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Accounting Basis Reconciliation Report

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This article is related to the legacy Accounting Link integration (and not for cloud-based Xero and MYOB Integrations). Please refer to the Accounting Integration Overview article for details on supported integrations.

To access the Accounting Basis Reconciliation Report, navigate to: Reports > Accounting Link Reconciliation Reports > Accounting Basis Reconciliation Report

 

Overview

This report is designed to allow you to reconcile your Sales according to the Import method chosen in the Accounting Import Solution (you can view this in the Account Import Solution under Preferences > Accounting Method).

Fulfilled Cash Basis

The date range filter will apply results of transactions whereby the following criteria are met:

  • The sale was both Paid in Full and Fulfiled during the chosen date range.
  • The sale was Fulfilled during the date range, and had been previously Paid in Full
  • The sale was Paid in Full during the date range and had previously been Fulfiled
  • The sale was an account customer sale and had a payment during the date range regardless of Paid In Full or Fulfilled Dates

Fulfilled Accrual Basis

The date range filter will apply results of transactions whereby the following criteria is met:

  • The sale was Fulfilled during the date range, irrespective of payment

Standard Cash Basis

The date range filter will apply results of transactions whereby the following criteria is met:

  • The sale was Paid in Full during the date range, irrespective of fulfillment
  • The sale was an account customer sale and had a payment during the date range regardless of Paid In Full or Fulfilled Dates

Standard Accrual Basis

The date range filter will apply results of transactions whereby the following criteria is met:

  • All sales (including account customer sales) created less unpaid Laybys created plus laybys paid in full within the date range

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Accounting Basis Reconciliation vs Sales Reports

Our existing sales reports do not provide an accountant with the above detail.  They indeed report on sales – but they don’t provide a break down of events:

  • They DO show the date the sale was created – along with the status’ of payment  (Awaiting Payment or Processed / Paid in Full)
  • They do NOT show the DATE that a sale is paid in full
  • They do NOT show the date that a sale was 100% Fulfilled

As such, the existing sales reports in Retail Express are not appropriate for a book keeper to reconcile to their accounting systems reports – on either a Cash, Accrual nor Cash & Fulfillment basis.

The  ‘Accounting Basis Reconciliation Report’ report will indeed report on our sales transactions as required by the book keeper.

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