Built-in financial reports empower you to file your taxes confidently

When you run a class-based business, your time is money, and the time you spend preparing to file your annual taxes, though necessary, can feel like it’s distracting you from serving your students.

Fortunately, ClassJuggler software for class-based businesses is loaded with reports for just about every aspect of your school or other class-based business.

In this article, we introduced you to several reports that will help you prepare to do your taxes this year . 

The 4 most important tax prep reports

Whether for tax preparation or just doing your monthly bookkeeping, these ClassJuggler financial reports, which are easy to run, will help!

• Customer Payments report
• Customer Applied Payments report
• Deposit Summary report
• Company Billing report

Here’s where you can find these forms within ClassJuggler.

Do you use cash-based or accrual-based financing at your class-based school? The answer factors in to which of these ClassJuggler financial reports will benefit you most in your bookkeeping and especially at tax time. Here are some tips and details on these reports.

Deposit Summary report – [for CASH accounting]

The Deposit Summary report shows you summarized information about payments received, organized by type, for any period of time.

This is ideal for reconciling your checkbook and your merchant account activity and deposits.

Customer Payments – [for CASH accounting]

The Customer Payments report displays all of the income you are receiving daily, weekly, monthly, or for any period of time you choose.

The report can total payments in a variety of ways to make reconciliation and deposit reporting simple.

Customer Applied Payments – [for CASH accounting]

This Customer Applied Payments report links payments you received to the charges you applied them to, and can tell you exactly how much was earned by a particular charge account or by account category. It will only show applied amounts, which means that, if a customer has a credit balance remaining, those amounts will not yet be factored in.

=EXAMPLE=

Let’s say you posted $1,000.00 in tuition and $200.00 in merchandise in the month you are running the report on, and you received $1,300.00 in payments for the same period; only the $1,200.00 applied to charges will be considered “earned,” leaving $100 unapplied.

Company Billing – [for ACCRUAL accounting]

The Company Billing report provides you with a list of charges your company has posted in a particular period of time.

Since this report is only showing your posted charges, and not what has been paid or not paid by your customers, this is the go-to report for businesses that use accrual-based accounting for their bookkeeping.

=EXAMPLE=

Let’s say you posted $1,000.00 in tuition and $200.00 in merchandise during the month in which you are now running the Company Billing report; this report would return $1,200.00 total in products and services billed out to your customers.

For more information on these reports, plus examples and instructions for running them, please refer to Online Help Manual which you can find in the green Help & Links Menu found at the bottom left of every screen in ClassJuggler. 

Or, as you already know if you are an existing customer, our award-winning customer support can help! Give ClassJuggler support a call if what you find in the online help leaves you with any questions about running these reports, and we can walk you through it step-by-step.