In Depth Analytics and Reporting

Basic accounting principles and terms

Cash Basis Accounting: An accounting approach where revenue is recorded when cash is received (no matter when "earned"), and expenses are recognized when paid (no matter when "incurred")

Accrual Basis Accounting: The accounting process whereby revenues are measured and recorded as earned, while expenses are recorded as incurred

Assets

The economic resources owned by an entity; entailing probably future benefits to the entity. Payments.

Liabilities

Amounts owed by an entity to others. Deposits and gift certificates.

Revenue

Inflows and other benefits received in exchange for the providing of goods and services. Lodging Sales and retail item sales.

Expenses

Costs incurred in producing revenues. Not recorded in ResNexus.

Debits and Credits

Two accounts are always impacted. Debits and credits for any transaction must always equal each other.

Assets: debit increases, credit decreases
Liabilities: debit decreases, credit increases
Revenue: Debit decreases, credit increases
Expenses: Debit increases, credit decreases

Overview of reports

Commonly Used Reports:
Comprehensive reports
Accounting reports
Informational reports
Other helpful reports

QuickBooks export

In our system, you can do two different types of QuickBooks exports: desktop or online. If you have other accounting software, you can use our journal entries report to put that into whatever accounting software you have. Most accounting software will let you put in a journal entry, which is what the journal entries report is.