Page 2 of the reconciliation page shows the financial activity that will be captured on the Reconciliation:
- Income, Expenses, Payments, Accounts Receivable, Sales Tax and Balance Sheet activity
Income Summary
- Income is recognized when an order is completed or when a completed order is voided.
- In these instances revenue will be recognized in the appropriate income accounts. Each income account that has revenue will be shown along with the amount.
- If you click the Income Summary link the details window will open.
Expense Summary
- Bad Debt: the total of Bad Debts payments
- In-Store Credit: Total of manual additions or reductions of in-store credit.
Payments Received
- The total amount of payments entered is displayed for each payment type.
- Cash, Check, EFT, Credit Cards, Other and Refunds reflect the amounts that affect your bank account.
- Refunds, regardless of payment type, will be shown on the refunds row.
- In-Store Credit shows payments made toward invoices using available In-Store Credit. This amount should not affect your bank account.
Balance Sheet Information
The balance sheet section provides a snapshot of your Asset and Liability values. There are two columns:
- Change: The change in value between Previous Reconciliation Date and This Reconciliation Date.
- Current: The current value as of This Reconciliation Date
Assets
- Undeposited Funds: The value that will reflect in your bank account. The value matches SubTotal in the Payments Received section.
- Accounts Receivables: The amount your customers owe you.
- Orders in WIP: The total of orders with a WIP order status, not including sales tax.
- Order in Built: The total of orders with a BUILT order status, not including sales tax.
Liabilities
- In-Store Credit: The amount of credit that your customers have with your company.
- Deposits: The amount of payments made toward an order that has not yet been completed. When an order is completed the liability is reduced.
- Orders Not Complete: The total of orders with a WIP or BUILT status, not including sales tax, that the company has committed to produce.
- Sales Tax: The change for this reconciliation period. Generated when an order is completed or when a completed order is voided.