--------------------------------------------------------------------------------------------------------------------------Disclaimer: This article is only for the latest version of Zenoti Reports.
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If your business follows accrual-based accounting, you can reconcile your accounts using the Accounting Summary report. The sections in this report give you insight into your sales, liabilities, receivables, redemption, collections, which can help you in filing taxes.

Income 

The revenue generated by selling an item or by performing a service at the current center. The Sales section gives you the details that total worth of transactions done by your business

Use this section to file your income.

Cash-flow

The total payments(cash or cash equivalent) that your business has received from its ongoing operations.

Important: Depending on a business, the custom non-financial payments can be excluded from the cash-flow statement.

Use the Center Collections section to file your income.

Liabilities

Liability is the amount a business owes to its guests for the payment it has already received.  The liability is settled by providing a service or a product to the guest.

In the Accounting Summary report, you can view your liabilities under two sections: Liability and Center Redemption.

Use these section to file the increase or decrease in liability for the accounting period.

There are two ways to account for a transaction where price and value are not the same:

  1. Treat the difference between Price and Value as an expense.
    Example
    : A gift card worth $200 was sold at $100 and a product worth $200 was purchased using the gift card.
    - For gift card
      Liability of Gift Card (Value column) = $200
      Payment received for Gift Card (Collection column) = $100
      Expense = $200 - $100 = $100

    - For product
      Sales for product (Sales column) = $200
      Gift Card Redemption (Sales Realized column) = $100
      Expense Offset = $200 - $100 = $100
  2. Treat the difference between Price and Value as a discount.
    Example
    : A gift card worth $200 was sold at $100 and a product worth $200 was purchased using the gift card.
    - For gift card
      Liability of Gift Card (Sales column) = $100
      Payment received for Gift Card (Collections column) = $100

    - For product
      Sale of Product (Sales column)= $200
      Gift Card Discount = $200 - $100 = $100
      Gift Card Redemption (Sales Realized column) = $100

Receivables

Receivables is the amount the guests owe to the business for the service or product that is already purchased. This also includes the amount the other centers owe to the current center due to cross-center redemption.

Use this section to file the increase or decrease in receivables for the accounting period.

In the Accounting Summary report, you can view your receivables under three sections:

Use this section to file the increase for the accounting period.

Note: The receivables shown under this section are dues for the day. If we are pulling this report for a date range, some of this amount might be paid, which is captured under the Receivables - Paid section.

Use this section to file the increase in receivables for the accounting period.

Use this section to file the decrease in receivables.

Sales Tax

The amount of tax  levied to the guest based on the sale of services, products, and liabilities.

Use this section to file your taxes.

See Also

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