Report Catalog - Pre-Pays

Report Overview

This report provides an a complete list of unapplied pre-payments that have been received as of a date that you specify. Results are sorted by revenue types

Benefits

Accepting up front money is accounting problem that, if not handled properly, could come back to bite you in the wallet, depending on whether your organization is on the cash basis of accounting or the accrual basis.

Put simply, the cash basis means that revenue is recognized when money is received from customers and expenses are recognized when money is paidout. But the accrual basis means revenue is only recognized when earned – when product is delivered to you members or services performed. Expenses are then recognized when incurred (on your accounts payable list). 

How to Run

From the File Menu, choose Reports > Revenue Reports > Accounts Receivable Reports > Pre-Pays
 
Upon running the report, it will prompt you for the following parameter(s):
  • AsofDate (AsofDate) - Select an as of date for which you would like to see payments

 Results

Here is a sample of the report's output:
reports_revenue_prepays_results.gif
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