Unearned Income from Prepaid Memberships
Hello,
Is there a report I can generate that will give me the total membership obligation our gym has to its members?
My accountant wants to calculate 'unearned income' on the date of our year end (July 31st). He is looking for a report that would give him the dollar value (though number of days or other metric would be better than nothing) of the prepaid memberships outstanding on July 31st. For example, if someone bought a membership on July 30th, we would book most of that income for one accounting year, but provide the service in the next.
Possible? Already exist?
Thanks
Comments
That's a first time for this request.
Unfortunately no such report exists, and it would be almost impossible to actually pull that kind of data - at least easily.
It would seem though, you can estimate the number pretty easily by simply producing a report of all the annual memberships sold and doing a quick estimate.
I had an idea of how to do this...
* Run a Sales Report for prepaid memberships for the date range in question (one year back?)
* Open in Excel
* Remove extraneous rows
* Sort on the prepaid product name
* Add a column which is the date of the product sold + the membership length (ie. the expiration date). By sorting on the product name you should be able to do this very quickly by entering a few formulas and dragging the formula.
* Add another column using Excel date functions that shows the difference in days between the two dates
* Add another column using Excel date functions which is the number of days between now and the start date
* A final column which is the % of days remaining (previous two columns) * the price column!
Should only take 15 minutes :)
Please sign in to leave a comment.