Table of Contents
Purpose
Historically, most companies will recognize revenue based on the date of the Invoice created and sent to the customer regardless of when the work was performed/earned.
They might expense the cost of goods sold (COGS) for materials, equipment rental, subcontractor and other costs based on the vendor Invoice Date.
Or, they might expense gross payroll based on the actual check date and not the date the gross payroll was incurred by the employee.
Aspire is designed to recognize revenue as work is performed, expense cost of goods sold based on received date of goods or services and expense gross payroll based on the date the employee has worked. That being said, there is a way for Aspire users to continue entering data into their accounting system the way it has historically been entered.
This method for entering data from Aspire into the accounting system is called SAS or Simplified Accounting Solutions.
This document will walk through the steps of how to enter Invoiced Revenue into the
accounting system based on invoice date. Also, we will detail how to enter cost of goods sold based on vendor Invoice Date.
📑 To get the End of Month Checklists, click here!
End of Month Reports
Dollar amounts will accumulate on the End of Month Reports in Aspire throughout the month for everything that is occurring in Aspire.
There are 4 Tabs within the End of Month Report:
Revenue Tab
This tab shows both Invoiced and Earned Dollars.
Expense Tab
This tab shows the cost of goods sold (expenses) on jobs and does not include labor.
Labor Tab
This tab shows the cost of labor on jobs. This includes Indirect Hours for direct labor employees and salaried employee’s job cost time.
Inventory Tab
This will show any inventory costs or variances that are occurring in Aspire, so you can make the same adjustments in the accounting system. The actual inventory will be in Aspire.
This tab is not actual Inventory, it displays variances and adjustments.
🧠The End of Month report Revenue tab and Expense tab are designed to be entered into
the accounting system monthly.
Exporting Your End of Month Reports to Excel
Aspire allows you to export the End of Month Revenue tab and Expense tab
entries from Aspire into a .csv file that can be imported into your accounting system.
To be able to export the EOM Revenue and Expense tab, you will need to complete the setups
in Aspire located in Administration ▶️ Application ▶️Lists ▶️ Divisions and also in ▶️ Application ▶️Lists ▶️ Payment Categories.
This export file is required when using the SAS Accounting option in Aspire.
There will 2 options to choose from:
EOM Accounting Export with Transaction Pro – this will walk through the setup in Aspire and the setup of Transaction Pro.
Transaction Pro is a QuickBooks program that allows the excel export file to be uploaded into QuickBooks online or QuickBooks desktop
EOM Accounting Export to Excel to Enter Manually – this will walk through the setup in Aspire to be able to use the Excel file to enter the journal entry manually.
Entering Invoiced Revenue Into Your Accounting System
Your Invoiced Revenue will be entered into your accounting system using the dollar amounts from the EOM Revenue tab.
Invoiced dollar amounts come from the EOM Report and are displayed under the section of your Branch A/R.
The invoiced dollar amounts are pulled from the invoices that were created
during the month. The different Division dollar amounts are from the services assigned on your opportunity work tickets.
The Invoiced Dollars listed in this section will show on your export as an adjustment to Accounts Receivable and Revenue.
The portion below A/R is the Earned Revenue Dollars in Aspire. That is the revenue based on when the work was performed and earned. The dollars below A/R will not be entered into the accounting system using the SAS accounting method.
Exporting Revenue
To export revenue, you’ll need to start in the Reporting module.
Select Standard Reports.
Select End of Month.
Make sure the Revenue tab is selected.
The system will default to Last Month.
Change the dates to Custom-Between and enter your date range that needs to be exported.
Go to the three dots in the upper right corner and choose Export Revenue to Excel.
The export file will show like this for QuickBooks Desktop:
Save the file. Then, you could upload the file into QuickBooks through Transaction Pro or enter it manually.
📌Note: Once the file is uploaded, the information will show on your Balance Sheet and Profit and Loss in your accounting system.
If for any reason the End of Month Revenue tab needs to be exported again, if using Transaction Pro, the original journal entry will need to be deleted. The new export will not copy over the original export.
For manual entries, make any changes to the original journal entry.
Labor Tab
Gross Payroll should be entered into your accounting system after every payroll period. Dating the entry the actual payroll check date.
Aspire Payroll With Inova
Inova will help you create a journal entry that can be manually entered or imported into your accounting system.
QuickBooks Payroll
When setting up the payroll to process from Aspire to QuickBooks, new pay codes will be created in QuickBooks to send gross payroll to an Accrued Payroll Holding account in QuickBooks Desktop called Other Current Liability account.
A journal entry should be created each pay period to $0 out of the Accrued Payroll Holding account and enter the gross payroll on the Profit and Loss report based on Branch and Division that the employee worked during that time period.
Other Payroll Providers
You will need to work with your payroll provider or your Aspire accounting system consultant to help you with the preparation of the journal entry needed to enter into your accounting system.
Inventory Tab
The End of Month Inventory tab will not be entered into the accounting system. This tab shows valuable data when managing and reviewing inventory in Aspire.
Since the cost of goods on the End of Month Expense tab is expensing inventory as purchased, the dollar amounts on this tab are not needed in the accounting system.
Reconciling the Balance Sheet
After entering the journal entries for the End of Month Revenue tab and the End of Month Expense tab, the Balance Sheet accounts for Accounts Receivable and Inventory Holding Accounts will need to be reconciled.
Accounts Receivable
In Your Accounting System
Go to Accounts Receivable Aging.
Date the last date of the month recently closed.
Write down the balance for the Aspire System customer.
In Aspire
Go to the Reports module.
Select Standard Reports.
Scroll down to the A/R Aging report and open it.
Click the three dot menu and select Update Report Filters.
Change the Date range to Selected Date – enter the last date of the month recently closed.
Write down your balance.
The Balance from your accounting system should match the balance in Aspire.
If the Balances Do Not Match
In Aspire
Go to the Invoicing icon and select Payments.
Choose your saved list of A6. Payments Last Month from the list drop down.
List will show last month. Filter to a different month if necessary.
Group by Deposit date.
Is there a payment at the top that hasn’t been sent to your accounting system? If so, is that the difference?
Scroll down the list and see if there is a deposit in the next month. If so, is that the difference?
Are the 2 combined above the difference?
If it is, no need to do anything. The balance will adjust itself next month.
If that is not the difference, ensure the End of Month Revenue tab is accurate and nothing has changed.
If not, redo the journal entry and recheck your A/R balances.
If that is not the difference, go through the End of Month Checklist Task #31 and #32 to ensure all the dollars in Aspire match the dollars in the accounting system.
If Task #31 and #32 match and the A/R balance is still off by more than payment deposit date difference, make sure that in Aspire there are not any payments from the month recently closed with a deposit date in the past.
Inventory Holding Accounts
In Your Accounting System
Go to the Balance Sheet.
Review the date to confirm it is the last date of the month that has recently been closed.
There should not be a balance in the Inventory Holding Accounts.
If You Find a Balance
Go to the End of Month Checklist, Task #3. Make sure the approved vendor bills in your accounting system match the total approved vendor bills in Aspire for the same month.
Make sure the End of Month Expense tab is entered into the accounting system accurately and nothing has changed.
If you'd like additional information:
To Watch the Video on SAS-Simple Accounting Solutions, click below!