Get a complete record of all financial transactions for your chapter. The ledger is the master set of accounts that summarize all transactions recorded within your chapter.
A Balance sheet is a financial statement that summarizes the assets, liabilities, and equity at a specific point in time. It is one of the three core financial statements (income statement and Payments Received the other two) used for evaluating the finical health of a chapter.
Reporting Tab >Scroll all the way down to the Accounting Section >
Balance Sheet > Run.
Accruals are amounts of money that you know will come or go from the business. for example, It is a record of all the charges you invoiced during the date range you select on this report. It shows a snapshot of what your billing overview would be if you had a 100% collection rate.
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.