There are several accounting reports that can be ran within the system and based on the operational workflow the use of these reports may vary. This article is meant to provide a sane set of defaults to start with for an accounting team to reconcile Rentanium with your accounting system of choice. Below are the series of reports to use/review to track revenue and expenses
Revenue Report
Running the revenue report with the below filters will give you a break out of rentals which can be used to recognize revenue and expenses.
- Filters
- Rental Status - Closed Contract
- Date Type - Return Date
- Start Date - First day of prior month
- End date - Last day of prior month
- Locations - Any/All/One
- Caveats
- If a rental is not a closed contract you will fail to recognize that revenue, as part of the month end close process you should verify that all rentals that were successfully rented are marked as a closed contract to include it in the month end. (IE Make sure there are no pending returns, open contracts, or reservations) If a rental is not closed your team should either update the return dates of the rental or status it appropriately for your business process
- If your rental settings within Rentanium require a $0 balance on a rental to close it, you can safely assume some form of payment was recorded in Rentanium (Either credit card, external, or organization bill). If your rental settings and business process allow for closing a contract without having a balance paid in full then you must look at the outstanding balance column
Organization Accounts Receivable Report
Running the organization AR report will get a download of all organizations which have had transactions charged for rentals that have not been marked as paid. This report is meant to be reconciled with an external invoicing and billing system.