Accrual accounting is a method of accounting that records:

1. Revenues in the period in which they were earned and
2. Expenses in the period in which they were incurred.

This report clarifies the relationship between revenue and expenses and provides insights into profitability. Below are report details.

Calculation Formula:

Beginning Balance + Invoice Amount (with Tax) + Late Fee - (Invoice Discount + Late Fee Discount + Advance + Applied Credit + Payment (with Tax)) = Ending Balance

The report can be pulled in Reports/Financial & Accounting Reports/Accrual Report.

Select the Storage category, Location, Building, and the period for which the data needs to be fetched.

The report can be viewed in 6Storage by clicking on Get Report or Exported to a pdf or xlsx.
 

Report columns are defined below:

Beginning balance – Balance at the beginning of the selected period, if any.

Invoice Amount (without tax) – The accumulated amount of invoices generated in the chosen period excluding the tax amount

Tax – Tax amount levied for the invoice, if any.

Invoice Amount (with tax) – The accumulated amount of invoices generated in the selected period inclusive of the tax amount

Invoice discount – Discount amount applied on the invoice, if any.

Late fee – Late fee amount applied for the unit, if any.

Payment (without tax) – Amount of payment made on the invoice excluding tax, if any.

Payment tax – Amount of taxation in the payment made on the invoice, if any.

Payment – Total amount paid on the invoice inclusive of the tax amount, if any.

 Late Fee Discount – Discount applied on the late fee for the unit, if any.

Advance – Excess amount paid in advance, if any.

Applied Credit – Amount reduced from the outstanding balance, if any.

Transferred/Refunded – ‘Transferred’ refers to the excess amount paid in advance during transfer from one unit to another, if any.

‘Refunded’ refers to the amount given back to the tenant pertaining to any previous purchase/transaction, if any.

Ending balance – Balance at the end of the selected period