date in your bank portal. Note that accounts with different closure dates should be closed individually.
Step 5) After reviewing the closing date and the account details, click "Close" to complete the process.
NOTE: After the account is marked as closed, it will be removed from the Balances Page, but the data will still be available in reports and analysis.
If you need to reopen the accounts for any reason, please contact our customer support using the chat widget in the bottom right corner of the page.