Overview

The Monthly Income Summary report shows one calendar month of income, split across five weekly columns - Week 1, Week 2, Week 3, Week 4 and > Week 4. It displays not only how much income was raised in the month, but when in the month it landed.

The report is built from up to three sections. The Charges section lists one row for every General Ledger Account Code (GL Acc Code) with charges in the month, and adds Month Tax, Month Total and Financial YTD Total columns. The optional Receipts and Refunds sections repeat the weekly columns for money taken and money returned.

Run this report at month end to review the income raised for the period, the tax on it, and the financial year to date position. Finance and management staff are the usual audience.

Use Cases

• Month end income review - the accounts team runs the report after the last day of the month to see the income raised against each GL Acc Code.
• Find when income lands - reading across the five week columns shows whether a GL Acc Code earns evenly through the month or peaks in a particular week.
• Check the tax raised - the Month Tax column gives the tax on the month's charges for each GL Acc Code in one place.
• Year to date position - the Financial YTD Total column shows where each GL Acc Code stands for the financial year without running a second report.
• Consolidated enterprise view - on a multi-property database, leaving Property set to All Selected returns one combined set of figures for the whole enterprise.

How to Access

In the side menu of RMS, go to Reports > Management > Financial > Monthly Income Summary.

Report Options

The report options below control the month reported, whether figures include tax, and which of the three sections are built. Set the options, then select Build.

Column Headers

The report is built from three sections, and the columns are not identical in each. The Charges section carries a GL Code and a Month Tax column that the Receipts and Refunds sections do not. Where a value depends on a report option, the Source / Calculation column points to the relevant concept under Data Sources & Calculations.

Charges section

Receipts and Refunds sections

Both optional sections use the same set of columns. Neither section has a GL Code column or a Month Tax column.

Data Sources & Calculations

The following concepts each govern more than one column on the report.

The weekly columns

Every section of the report splits the selected month across the same five columns. A transaction falls into a column based on its transaction date, and the ranges are fixed days of the month rather than the property's week start day.

Tip! Because > Week 4 covers at most three days, it is normally smaller than the other four columns. A short February can leave it empty.

Net and Gross figures

The Net Figures and Gross Figures options set the basis for the figures on the report, and the selection is printed in the report title. With Net Figures selected the report title reads Monthly Income Summary - Net.

On the Charges section, Month Tax is reported in its own column rather than being folded into the weekly figures, so the tax for each GL Acc Code can be read separately from the income.

Financial YTD Total

The Financial YTD Total column on the Charges section, and the YTD column on the Receipts and Refunds sections, run to the end of the selected month rather than to today's date. Building the report for a month in the past therefore reproduces the year to date position as it stood at the end of that month, and building it for the following month adds that month's Month Total to the figure.

The financial year is taken from the property's End of Financial Year setting rather than the calendar year. This is configured at Setup > Accounting > Accounting Options > Account Defaults. Last Fin Year covers the same span in the previous financial year, so the two columns are always compared over an equal number of months.

Receipts and Refunds

The Receipts and Refunds sections are built only when Show Receipts and Show Refunds are ticked. Each section reports its own rows across the same weekly columns, with a Total: row at the foot. When there is nothing to report for the month, the section is still built and shows a single row of zero values rather than being left out.

Sub totals and totals

On the Charges section, rows are bundled under the Grouping assigned to each GL Acc Code, with a Sub Total : row for every Grouping and a Grand Total: row at the end of the section. Groupings are set at Setup > Accounting > GL Acc Codes - see GL Acc Code Hierarchy. The Receipts and Refunds sections each end with a single Total: row.

Property selection

The Property option appears on multi-property databases only. Leaving it set to All Selected returns one consolidated set of figures headed with the enterprise name rather than a separate section for each property. To report on a single property, select that property from the list and build the report again. On a single-property database the option is not shown.

Please Note! The report always covers a whole calendar month. To report on a shorter period or a date range that crosses two months, use the Cash/Charge Report instead.

Related Reports

• Cash/Charge Report - revenue by GL Acc Code for any selected date range rather than a fixed calendar month.
• YTD Cash/Charge Report - the month and the financial year to date compared against the same periods last year.
• Area Income Summary Report - income broken down by Area instead of by GL Acc Code.
• Company Revenue Report - revenue grouped by Company.

Related Articles

• Set up General Ledger Account Codes
• GL Acc Code Hierarchy
• Accounting Options - Account Defaults Tab
• Financial revenue vs operational revenue