How to: Utilize the Liability Detailed Report in Campspot

Learn to use the Liability Detailed Report for detailed insights into managing open invoices, understanding deferred revenue, and validating your park's financial performance.

Summary:

This article offers a detailed guide on leveraging the Liability Detailed Report in Campspot to manage your park’s open invoices and financial liabilities. The report provides a comprehensive view of all open invoices within your organization, including detailed line items and invoices featuring only deferred revenue. With these step-by-step instructions, you can calculate prepaid money, project future collections, and validate journal entries, ensuring precise financial management and reporting.

How to Use the Liability Detailed Report

The Liability Detailed Report in Campspot provides valuable insights into your organization's open invoices and deferred revenue. This guide outlines three essential tasks:

1. Calculating prepaid money
2. Determining future collections
3. Validating journal entries

Finding the Amount of Prepaid Money Collected

Prepaid money can be calculated by identifying the total sum of Prepaid Deposits and Camp Credit. Follow these steps to determine the total amount of prepaid money collected:

1. Download the Report:

   • Download the Liability Detailed report with today's date.

2. Calculate Prepaid Deposits:

   • Locate the Prepaid Deposits column in the report (Column Q).
   • Sum all values in this column to find the total prepaid deposits.

3. Calculate Camp Credit:

   • Locate the Camp Credit column in the report (Column T).
   • Sum all values in this column to find the total camp credit.

4. Calculate Total Prepaid Money:

   • Add the sums both Prepaid Deposits and Camp Credit. This total represents the prepaid money collected as of the current date.
   • Note that money for past reservations is not included.

Determining Future Money Collection

The money you are estimated to collect in the future can be calculated by subtracting Deferred Revenue from Prepaid Deposits. Use the steps below to project the amount of money your park will collect based on current reservations:

1. Download the Report:
   Download the Liability Detailed report with today's date (or a future date to see projected liability).

2. Calculate Deferred Revenue:

   • Locate the Deferred Revenue column in the report (Column P).
   • Sum all values in this column to find the total Deferred Revenue.
3. Calculate Prepaid Deposits:
   • Locate the Prepaid Deposits column in the report (Column Q).
   • Sum all values in this column to find the total prepaid deposits.
4. Project Future Collections:
   • Subtract the total Deferred Revenue from the total Prepaid Deposits.
   • This figure represents the projected future money collection based on existing reservations.

3. Validating Your Journal Entry

When validating an Accrual Journal Entry, the Audit Trail report is a valuable tool. However, it does not include the specific invoices used to determine summary values for Accounts Receivable, Deferred Revenue, and Prepaid Deposits.

These critical invoices are detailed in the Liability Detailed Report, making it an essential resource for ensuring accuracy. Follow these Excel steps to validate the data using the Liability Detailed Report:

1. Download Reports:

   • Download the desired Accrual Basis Journal Entry report for the specified date range.
   • Download the Liability Detailed report for the last day of the previous reporting period (e.g., July 31st if analyzing August).

2. Prepare the Report:

   • Open the Liability Detailed Report in Excel.
   • Apply filters to all columns.

3. Filter Data:

   • Filter out the "DETAIL" records from the 'Row Type' attribute in column L.

   Note: Do not use the Liability Summary version for this purpose.

4. Create AR-DR Column:

   • Insert a new column after column R and label it AR-DR.
   • In the first data row of column S, enter the formula: =R(first data row number) - P(first data row number).
   • Use the Fill Handle to apply this formula to the entire data set.

5. Summarize Data:

   • Sum the data for columns P, Q, R, S, T, and U.

6. Repeat for Current Period:

   • Download the Liability Detailed Report for the last day of the current reporting period (e.g., August 31st).
   • Repeat steps 3-5 for this report.

7. Compare Periods:

   • Subtract the previous period values from the current period values for Deferred Revenue, Prepaid Deposits, Accounts Receivable, AR-DR, and Camp Credit.
   • The resulting numbers should match the corresponding summary values on the Accrual Journal Entry report.