Prepaid report
Posted by Cameron Telfer, Last modified by on 22 June 2016 03:03 PM

This report is accessed via Reports, then Accounting sub menu. Storman can display prepaid income in two ways.

  1. Daily Basis Method - Printing the report using this method shows any rent that is billed in advance of the date of the report; It is useful for seeing the liability for prepayments at any given time. Printing this report at any time other than the end of any month is academic, as any adjustments made to accounting would be at the end of a month. The report shows prepayment charges and prepayments received. This report is the preferred method to calculate prepayments.
  2. Whole of Month method - This report printed at the end of any month shows prepayments in whole months only. This report will always generally show a lower figure than the daily basis method.

Prepayments reporting is based upon accurate information being entered against Customer accounts. The value of these reports is predicated on refund strategies and the real liability is subject to each sites policy on the term being honoured. There are times when these reports can be inaccurate.

Recent data conversion is the main issue and changing the method used. e.g. daily rate back to whole month etc. Storman has no past data to work with. The software recognizes paid to dates in the future but cannot recognize what the deal was that created the transaction. Rather than making assumptions about how the future prepayment was arrived at the report will show NOT BILLED THIS PERIOD in the report. As billing cycles develop, these reports become more accurate as history is generated to support the report.

Note: Changing methods after setting the method for the first time may result in data that is not correct for the report.

The report shows the Agreement number, the Berth(s) / Unit(s) / Vault(s) occupied, the Customer name, the Rental Amount, the Last Bill Date and the Next Bill Date. It also has a Billed in Advance column and a Paid in Advance column. This report works off the transaction dates, i.e. the prepaid charges that have transaction dates in the month you are looking at.

The Billed in Advance column includes all transactions that have been billed in advance, and not just rental fees; Likewise, the paid in advance is the total paid in advance. At the bottom of the report the total billed in advance is split into the various prepaid categories.

 

You can choose to exclude from the report those Agreements that do not have rent that has been billed in advance, although be aware that doing so is likely to reduce the total in the paid in advance column.

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