Introduction
Closeouts reconcile the financial information for periods in a fiscal year. You can perform period closeouts to finalize the financial records of a fiscal year. Much like your accounting software, Auction Master allows you to close-out periods on a monthly basis. Auction Master also allows you to define the closeout periods - which allows you to close out weekly if desired.
Performing Closeout
Setting Period
Before you can close a period, you must first set the date you wish to close from the last closeout period. Again, you can choose to do this weekly or monthly. Once the date has been selected, you must then click the "Evaluate Period" button.
You will then be prompted with a new window/tab directing you to review a list of any pending arbitrations or inspections. You will also get a notification asking if you wish to close these pending arbitration requests and set them to no sales.
Performing Closeout
Once you have evaluated the period and determined the outcome of pending arbitrations and inspections, the "Perform Closeout" button will become enabled. You will click this button.
You will then be prompted to confirm you wish to close this period.
Conclusion
Once a period has been closed, it cannot be edited without accessing it and clearing it in the "Clear Last Close Out" module. It is also susceptible to edits made by completing car returns for vehicles sold in the closed period.