In FrontDesk Master you will notice two different characteristics of transactions - Transaction Date and Accounting Date.


The Transaction Date is the time when you performed the transaction. For example, you take payment on April 14th so the Transaction Date will be April 14. The account balance in Accounts and Transactions represents the amount of money in the account according to the cash-based accounting. The dates for cash-based transactions (Transaction Date) cannot be edited as they follow the real date and time of the cash outflow or inflow. In other words, they represent cash flow reporting.



The Accounting Date allows simultaneously running also accrual-based accounting which recognizes revenues and expenses at the date when it was earned (or when the expenditure should be expensed based on matching principle in international accounting standards). 



For example:


When you receive money 1st April for the booking of 15th April.


Cash-based accounting will show the inflow 1st April (Transaction Date).

Accrual-based accounting will recognize revenue 15th April (Accounting Date).



The Accounting Date can be set while taking payment or editing the transaction and you can filter this information in Accounts and Transactions:


 

See also

How to track guest payments which didn't reach property account yet?