We've implemented a few new functionalities for the accounting system that we wanted to walk you through!

Some of the things we've updated:

  • 1099 Reporting

  • Accounting in the new reporting system

  • Profit and Loss by Month Report

  • Cash Flow Report

  • Unreconcile All button in reconciliations

  • Deal balance breakdown display for customer/lienholder separately

  • Fiscal Year Support

  • Appropriate calculation of net profit and retained earnings

  • Brokered deal profit calculation improvements

  • Opening Balance Warnings

1099 Reports

We've introduced a new 1099 Reporting system that allows you to print out 1099s to send out in January. We've written a detailed article walking you through the process, so be sure to read through that!

New Reporting System

We've added the most common Accounting reports to the new reporting system!

This allowed us to add some exciting functionality that now allows you to click into most numbers on each report to see what values contribute to that amount! Go run a new accounting report and click the blue numbers and you'll see the transaction view now!

Profit and Loss By Month

In the new reporting system you can now generate a profit and loss by month to see your month over month performance.

Cash Flow Report

You can now access a cash flow report that will show your total cash movement during a given period. This is a powerful report that allows your dealership to manage cash flow effectively, and since cash flow is such a challenging thing in the automotive industry this allows you to keep a close eye on it regularly!

Unreconcile All button

You can now unreconcile all transactions in a reconciliation so you can start over!

Deal Balance Breakdown

You can now see an itemized balance breakdown for the customer, lienholder, and lessor on each of your deals so you can see why the balance is what it is.

Fiscal Year Support/Retained Earnings

You can now set a fiscal year for your accounting system if it is different from the standard calendar year.

Retained earnings and net income now calculate based on your current fiscal year, so it doesn't change based on the date range of your balance sheet.

Brokered Deals

Brokered deals will now calculate all amounts received (taxes, title fee, etc.) as profit in your calculations so that you can see a true profit on your deal profit breakdown and in reporting after you've paid all of those amounts to the brokering dealer.

Opening Balance Warnings

Throughout the system you will now see a warning if the transaction your looking at is prior to the accounting start date. This is important as it will show how/whether the transaction will affect the accounting system.

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