Revenue Recognition Reporting (for accrual accounting)
Track retreat revenue accurately (your accounts will love this)
Does the term “accrual accounting” mean anything to you? If it does, you’ll be excited to learn about our new Revenue Date Feature in transactions reporting. Even for non-accountants, this can be exciting.
Here’s how it works
Some accountants need to know when a service (ie. retreat or massage) was provided to a customer so that they can recognize the revenue for that service on the right day. To them, the day the service was purchased isn’t as relevant.
On November 10 a guest buys a retreat happening December 10-12. The revenue from that retreat should be recognized in December when the retreat actually happens (when the service is provided).
In this video (at minute 15), see the new reporting in action and learn more about it.
Try it out yourself by selecting “Revenue Dates” in your transactions reporting.