P&L and Income Statement Turnover Reports
We are excited to introduce another highly-requested report – Profit And Loss Turnover/Income Statement Turnover.
Turnover information has become crucial in this unprecedented time of COVID19. In a nutshell, Turnover is an accounting concept that shows how quickly a business conducts its operations. Or in other words, Turnover determines how well a company or business is managing its assets and liabilities.
If a business can increase its turnover, it can most likely generate a larger profit. This is due to the fact that it would then be able to fund operations with less debt, which in turn, reduces interest costs.
Turnover is most often used by accountants and bookkeepers to understand how quickly their companies and businesses are able to collect cash from their accounts receivable.
The new Turnover reports include the basic profit and loss/income statement financial figures filtered by Accounts, Accounting basis – either Accrual or Cash, Tracking categories, Date Range, Comparison period(s), and the percentage of sales each figure represents. The percentages will show for the main reporting period and for any comparative periods.
We have also introduced a series of enhancements that will be very useful to our clients and customers:
1. New Fields in Contacts Table. There are new fields introduced to the Contact table – Outstanding Payable and Outstanding Receivable. These fields allow you to see how much you own and customer owe to you.
2. New “Accounts” filter in Balance Sheet. Now you have the ability to select the desire account(s) or all of them and generate the Balance Sheet based on your selection.
3. Column selections (Column Titles) filter has been added to following reports: Receivables, Payables Details and Summary, and Account Transactions. This functionality allows you to remove the columns which you don’t want to see in your spreadsheet and show only needed columns.
4. New field, Planned Date, has been added to the Aged Payables and the Age Receivable Detail reports. This field allows you to see the planned date to receive or make a payment.
5. New field, Paid Date, has been added to the Customer Invoice Detail report. This field allows you to see if a payment has been received for the raised invoice and when.
6. Style for email content. Now you have the ability to change the email body alignment based on your preferences: Left, Right, Center, or Justify.