Understanding The Different Financial Reports
In Time To Pet there are three primary financial report types: Revenue, Payments and Sales all of which can be found in Reporting.
These reports offer similar data about your company's financial performance but have subtle differences that make each report more suitable than the others based on what results you are looking for and how you want to analyze your company's performance.
The Revenue report uses an invoice's line Items as its underlying data source with any invoice's pro-rated discount applied. The date on each individual line Item will be taken into account and the invoice's date will not be considered.
Revenue report does not include taxes or tips.
The Payment report uses payments recorded in your account as its underlying data source but will only report on the amount of each payment that has been applied to an invoice. The date recorded on the payment is considered, not the date of the invoice it is applied to.
For example, if you have a payment of $100 from May 2018 that is only applied to an $80 invoice, the Payments report will only show $80 in its report.
The Sales report considers invoices as a whole and will take into account either the Invoice Date or the Invoice Due Date (you are given the choice when generating the report). You can also choose to only include invoices that are completely paid or all invoices in this report.
The sales report will report on Taxes, Tips, Discounts and Paid Amount.
Wrapping It All Up
To bring it all together, let's consider an example invoice.
Due Date: May 1, 2018
April 29th, 2018 - Dog Sitting - $20
April 30th, 2018 - Dog Sitting - $20
May 1, 2018 - Dog Sitting - $20
Total Due: $54.00
Payment applied on May 1, 2018 in amount of $54.00
- Revenue Report for April 2018 will be $36 ($40 minus 10% discount)
- Revenue Report for May 2018 will be $18 ($20 minus 10% discount)
- Payment Report for April 2018 will be $0
- Payment Report for May 2018 will be $54
- Sales Report for April 2018 will not include Invoice #1
- Sales Report for May 2018 will include Invoice #1.