Profit Loss /Report in Accrual Accounting:
Find out how much money you Billed (income) and money you intended to spend (expenses) vs. what you have budgeted for. Discover the overall net income for your chapter.
Accrual Reporting- This will show you reporting for everything you billed to give you a hypothetical 100% collection rate from your member's dues and fees in addition to having the exact expenses you budgeted for.
Reporting Tab >Scroll all the way down to the Accounting Section >
Profit/ Loss Accrual Report > Run.
When you add a charge on greekbill it is coded to a COA " Chart of Account" on the flip side if you track your expenses on greekbill you have the ability to code them to an expense COA. This report shows a list of all your Income accounts (top of the report) and expense accounts (bottom of the report). greekbill is set up to be integrated.
The Profit/Loss Cash Report lists the chapters totals of:
- Everything Billed - Listed out by COA (Income and Expense)
- Everything collected- Listed out by COA (Income and Expense)
- What was Budgeted for the term
- Difference between the Budgeted amount and Collected amount
This report lets you easily identify if you have a Deficit or Surplus within the budget. Knowledge is power, knowing your chapter's finical health will help make smarter finical decisions. This Report makes it very easy to see how you are doing on your budget.
Knowing that...
- Puts You In Control of Your Money
- Ensure you get control of debt or avoid future bad debt
- Helps you be prepared for unexpected emergencies
- Enables you to track financial goals
Note: If you click on the hyperlink of the totals, it will populate an income breakdown of all the charges or payments that were calculated for that total.
Note: (Accrual – VS Cash) The main difference between cash and accrual accounting is the timing of when revenue and expenses are recognized in the books.
- Cash accounting records revenue when money is received (Actually Collected) and expenses (Actually Spent) when money is paid out.
- Accrual accounting records revenue when it is earned and expenses when they are incurred (Billed but not necessarily collected yet). If your chapter collected 100% of all charges assessed, that would mirror your accrual reports.