Year-End Closing
ITISeasy - Year-End Closing
The year-end closing (YE) in financial accounting is prepared at the end of each fiscal year. ITISeasy.business supports you in this process.
Annual Financial Reports
ITISeasy.business supports you as an ERP system in your accounting and year-end closing as well. Many processes are automated, running in the background without requiring your employees' intervention. See here how ITISeasy.business assists you with your fiscal year-end closing.
Define the Fiscal Year
Every company has its own fiscal year, whether it aligns with the calendar year or differs. You configure the fiscal year according to your company's needs.
The same applies to the periods into which the transactions should be incorporated.
To ensure that transactions are recorded in the correct periods, you can lock periods in ITISeasy.business when they should no longer be booked, or close fiscal years.
Account Overview and Balance
All goods and monetary transactions must be recorded and reflected in the chart of accounts. The chart of accounts in ITISeasy.business is particularly easy and practical to use with the quick search function for accounts.
The quick selection expands according to your choice, allowing you, for example, to quickly access revenue accounts in the "44" area. Here, you can also directly see the current balance of each account. Of course, a variety of reports are also available to provide you with real-time representations of operating results.
Inventory Valuation
Current stock levels or the value of goods in your warehouse naturally play a significant role in the year-end closing and must be determined as of the cutoff date.
ITISeasy.business supports you with ongoing inventory valuation and general inventory management, documenting every movement in the flow of goods and keeping your inventory up to date. Various options for valuation are available in the system, including fully automated processes. The inventory can be conducted with system support as well.
Alignment with Tax Consultant
Regarding all relevant closing or opening entries, provisions, or carryovers that need to be made, many companies collaborate with a tax consultant or handle their bookings in DATEV.
ITISeasy.business eliminates redundant work for you by allowing both the export of data from ITISeasy.business to DATEV and the import of data from DATEV to ITISeasy.business. This facilitates, for example, the incorporation of adjustments by the tax consultant or the transfer of closing entries.
If you Have Any Questions about the Odoo Accounting in ITISeasy.business, Feel Free to Contact Us.
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