Hey Guys, I'm having a bit of trouble creating a monthly Profit & Loss Statement for my business in the tourism industry.
Basically, we have various revenue streams; cash sales, credit card sales, online, and a VOUCHER BASED SYSTEM!
In the voucher based system, tourists from multiple resorts are able to book & pay for our tours at a 3rd party retail tour desk. We don't actually receive our payments from these tour desks for 60 days (which, in a seasonal industry, can be a big nuisance for cash-flow).
I'd just like to know whether I should put these voucher sales into my SALES column, or only place them into my profit & loss statement for the month that I actually receive the money?
I hope that you guys are able to understand my question! It's confusing me lately because I also have to put in my cost of sales & operation costs etc. etc. and it wont make sense to have my sales for a particular month not match up with our variable costs and what not.
Cheers!
Basically, we have various revenue streams; cash sales, credit card sales, online, and a VOUCHER BASED SYSTEM!
In the voucher based system, tourists from multiple resorts are able to book & pay for our tours at a 3rd party retail tour desk. We don't actually receive our payments from these tour desks for 60 days (which, in a seasonal industry, can be a big nuisance for cash-flow).
I'd just like to know whether I should put these voucher sales into my SALES column, or only place them into my profit & loss statement for the month that I actually receive the money?
I hope that you guys are able to understand my question! It's confusing me lately because I also have to put in my cost of sales & operation costs etc. etc. and it wont make sense to have my sales for a particular month not match up with our variable costs and what not.
Cheers!
