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26.9. Financial Summary Report
Arctic offers several financial summary reports that breakdown accounting information in different ways, each relevant to distinct questions and styles of bookkeeping. You can find all options under the "Financial" tab of the "Manage Reports" page. The key modes that are available are described below:
* Sales (Date added to Invoice) — This aggregates financial information based on the day a reservation is created (e.g., it does not represent money actually collected, but rather what was sold on a specific date). This is valuable for evaluating sales.
* Transactions (Date Processed/Settled) — This aggregates financial information based on cash flow (e.g., when payments are actually received).
* Transaction by Date Applied (Date Income Applied to Account) — This is the most complex. Generally, for standard invoices, it simply reflects cash flow. But if you change an invoice after payment has been received, there will be subsequent entries on this report representing the reallocation of funds (e.g., debitting the previous account and crediting the new account). Because of how this report is structured, past date will not change. Your accountant may find this useful for updating QuickBooks (as an alternative to the end of day balance report).
* Accrual — In this mode, the financial report aggregates cash flow based on the date it accrues (e.g., the first day of the trip). Like the sales report, this does not represent actually money collected, but rather how much income accrues on the date.
* Accrued Transactions — This report maps transactions onto their accrual date. That is, how much cash flow has been collected corresponding with trips or activities starting on a specific date. If all invoices are paid in full, the accrual report and the accrual transactions will product the same results.
* Advanced Deposits — This finds all transactions that were made before an activity. That is, transactions made on or before the specified date for activities starting after the specified date. This can be useful for estimating how much of your cash flow is allocated to upcoming activities.