Income & Expense Report

Income & Expense Report

How the Income and Expense Report is Populated



Info

To help you understand how the Income and Expense report is generated, please see the breakdown below:

Expenses

An expense will only reflect in the Income and Expense report when a Business Debit is posted.
This means the expense must be recorded in the Business Cashbook, either through an import or a manual posting.

A Business Debit can occur in the following ways:

  • Business Cashbook
    When a debit transaction is recorded directly in the Business Cashbook.
  • Trust Cashbook
    When a Trust Debit is processed and there are sufficient Trust Credits available, the Trust to Business transfer (TRB) will convert this into a Business Debit.

Timing of Expenses

  • Trust Cashbook (via TRB)
    The date on which the TRB is run determines the reporting month.

    Example:
    If the TRB is run on 3 March, the expense will reflect in the March report, even if the original transaction was recorded earlier.

  • Business Cashbook
    The transaction date determines the reporting month.

Income

Income is recognised as follows:

  • Trust Cashbook
    Fees and invoices are included in the report once the Trust to Business transfer (TRB) has been processed.
  • Business Cashbook
    Income is recognised when it is directly allocated to an fee type account (e.g. INC001) within the Business Cashbook.


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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