By Amir Dabiri - December 18, 2019
Does Year End feel like a daunting task? With Year End approaching it is essential to be prepared and know what processes to follow to ensure closing the year is as simple as possible. “Fiscal Year-End” refers to the completion of one accounting period which is used for the calculation of annual financial statements. The Fiscal Year End setup in DealPack Pro is defaulted to December but can be changed if needed. All months must be closed until the fiscal year end in order to effectively close the year.
In order to close your months, DealPack Pro provides a Bank Reconciliation module, financial statements and subsidiary schedules. DealPack Pro also provides useful subsidiary reports including but not limited to a balance report to track receivables, inventory reports to track active inventory, unearned reports to track unearned discount/interest, and payable reports to track unpaid invoices. These reports are vital to keep everything consistent with your month end financials.
If pulling these reports appears to be too cumbersome, DealPack Pro also offers an additional feature called the DMS Dashboard. This will store month end snapshots of your main reports at month end so that individual subsidiary balances can be viewed from prior months. If you would like more information on how to integrate DealPack Pro with the DMS Dashboard or need assistance with your Year End processes, contact one of our Account Specialists today! We can be reached toll free at 1(800) 526-5832 or via email at support@abcoa.com
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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