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We are going to run through the 4 key reports you will want to pull at the end of the year, make sure that you save them so when you are ready to submit your income tax you have the correct data you need. There are certain reports that are real time reports so that it is critical that you pull the report at the end of your fiscal year. These are also the reports that you may want to use each month to check your businesses financial health!
Sales by Category:
myVolo Member Manager uses Accrual Accounting as the basis of our software this means that as soon as an invoice is created it counts towards your sales regardless of when your clients actually pay you for it, check out this video to learn more (http://www.investopedia.com/video/play/accrual-accounting/).
The Sales by Category report can be pulled for any time frame and shows you the total revenue that you have during that time frame (regardless of how much you have received in payments)
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All downloads from myVolo Member Manager are tab delimited files, simply save the file and open excel Excel and open the file
And , and it will be formatted into rows and columns for you.
Payments by Type:
This is a record of when you received money for sales that you have made. This is a critical report for balancing your bank account every month! We recommend pulling this report at the end of each month/year so that you can balance your bank account.
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If you think that some of those invoices are no longer collectable then we would recommend that you return the item in myVolo Member Manager which will create a negative sales reference thus lowering your total revenue for the year, iIf . If possible do it before the end of the year. See Refunding an Item.
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Again make sure that you download and save this report as if you look at it 2 weeks or 2 months from now it could be completely different.
Appointments Outstanding:
This report is only relevant for people that pre-sell packages and long term memberships that you might be required to re-imburse reimburse your clients for. If you have been paid for appointments but haven’t yet provided them to the client then you “owe” the client these sessions and that is why this is looked at as a liability. This is a real time report so every time a client checks in myVolo Member Manager is adjusting how many appointments are outstanding so make sure you download and save this report at the end of the year!
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By reviewing your financial reports on a regular basis the foundation of your business is going to be nice and strong and you will be able to focus on new projects and new clients rather than scrambling to find the data you need to take care of the tax man!
Have a great holiday season but make sure to take a few minutes to prepare for a profitable and growth filled New Year!