Revenue is the heart of all business performance. we, 6storage always wanted to be like an oxygen to support your business. As we are aware that the way revenue is recorded and reported is also important for any business. Here is a report that records the revenue when invoice is created and not necessarily when cash is received. This type of revenue recognition falls under accrual accounting principle.
In other words, the revenue earned is recognized on the company's accounting books regardless of when cash transactions have occurred.
Most importantly, this report shows the period revenue of an invoice based on the period selection.
The Revenue summary displays the summary of various sources of revenue for a selected period. There will be a deferred revenue column which is Total invoice - Period Revenue of any invoice. Which is nothing but the unused period revenue.
What does each column on this report denote?
- Invoice amount- Total invoice amount
- Period Revenue- Revenue recorded for the selected period
- Deferred Revenue- Invoice amount- Period Revenue
- Late fee- Whenever a late fee is applied against the invoice it will be shown in the late fee column.
- Deposit- All deposit amounts will be shown in the deposit column
- Refunds- If any refunds occurred against the invoice it will be shown in the refunds column
- Credit- If any credit is applied against the invoice which will be shown in the credits column
- Discounts- Discounts applied to any invoice which will be shown in the discounts column
- Approximate total- All the period revenue for the selected period will be shown in the report.
Sample Report on 6Storage: