Closing the Day Detailed Steps
What is Close the Day?
Closing the day, finalizes the day’s business by confirming all loan transactions and completing additional accounting bookkeeping entries, for the cash drawers and checking account reconciliation.
Why is Closing the Day Important?
Closing the Day is important because, it creates the ability to capture and reconcile all loan and accounting transactions for each day of business. It brings the day’s business to an end properly and allows for the generation of a multitude of reports, used in auditing, and managing, all aspects of your loan business. How much cash did you end that day with? How much cash did you start the next business day with? Who was delinquent that day and for how long? Who did your staff call that day to collect past due amounts? Who should you solicit to come in and refinance their loan? How were you doing that day compared to a month ago, or on the same day a year ago? All these questions and many more can be answered by closing each business day properly through the software.