The "Daily closing" refers to the process at the end of a business day where all transactions and activities of a company or organization for that day are completed and documented.
Typical functions of software in the "daily closing" domain include:
Transaction capture: Capturing all revenues, expenses, and other financial transactions that occurred during the day.
Payment verification: Verifying customer payments, including cash payments, credit card transactions, checks, or online payments, to ensure they have been correctly recorded.
Account reconciliation: Reconciling payments with the corresponding entries in the accounts to ensure that all transactions have been correctly recorded and there are no errors.
Calculation of income and expenses: Calculating total income, total expenses, and net profit or loss for the day.
Report generation: Generating daily reports or closing reports that contain a summary of all transactions and financial activities for the day.
Data archiving: Archiving Tagesabschluss data for accounting purposes, legal requirements, or for later review.
Security and data privacy: Ensuring the security and confidentiality of transaction data during the Tagesabschluss process to prevent unauthorized access or data loss.
Integration with accounting systems: Integrating the Tagesabschluss process with accounting software or other enterprise applications for seamless transfer of transaction data and simplification of accounting processes.
