financial reporting, seminar 2011 -...
TRANSCRIPT
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• Distinguish financial reporting from other types of reporting • Describe Siriusware’s approach to revenue accounts (Profit Centers) • Describe Siriusware’s approach to accounts receivable and deferred
revenue (Accounts) • Describe Siriusware’s approach to calculating sales tax • Describe Siriusware’s approach to closing the books (Closeouts,
Finalization, & Over/Short) • Discuss methods of posting to the GL • Discuss advanced methods of realizing revenue
Class Objectives
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• Listings – List out tables from the database – Used to export data for other systems or evaluate configuration – Example: Guest Listing V2
• Performance – Focused on product performance – Used to evaluate departmental or marketing performance and to
evaluate product sales – Example: Period Sales
• Financial – Specifically focused on revenue tracking – Used to provide reporting at the general ledger level – Example: Profit Center Split, Daily Summary Report
Types of Reports
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Profit Centers Explained • Profit centers are the same as GL revenue accounts • All products (Items) are tied to one or more Profit Centers • Revenue can be split using either the "% Method" or "Fill Method"
– The “Fill Method” and “unsplit” revenue – How is a discount handled when using the “Fill Method”?
• Exercise: Creating a new Profit Center • Exercise: Update an Item’s Profit Center Split
Siriusware Profit Centers
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Profit Centers In Reports • Profit Center Split report
– Demonstrate: Sell the item and show how those sales are reflected in a Profit Center Split report.
– Un-split amount reporting – Re-splitting and report performance – Other features of the Profit Center Split Report
• Profit Center Split Comparative report
Profit Centers (cont’d)
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What are “Accounts” used for in Siriusware? • Accounts Receivable • Unearned Revenue
Siriusware Accounts
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Accounts Receivable • Used for corporate or individual clients with whom you regularly do
business • Allows you to invoice clients at a later date • When an item is sold to an Account (sale is finalized) the Profit Center is
credited, and the offsetting debit will appear as an “Account Charge” in Siriusware’s reports.
• When payment is received for an invoice, the Payment Type is debited, and the credit appears under “Account Payments & Credits”
Siriusware Accounts
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Unearned Revenue • When goods are not delivered immediately, but payment is accepted,
unearned revenue is credited. • When payment is received and the product is not delivered, the Payment
Type is debited, and the credit to unearned revenue appears under “Account Payments & Credits”.
• Once the goods are delivered (sale is finalized), the Profit Center is credited and the debit to unearned appears under “Account Charges”.
• Just what are the **GUESTS**, **RESRVATN**, and **TABLES** accounts? (and what’s so **special** about them?)
Siriusware Accounts
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Account Reporting • Account History • Accounts Receivable • Account Statement • Understanding **TRANS**
Siriusware Accounts
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(not to be confused with Death & Taxes)
How taxes are calculated: • Taxes are calculated for each individual line item in a transaction • $0.50 widget * 5% sales tax = $0.03 tax charged (can’t charge $0.025)
Why you might want to use monthly or annual reports: • Sell 1000 widgets, $30 tax collected • 1000 widgets = $500 in widgets sold = $25 tax liability • Do you owe the state $25 or $30?
Siriusware & Taxes
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Why Close Out? • Cash drawer closure compiles all historical transaction (prevents theft) • Closing and Finalizing gives you distinct reference points for posting • Closing out isolates responsibility • Closing out by Operator vs. Salespoint • Auto-closeout available in 4.1
Closeout, Finalization, & Over/Short
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Closeout vs. Finalizing • Finalizing the closeout verifies the payment amounts entered by the
cashier • Not to be confused with finalizing a sale
Over/Short • Only after a Closeout has been Finalized do we know the Over/Short
amount • If a salespoint hasn’t been closed for several days, what day does the O/S
belong to?
Closeout, Finalization, & Over/Short
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The Daily Summary • Includes Profit Center Split, Taxes, Account Activity, and Payment totals • Should it be run by Sold On, Closed On, or Finalized On date? • Include Over/Short report for complete picture
Posting to the General Ledger
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Location-Based Revenue Allocation • You can use Dynamic Pricing Rules to change the Profit Center to be
credited based on where it was sold.
Advanced Methods of Realizing Revenue
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Revenue Recognition Rules • When ticket is sold it credits deferred revenue • As ticket is scanned, pre-determined amounts are moved from deferred
to realized revenue using the Revenue Recognition Dynamic Pricing Rule.
Advanced Methods of Realizing Revenue