Financial Performance Summary Report

Monthly Closeout, Yearly Closeout & Profit and Loss reports provide a clear and concise summary of your financial activity, covering estimates, invoices, and expenses on both a monthly and annual basis. It also highlights total revenue, expenses, and net profits, giving you a complete view of your business performance.  

To check these reports,

• Login to your Markate account.

• Click Reports

• Scroll to the Popular Reports section under Reports

• Here you will find Monthly Closeout, Yearly Closeout, Profit and Loss Reports

• To select the accounting method,

• Click Settings on left panel

• It navigates to the Settings page

• From Accounting Method dropdown, Select Cash or Accrual 

• Click Save Changes 

Note: This setting can be changed anytime as per your business' requirement.

The main difference between cash and accrual accounting is the timing of when revenue and expenses are recognized in the books. Cash accounting records revenue when money is received and expenses when money is paid out. Accrual accounting records revenue when it is earned and expenses when they are incurred.

NOTE: Below reports are calculated using Accounting Method - Cash 

Monthly Closeout Report

Below is a template for a monthly summary report that includes estimates, invoices, and expenses.

Let's pick the month- December 2024 and understand how each column is being populated.

• # of Estimates: Total number of Estimates once Submitted to the Customer.
• Estimated: Grand Total of all the Submitted Estimates. 
• Accepted: Grand Total of all the Estimates which are accepted by the Customers.
• #of Payments: Total number of Estimates converted to Invoice and being paid.
• Invoiced: Grand Total of all the Estimates which are converted to Invoice.
• Paid: Addition of Grand Total of Invoices being fully paid.
• Due: Addition of Grand Total of Invoices yet to be paid
• Total Pending: Addition of Total amount of all the Invoices yet to be paid. It includes Partially Paid Invoices as well. Suppose an Invoice amount is $100 and only $60 is being paid. Then $40 will be added in this calculation.
• # of Expenses: Total number of Expenses / Mileage recorded.
• Total Expense: Addition of Grand Total of all the Expenses / Mileage recorded.

Yearly Closeout Report

This report is same as the Monthly closeout report shown above and also includes:

• Net Profit = Paid - Total Expense
• Total: Addition of each column values

Profit and Loss Report

Below is a template for a summary report that includes Revenues, Expenses, and Net Profit.

Let's Select This Year and see how the rows are being populated,

• Total Revenue = Total Invoice Paid Amount - Total Refund Amount
• Expenses: Addition of Grand Total of all the Expenses / Mileage recorded
• Net Profit = Total Revenue - Expenses

Note: The report data might change based on the Accounting Method (Accrual/Cash). All reports shown above are based on the Accounting Method: Cash