Date Driven
Omni Accounts is a completely date-driven system. This means that all processes are governed by the date entered into the system.
A financial year, like a calendar year is divided into periods, similar to months. This allows owners, managers, investors and other similar stakeholders to compare the company’s current performance to past periods and annual figures.
In terms of month and year-end procedures, Omni Accounts offers a very user-friendly and intuitive month and year-end procedure.
Essentially what happens when processing a month or year-end in Omni Accounts, is that Omni Accounts makes your current Financial Period/Year your previous Period/Year and your next Financial Period/Year becomes your current Financial Period/Year.
Likewise the system archives your current budgets and brings your future budgets into the current period/year.
Because the Year End needs to be processed in order to continue to process, Year-End Adjustments provided by your accountant can be entered into the system via the Year-End Adjustment Mode and this can happen after the Year-End has been completed.
Adjustments entered in Year-End Adjustment Mode are flagged as Year-End Adjustments. This means that you can print Financial Year-End Reports either inclusive or exclusive of the adjustments received from your accountants which you have entered under Year-End Adjustment Mode.