Overview of Reports Used for Accounting

Below are the reports to review on a regular basis to maintain correct accounting

Accounts Receivable -  This report shows all client invoices with a balance due. This report is important to look at to make sure you are collecting all money owed you. If you are not able to collect the balance create a credit invoice to write off the balance. If it is a small amount you can Receive and Apply payment to the invoice via the Money In Screen using a Bad Debt Write Off account for the Cash Account.

Accounts Payable – This Report shows all items on an order that have been invoiced to your client where you still owe a balance to the vendor. This report is important for cash flow purposes for these vendors will be requiring payment within 30 days. Review this report for accuracy. Sometimes a vendor will quote a different price than they actually charged you. If the vendor is not owed a balance then adjust the purchase cost on the order to the amount paid.

Work in Progress -  This report show all items on an order that has not been invoiced to the client. This report is important for it shows items that need to be invoiced, reminder in Studio the income and cost is recorded at time of invoicing the client. Besides being a good report to ensure you are staying current with your invoicing it also makes a great tool to help you focus on items that may need attention.  There are three ways to clean up this report. One, invoice the item if completed. Two, void the order if you are not going to do the item. Three, you cannot charge your client  the balance or for the total amount. If so, change the selling price to what your client has paid you and invoice it.

Client Deposit – This report shows items not invoiced but with client payment applied. It also shows Funds Available for each client. This report is important to review to see if there are any items that might need invoicing or serve as a reminder of items you might need to order or forgot you had applied client money to an item that has been cancelled.


1 comment

  • Is this accurately reflecting that the ONLY reports available through 2.0 are the 4 reports listed above?! What happened to all of the standard reports available in 1.0???


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