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Advantage Salon Software and Spa Software Support Page 61

61)GL Reports in Advantage Salon Software and Spa Software Management System


ADVANTAGE Salon Software and Spa Software allows you to generate a Balance Sheet Report, Income Statement Report, Trial Balance Report and a General Ledger Report which are based on accrual basis or cash basis.

Cash basis accounting refers to the fact that a transaction is recorded at the point of cash disbursement or receipt, while accrual basis accounting is based on the actual recognition of the transaction that can happen before the cash is disbursed or receipt.

Balance Sheet  

The balance sheet is a report that shows for a specific point in time such as the end of a month or a year or some other dates the financial position or status of the business.  Looking at the Balance Sheet another way, it is a statement of the situation if the business were to immediately go out of business.  If that were to happen all assets would be sold (hopefully at book value) and converted to a pile of cash.  Immediately the size of that pile of cash would be reduced by paying off all creditors eliminating all liabilities.  Any cash left in the pile after this would belong to the owners and would represent their equity or profit in the business.  If, however, the cash pile produced by sale of the assets was not large enough to pay off all liabilities and the owners were then required to come up with money out of their pockets to finish satisfying the creditors the business would have a loss rather than a profit.


Income Statement Report 

The Income statement is a report showing total revenues and expenses by account over a specified period of time such as a week, month, or year.  Revenues are credits (-) and expenses are debits (+) so that if the business makes a profit (revenues exceed expenses) the total earnings is a credit (-).  This total shows on the balance sheet as an earnings amount in an owners’ equity account meaning that the business owes that amount to the owners.  A P&L report can be thought of as a statement for a specific period of time showing how a profit or loss occurred.


Trial Balance Sheet 

The trial balance sheet report will summarize all activity through a certain date.   This type of report originally was designed to make sure that all the credits and debits equaled.  In a double entry accounting system both debits and credits must equal at all times to be balanced.  Hence the name for the report. 


General Ledger Report 

The general ledger report will list all journal entries in a date period.  This report lets you to review journal entries by account number to make sure you entered correctly or distributed them correctly to the right accounts.  It is also a great review so you can understand why the balance sheet or income statement reports generate certain numbers.


Note: If you get errors when previewing your reports, donít be alarmed. This only means that there is no data to preview for the selected report and date range.


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