Help Topic: Income Statement
Q. What Is The Income Statement?
The Income Statement allows you to view your actual and accrued revenues, expenses, and taxes collected.
To view your Income Statement:
- go to ACCOUNTING > INCOME STATEMENT
- select your start date and end date
- click submit
The information for revenues, expenses, and taxes will appear in tables and charts.
The income statement can be used to understand your cash flow, revenue streams, and reporting taxes to the government.
Q. What Is Actual And Accrued Revenue?
Revenue colleced from services rendered can be described in two ways:
- actual revenue: revenue that comes into your business via payments from clients
- accrued revenue: revenue that comes into your business via saved or missed sessions.
Depending on your payment scheme (pay in advance, point of sale, pay later), your actual revenue may differ from your accrued revenue. The most important aspect of these revenues is to realize accrued revenue may not be secured. Accrued revenue is a good way to understand how much revenue your business may be generating at a given time. Only actual revenue represents revenue that you have collected.
Q. What Is The Difference Between Hourly And Salary Wages?
Within the income statement, there are two categories for salary, they include:
- Hourly Wages: wages that are paid out to practitioners based on saved or missed sessions. The practitioner is paid for their time based on the start and end time of the session. Practitioners are not paid for any other incidental work that may have taken place before or after the session.
- Salary Wages: these wages are paid to practitioners or staff based on information taken from timesheets. Timesheets are available for the Enterprise Plan only. Employees who use timesheets can be paid hourly salary or annual salary.
Since hourly wages comes from tracked sessions, and salary wages comes from timesheets, the two wage categories are given their own unique category within the expenses table.
Q. What Does The Location Column Mean For Taxes?
Within the Taxes Collected table, for the income statement, yiou can see the LOCATION and AMOUNT.
The LOCATION refers to the State / Province where the client resides. If you provide a service that is taxable, the collected taxes is categorized by State / Province. Most government institutions requires taxes to be collected at this regional level.
Q. How To Create A Billing Report?
The billing report provides an overview of accrued revenue from client sessions. It details the sessions attended, hours logged, and total amounts for services rendered. Please note that this report reflects accrued revenue, not revenue from payments received.
To create a billing report do the following:
- Click on ACCOUNTING from the main menu
- Click on RATES & REPORTS from the main menu
- Click on REPORTING from the main menu
- Across the top of the page, click on BILLING REPORT
- Select the DATE RANGE for the billing report
- You may collate the totals by service if you would like a breakdown of services for each of your clients. This is optional
- Click CREATE REPORT
- The report will load and you can choose to PRINT, COPY, CSV, EXCEL or download a PDF of the report. These options can be found at the top-right of the report.
Q. How To Create A Payroll Report?
The payroll report offers a summary of earnings for your practitioners and tutors over a specified period. It does not include the pay slip sent to each practitioner or tutor; rather, it reflects only their earnings during the selected date range.
To create a payroll report do the following:
- Click on ACCOUNTING from the main menu
- Click on RATES & REPORTS from the main menu
- Click on REPORTING from the main menu
- Across the top of the page, click on PAYROLL REPORT
- Select the DATE RANGE for the payroll report
- You may collate the totals by service if you would like a breakdown of the services rendered by each practitioner or tutor. This is optional
- Click CREATE REPORT
- The report will load and you can choose to PRINT, COPY, CSV, EXCEL or download a PDF of the report. These options can be found at the top-right of the report.
