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Jun 15, 2023

Posted to Totals Income Report



 

Topics included in this article 
 




What is Posted Income or Posted Income Totals?


Income totals from contracts that are posted to the General Ledger Accounts based on the customer Accounting Methods. Depending on the Accounting Method, which is set during the onboarding process, determines when income is posted to General Ledger. 

 

Where can I find Posted to Totals Income?

  1. Within a contract> Reports> Posted to Totals Report
  2. Program Menu> Accounting Reports> Posted to Totals Details
  3. Program Menu> End of Day Processing> Contracts Posted Report

The report will show each contract that was posted to totals for the time period selected.

 

 

 

What makes up the Contract Posted Report?


This report will print based on the accounting method you have set in Parameters. If you need this report in a different accounting method, use the options under Accounting Reports. 

Sales Tax - This is the amount of tax associated with a contract based on the assigned sales tax rate.

Non-Sales Tax - is the amount of the contract minus the sales tax (Rental, Sales, Dmg Wvr, Asset, Finance, and Other). 

TTL - The subtotal amount of the (Rental, Sale, Dmg Wvr, Asset, Finance, and Other) plus the Item Percentage and Sales tax. 

 

What happens if a posted total is missing?


If there is a missing post transaction, this would be considered a Miscellaneous Entry. See documents on miscellaneous entries on how to correct them. 

 

Do posted totals affect GL Entries?

Yes, since this is income from a contract or contract, the income will be entered into the appropriate GL income accounts once the income has been posted.  

 

How will I know when the income is going to be posted?


Income will be posted based on the Accounting Method set within the parameters. When a customer first goes “live” their accounting method is locked in. 

 

What GL Entries are affected by Posted Income?


Within the GL Entries, the Income Account would be affected. Items within the Income Account would consist of the following:

 

Income Account

Liability Account

Rental - This holds the rental income.

Sales - This holds the sales income.

Asset Sale - This account holds the amount for the sale of an asset item. 

Dmg Wvr - This account holds all amounts charged either as a percentage or flat fee on the Item, contract, customer, or System level when the box is checked, as well as Other income and Finance Charges charged. on a contract. This amount also includes any Finance Charges charged.

Sales Tax Payable - This holds the sales tax from a contract.

 

 

Flow Chart of Income Posted
 

Acct Method

Contract

Income Posted

GL Accounts

Export Acct File

Cust Acct Software

1. The Accounting Method will be set up through parameters as part of the customer going “live” and will be greyed out to prevent anyone from changing.

 2. When a contract is created the income will show totals posted either from Acct Reports, Reports within the Contract, or through End of Day Processing

3. Income posting will be determined by the Accounting Method. The accounting method can be either Cash or Accrual. With Accrual being broken into Open, Closed. 

4.Posted Income will be moved into the appropriate GL accounts as part of the EOD, EOW,  EOM, or EOY.

5.As part of the EOD, EOW, or EOM. The file is stored on a POR DRIVE and an export file is created holding the GL Account numbers and totals. 

6.Once the export file has been created, it can be imported into the customer's Accounting Software. 

 

 

 

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