Accrual accounting is a method of accounting that records:

  1. Revenues in the period in which they were earned and
  2. Expenses in the period in which they were incurred.

This report clarifies the relationship between revenue and expenses and provides better insights into profitability. Here’s what you need to know about this report:

Calculation Formula:

Beginning Balance + Invoice Amount (with Tax) + Late Fee - (Invoice Discount + Late Fee Discount + Advance + Applied Credit + Payment (with Tax)) = Ending Balance

To fetch the report, go to Reports from the side navigation menu and click Accrual Report.

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Select the Storage category, Location, Building, and the period for which the data needs to be fetched.

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Let’s explore each column and its meaning:

Beginning balance – Balance at the beginning of the selected period

Invoice Amount (without tax) – The accumulated amount of Invoices generated in the chosen period excluding the tax amount

Tax – Tax amount levied for the invoice

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Invoice Amount (with tax) – The accumulated amount of invoices generated in the selected period inclusive of the tax amount

Invoice discount – Discount amount applied on the invoice

Late fee – Late fee amount applied for the unit

Payment (without tax) – Amount of payment made on the invoice excluding tax

Payment tax – Amount of taxation in the payment made on the invoice

Payment – Total amount paid on the invoice inclusive of the tax amount

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Late Fee Discount – Discount applied on the late fee for the unit

AdvanceExcess amount paid in advance 

Applied CreditAmount reduced from the outstanding balance or specific debit item supposed to be paid

Transferred/Refunded – ‘Transferred’ refers to the excess amount paid in advance during transfer from one unit to another.

Refunded’ refers to the amount given back to the tenant pertaining to any previous purchase/transaction.

Ending balance – Balance at the end of the selected period

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