Financial Periods Tour Using the Balance SheetThe software features a real-time, fully integrated General Ledger. It operates silently in the background while you're going about your everyday business activities.
Because it operates in real time, meaning no batch processing or double data entry, it is always up-to-date and always in balance.
The software protects your company's critical financial records by keeping two completely distinct sets of records. For details be sure your read the topic titled The software's Dual Financial Records.
With SQL Server as your back-end database, you'll never need to worry about the size of your database. To put this in perspective, think of the hard disks on the software's server as being a mile long, and your database taking up about 1 foot of it...
This allows us to keep many years of historical data available in your company's database.
For this reason, in the software you do not have to 'close' months, quarters, or even years.
Not having to close financial reporting periods allows you to print a Balance Sheet at any time, for any specific historic date, and it will show you the value of your business on that date. Or you may print an Income Statement at any time, specify any reporting date range you would like, and you can see the change to the value of your business for the specific historical period.
The software does not "record" your fiscal year end date in the software. Instead, every time you run financial statements everything prior to that date is carried forward. So if you run a Balance Sheet starting May 1st, the retained earnings will be the total earnings prior to May 1st. The current earnings will be the total earnings for the date range you specify for your Balance Sheet.
Financial Periods Tour Using the Balance Sheet
For a guided tour, you can view the General Ledger tour on the Protractor website.