Accounting with Dockwa: Reports

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Overview

The following Dockwa reports can provide you with all the detail you need to account for your sales. Each report can help provide specific information for specific accounting questions.

These reports contain a volume of information that can be used for many business needs. In this document we focus on how to access and make use of information for accounting purposes only. For the best experience, review the “DO” and “DON’T” recommendations below so you are always using the report most closely aligned with your accounting needs.

For a step-by-step guide on how to use these reports to record accounting entries, please see Accounting with Dockwa: Journal Entries.

Intended Audience

This document is intended for accounting and bookkeeping professionals who are:

  • Familiar with basic accounting concepts

  • Familiar with accounting software

  • Comfortable recording adjusting journal entries

Glossary

invoice

    • In Dockwa, an invoice represents a request for payment due from a customer

    • Sales made in Dockwa always get paid by first issuing an invoice. Even if a customer is paying by credit card, one or more invoices is issued to the customer and then immediately paid.

    • invoices are settled through charges

    • invoices can be seen in the invoices report

credit

    • In Dockwa, a credit represents the offer to return funds to a customer

    • A credit is currently always settled through a refund

    • credits can be seen in the invoices report

charge

    • A charge is a transaction in which the customer pays for an invoice

    • invoices are settled through charges

    • charges can be seen in the transactions report

refund

    • A refund is a transaction in which you return funds to your customer

    • credits are settled through refunds

    • refunds can be seen in the transactions report

items

    • Products—other than dockage, mooring, or other boat storage—that are sold either bundled with reservations or via point of sale

Line Item Ledger Report

Overview

  • Provides line item, day-by-day detail on all products and services sold within a date range

DO use it to:

  • Generate an audit trail if you need to investigate further detail into products and services sold within a date range

DON'T use it to:

  • Make accounting entries

    • Because the report includes details from cancelled or changed reservations, it is not an appropriate source for making accounting entries

Invoices Report

Overview

  • Reports all invoices and credits issued within a date range

  • Sales made in Dockwa always get paid by first issuing an invoice. Even if a customer is paying by credit card, one or more invoices is issued to the customer and then immediately settled.

  • Often, reservations are paid for with multiple invoices. For example, Dockwa might create one invoice to charge the customer for a reservation deposit and then another invoice to charge them for the remaining balance on their departure date.

  • Invoices can be settled with multiple payments and multiple payment types

DO use it to:

  • Record new invoices

  • Record sales tax liability

  • See the details behind your Dockwa Receivables account balance

  • See the details behind your Sales Tax Payable account

  • See the status of all invoices

    • Use this report to see which invoices have or haven’t yet been paid

  • See credits issued to customers in the form of refunds

DON’T use it to:

  • Make accrual-basis revenue entries

    • Use the daily accrual revenue report

  • Make cash-basis revenue entries

    • Use the daily sales report

Transactions Report

Overview

  • Reports all charges, failed charges, or refunds issued within a date range

DO use it to:

DON'T use it to:

  • See what has been deposited into your bank account

    • The transactions report will show you all payments recorded in Dockwa, including credit card, ACH, cash, and check payments. Because credit card payments are only transferred into your bank account periodically, the transaction date of a credit card payment will often not match the date those funds reached your bank account.

    • Use the bank transfers report instead

  • See what products or services have or haven’t been paid for

    • This report will only display charges or refunds. It will not include unpaid invoices or unsettled credits. Use the invoices report to see all products or services sold in a period, regardless of whether they have been paid for or not.

Daily Sales Report

Overview

  • Provides itemized detail of each customer transaction broken down by day and by revenue category

  • This report is similar to the transactions report because it show all charges and refunds between you and your customers. However, this report shows more detail than the transactions report and it only includes successful payments (the transactions report includes failed credit card transactions).

