Deal Pack Blog
Tackling Year End
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 firstname.lastname@example.org