18.13. Financial Reports

*THE BIG WHAT
HQ has many different areas where you are able to see your accounting reports. These are automatically generated and saved for you when you need to view them.

The Financial Export

The financial export is the largest financial report in HQ. It provides a detailed history of every transaction, but it also provides a really great summary of income by item.

Generate Financial Export

1. Go to Accounting > Financial Export: https://clinichq.com/app#/accounting/financial-export.
2. The first thing to decide is whether you would like to pull transactions based on the date they were paid (Cash Based), or on the date the appointment occurred (Accrual Based). Then select the desired date range, and click Run the Export.
   Cash vs accrual accounting methods
3. In the lower right corner of the screen, you’ll see the report download. Click on the Excel report to view it.

Look At Each Report

The first thing to notice is that there are actually five reports contained within the Financial Export. Below is a description of each.

Explanation of services summary

1. Services Summary: This report on the services tab provides a quick tally of all items sold, how many kinds of each service you provided, and the total amount earned for each type of service. Quickbooks’ codes can be linked here for import into your own Quickbooks program.
2. Payment Summary: Sums up payments. If the report is run by “payment date,” this will match the reconciliation report.
3. Payments: Detailed information on payments. Raw Data.
4. Services: On the services tab, all transactions are broken out by item type – this is all the raw data.
5. Donations: All Donations.

Now let’s look at each of these reports in detail.

Services Summary

Accounting report breakdown

1. Item Name: These are all the items sold in the time period selected.
2. Total Quantity: This is the total sum of each item.
3. Total Price: This is the normal price of the item – pulled from Settings > Services & Products.
4. Tax: This is the tax that was charged.
5. Total Price + Tax: Is the total price, plus the tax that was charged.
6. Total Paid by Subsidy: Is the total paid by a subsidy.
7. Total Paid by Client: This is the actual amount that was paid by the client.
8. Total Write Off: A write-off is an uncollectable debt. If someone doesn’t pay you, you can write it off as uncollectible debt.
9. Total Paid by Credit or Grant: How much was paid by credit.
10. Item Codes: These are codes you input into Settings > QuickBooks meant to identify the specific type of service or product.

Let’s work through some examples to see how this displays in the summary.

Example 1: John Smith brings his dog Max in for a surgery. The price is $68, but he only has $65, so he only pays $65 dollars. Here’s how that would look in the Summary. What he actually paid appears in the “Total Paid By Client” column.

Total paid by a client

Example 2: John Smith brings his dog Max in for a surgery. The price is $68. He gives you $70 dollars. He loves the work you guys do and says, “Eh, keep the change.” This is a $2.00 donation. Here’s how that would look in the Summary. The donation is captured in the “Donations” line item.

Donations paid by a client

Example 3: John Smith brings his dog Max in for a surgery. The price is $68. He gives you $100 dollars and asks you to hold on to it for him because he’s going to bring Max in again next week. In this case, you are creating a client credit. Here’s how that would look in the Summary.

Client credit in report

Example 4: John Smith brings his dog Max in for a surgery. The price is $68. Max is a Weimaraner and a local weim lovers club has agreed to pay the full cost of surgery for any weim whose owner cannot afford to pay. The surgery is covered by a voucher, and in HQ, we call this kind of discount a subsidy.

If you run the export by the payment date, here’s what it would look like:

Donations, credits, and overpayments

Nothing appears here because you actually have not received payment for this surgery. You’ve only received a voucher, which is a promise to pay but does not involve actual revenue.

The revenue will show up later when you enter it into HQ and document that it’s been paid.

For this transaction, you’ll want to run the report by appointment date, not payment date. Here’s how that would look in the Summary.

Payments Summary Report

The second tab in the spreadsheet is the “payments summary report.” If you run the cash-based report, this number will make the number on the reconciliation report (assuming it’s for the same time frame).

Financial exports by payment date or appointment date

If you run the report by “appointment date”- It will simply calculate the income for any appointments that happened within the date range searched. So, of course, it will not match the reconciliation report.

The Payments Tab

The “Payments” tab is how the “Payments Summary” is derived. It contains all the detail that creates the summary. If the financial export is run by the payment date, this will break out all the payments for that time frame. If it’s run by appointment date, it will catalog all payments received for the appointments that happened within that time frame.

The Services Tab

This tab contains details for all the transactions for the selected date range. This tab contains the richest data set in the entire financial export. It contains all information from all transactions. It’s the report your accountant will want. And we recently added ‘vet’ to this report. This will make it easy to sum up revenue by vet.

Report of all payments

The Donations Tab

This tab contains all donations.

Total donation report