Eliminate Errors By Reopening Closed Accounting Periods

AccountsMaintaining complete control and visibility of company finances is something that is crucial for all businesses. With financial data playing a key part in many major business decisions, it is important that accounting processes are robust and able to provide clear, accurate information at all times. However during the everyday management of accounts, without the right solution in place it can be quite easy for errors to slip through the net.

One common way in which these mistakes occur often comes as a result of businesses closing off an accounting period prematurely. Often records can be missed or mistakes made when accounting periods are closed, leaving staff with no way to correct this information. This results in management reports produced for that period having incorrect totals, leaving businesses without the accurate financial data and cash flow information they need. If these issues aren’t rectified, there is the potential for key business decisions to be made from invalid data.

Accounts reportsBenefit From Extensive Accounting Functionality

The comprehensive, ICAEW Accredited OrderWise Accounts module is already helping businesses manage their accounts in an extremely accurate and tightly controlled manner. As standard this includes functionality to manage the nominal, sales and purchase ledgers, budgets, assets, stock journal, chart of accounts, online VAT returns, cash flow forecasts, automated posting and much more.

Now extending this functionality in version 11.9 of OrderWise, the ability to reopen accounting periods once they have been closed has now been added. This has been facilitated by a new editable ‘override open’ column in the accounting form. Offering a checkbox, permitted users will be able to simply tick the option to change the status of the period from closed back to open, allowing mistakes to be easily corrected and late records quickly added. A useful message will also pop-up to notify the member of staff that the information on reports may have changed, reminding them to run these reports again in case they have already been produced for this period. If an accounting period is indeed reopened, this change will also be recorded and can be traced back within the audit trail.

Thanks to this great new feature to reopen closed periods to rectify errors as well as post late-arriving invoices and credits, businesses using OrderWise Accounts are now able to benefit from having an added safety net on their accounting periods. Through this, OrderWise Accounts users can ensure that their period-end reports are always produced with accurate, up-to-date information so that key decisions can be made with absolute confidence.

For more information on OrderWise Accounts, you can visit our dedicated page HERE.

To discuss your requirements in more detail contact us today on 01522 704083.