Income & Expense Report

Income & Expense Report

How the Income and Expense Report is Populated



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To help you understand how the Income and Expense report is generated, here’s a breakdown of the process:

For Expenses:  An “Expense” will only reflect in the Income and Expense report when a Business Debit is posted (i.e. when an expense transaction is imported or manually posted to a Business Cashbook).

A Business Debit occurs in the following cases:
  1. When a debit transaction is recorded in a Business Cashbook
  2. When a Trust Debit is posted and there are sufficient Trust Credits available to process a Trust/Business transfer, converting it into a Business Debit
For Income:
  1. When fees/invoices are debited, they are included after the Trust/Business function is processed.
  2. If income is directly allocated to an income account, it also reflects in the report after the Trust/Business function is processed.
​
Important Note on Timing for TRUST EXPENSES:
  • The Trust to Business Transfer (TRB) function determines which month the income or expense item for TRUST appears in the report. 
  • For example, if the TRB is run on 3 March, the corresponding income/expenses will appear in the March report, even if the original transaction was earlier.
Important Note on Timing for BUSINESS EXPENSES:
  • The transaction date determines which month the income or expense item for appears in the report. 



How to access the Income and Expense Report


1. To access the Income & Expense Report, start by clicking on Accounting in the Main Menu.


2. Click on Company Reports.



3. Click on Company Analytics on the main menu.
4. Click on Income & Expense Report



5. Income & Expense report will open.



6.  Optional: Select date range.
7. The Income & Expense Report is split into two sections:
  1. Income - these are from fees debited.
  2. Expenses- expenditure ledgers
8. Export report as required


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