When can a procurement document be effectively closed?

A procurement document can be effectively closed when there are no pending activities associated with it. This means that all necessary tasks, such as delivery of goods or services, invoice processing, and payment, have been completed, and there are no outstanding obligations or actions that need to be taken. Closing a procurement document helps ensure that the financial records are accurate, that resources can be allocated to new procurement activities, and that the procurement process is effectively managed.

The other options do not represent the appropriate criteria for closing a procurement document. Strategic planning completion might influence future procurement activities, but it does not directly relate to the closure of existing documents. Being able to close procurement documents at any time during the fiscal year is overly broad and fails to address the specific conditions necessary for closure. Additionally, prior budget approvals play a critical role during the procurement process but do not dictate when an existing procurement document can be closed.