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24.6. Reports for Bookkeeping

The financial reports in Arctic Reservations are meant to provide easily extracted and usable data for entry into a bookkeeping system of choice. This article is meant to highlight the two primary ways of using Arctic reports to update your bookkeeping records.

Accounting Method: Cash

For cash-based companies, the "End of Day Balance" report is the primary resource for updating bookkeeping data. This report will provide a summary of income collected (cash flow) and an application of that income to appropriate income and liability (tax, etc) accounts.

The "End of Day Balance" can be run daily, weekly or as desired. It will include transactions during the specified date range. When running the end of day balance report, it will also highlight potential days where there are new or updated transactions. Rerunning the report for a previous date will cause Arctic to only highlight those entries that have changed, making it easy to go in and revise previously recorded transactions.

Accounting Method: Accrual

There are two different reports that should provide a complete picture for financial purposes.

First, either the "Financial Summary" (by transaction date) or the "End of Day Balance" report can be used to capture information about cash flow. That is, the transactions summarized in these reports represent the journal entries between accounts receivable and your bank accounts (assets). The "End of Day Balance" report is often a good option as it generally summarizes data in a way that will align with bank account deposits and the account information can generally be disregarded.

Second, to capture the actual accrual of income, use "Financial Summary" (by accrual date) to get a summary of accrued sales. The transactions summarized in this report represent the journal entries between accounts receivable and your income accounts. This report does not need to be run as often. Depending on how frequently you need accounting data, it can be run monthly during your season (when income is accruing) or just at the end of the season.

A few tips for inputing the accrual data:

* Be sure canceled activities are fully zeroed out, there should be new balance left on the invoice.

* Note that the accrual report won't show you what information has been changed. As a result, it's easiest to run it retroactively. Otherwise, you can manually compare the accrual report with previous journal entries to see which need to be updated.

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