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General Ledger Income
Statement
You can run an income
statement report with ADVANTAGE Salon Software and
Spa Software Management System.
General
Ledger Accounts can be up to 10 characters long and you can setup up to 9999
departments. Department Income statements can also be generated using the
ADVANTAGE Salon Software and
Spa Software reporting functions. The General Ledger
program follows GAAP (generally accepted accounting procedures) and a
complete double entry accounting software system.
CASH Basis vs. ACCRUAL
Basis
This
accounting software system can report on
both cash and accrual basis for its accounting reports. Essentially,
you can run either type of report at anytime. The tax regulations let
businesses figure their taxable income on a cash basis, rather than on the
accrual basis. Cash basis accounting can result in the postponing the
payment of income tax, although it ordinarily does not reduce the total
amount of income tax over a period of years. Cash basis means
that you recognize revenue the time you receive the revenue or the time when
you pay the expense. Accrual basis means that you recognize the
expense when you actual receive the bill not when you pay it or recognize
the revenue when you bill for your services not when you get paid for them.
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