Daily Sales Summary tab

  • Reports totals by revenue category

Daily Sales Itemized tab

  • Reports itemized list of all sales that were paid for in the date range

DO use it to:

  • Make cash-basis revenue entries

    • Shows you what products and services were sold and paid for

      • Will not include any sales that haven’t been paid for

    • Shows you sales on the date they were paid for, not the date the reservation was made or the date the reservation occurs

DON'T use it to:

  • Make accrual-basis revenue entries

    • Many customer transactions occur weeks or months before services are performed by the marina. Even though you might get paid for these transactions up front, accrual-basis accounting requires that you only recognize revenue when you actually perform the service. This report will show you what you sold and how much you got paid for it. But it will not show you when you should recognize revenue under accrual-basis accounting.

    • Example:

      • On February 1st, a customer makes a reservation for June 30th – July 2nd. They pay a deposit of $100. Even though you received cash in February, accrual-basis accounting would require you to not recognize the revenue until the dates of service. Furthermore, because the reservation extends across multiple days, accrual-basis accounting would require you to recognize a portion of the reservation in June and a portion in July.

    • For accrual-basis revenue, use the daily accrual revenue report

Item Sales Report

Overview

  • Reports quantity and price of items sold within a date range

Item Sales Summary tab

  • Reports total sales for each item in the date range

Item Sales Details tab

  • Reports itemized detail of all item sales in the date range

DO use it to:

  • Track inventory

    • This report will show you how many units of specific items you sold within a date range

  • Use in conjunction with the Daily sales report to get a full perspective of the days sales volumes

DON'T use it to:

  • See your total sales

    • This report only includes item sales, and excludes mooring, dockage, or other services

Bank Transfers Report

Overview

  • When a customer pays via credit card, Dockwa processes the payment. Dockwa then bundles multiple credit card transactions and makes periodic transfers to your bank account. This report shows details of each of those bank transfers.

  • This report only shows proceeds from credit card transactions

Transfer Summary tab

  • Reports total charges and refunds, by category, included in a single bank transfer

Transactions tab

  • Similar to the transactions report, reports all transactions included in a single bank transfer

DO use it to:

  • Update your bank account balance

  • Reconcile your bank account

    • In your bank account, you will see a lump-sum incoming transfer from Dockwa. This lump sum usually represents a combination of the proceeds of multiple credit card transactions. This report helps you see the detail behind each of these transfers.

DON'T use it to:

  • Understand the timing of your revenue or cash flow

    • When a customer pays via credit card, the funds are deposited to your Dockwa Clearing Account and then swept periodically into your bank account. The funds are yours immediately, even before they reach your bank account, and should appear on your balance sheet. This report only helps you understand the timing of the periodic transfers from your Dockwa Clearing Account to your bank account. For more best practices on how to make accounting entries using Dockwa reporting, see Accounting with Dockwa: Journal Entries.

Daily Accrual Revenue Report

Overview

Availability

  • This report is only available to Professional and Enterprise level plans

Revenue Summary & Itemized Revenue tabs

  • Shows sales broken down by service date

    • For reservations or other sales whose service period extends over a length of time, this report breaks down the total sale price into individual days of revenue earned

    • For item sales or other sales where the service period is a point in time, this report will show the sale on the date the product was transferred to the customer

Correction Summary & Correction Detail tabs

  • Sometimes the details of a sale change after a month has been closed. In these cases, you will need to make a correction for the prior period. The correction summary and correction detail tabs of this report show any changes made in the current period that affect revenue recognition in a prior period.

  • Example:

    • A customer makes a reservation for $2,000 from June 21st to July 11th. You run the daily accrual revenue report on July 1st and make an entry to record $1,000 of June revenue (for the 10 days of service that occurred in June). Then, on July 10th you are informed that the customer did not arrive until July 1st and would like to be refunded for their unused days in June. You accommodate the customer request and edit their reservation in Dockwa to begin on July 1st and end on July 11th. Since your books are closed for June, you cannot change the entry you made to record the $1,000 of June revenue. At this point you would run the daily accrual revenue report again and navigate to the correction detail tab. There you would see that the revenue recognized in June needs to be reversed in July. You can view these tabs periodically to catch any prior period changes made in the report date range.

DO use it to:

DON'T use it to:

  • Make cash-basis revenue entries

    • Use the daily sales report to make cash-basis revenue entries

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