Since many of our clients are about to close their fiscal year, it’s a good time to make sure you know about a unique AccountMate feature which gives you increased functionality and better visibility than you may be used to seeing in other financial management systems.
Many mid-tier accounting packages provide twelve fiscal periods (one for each month). Which means before closing the current fiscal year you have to wait for final auditing entries for depreciation, classification of capital purchases during the year, etc. Another negative of many systems is that the correcting entries must be posted into the last period of the fiscal year—completely obliterating what actually happened in that period when you look at the income statement.
Contrast that with AccountMate which, subject to posting period restrictions, lets you post anywhere within the 36-month window of the last, current, and future fiscal year—and it even automatically “rolls forward” any entries made to the prior fiscal year.
Even more impressive is that AccountMate provides a “magic 13th period,” called Prior Year End Adjustment, to which you can post correcting Journal Entries and not obscure the results of your last fiscal period of the prior year. In order to hit this period for 2023, you must have closed that year and be in 2024—but with the ability to post back there’s no downside to closing 2023, and all the upside of being able to make your correcting entries while still having a perfect picture of what happened in the 12th fiscal period.
So, if you’re a little nervous about closing 2023, then don’t be. AccountMate is designed to accommodate closing the fiscal year and then posting correcting entries—and doing it to the magic 13th period! As always, feel free to reach out to iSOFT with any questions.