Differences between Close and Finally Close Purchase Order

Summary

Release unused Budgetary amounts from Purchase Orders

Content

Hi,

What are the differences between Close and Finally Close of a Purchase Order.

We are using Auto close Purchase order based on receipt and invoice close tolerance points. This will only close the PO and not finally close. Is there a way we can automatically finally close a PO ?

We use Encumbrance too.

To release unused budgetary amounts, we need to finally close a Purchase Order.

Is the 'Close Schedules using Spreadsheet' the only option to mass finally close purchase orders ???

Public sector customers, please pitch in and share how you are handling the Purchase Order close process.