Should I use Transaction Date or Item Date when running Statements in RecTrac 3.1?
Problem
What is the difference between 'Item Date' and 'Transaction Date' in the RecTrac 3.1 Statement program?
Solution
The Statements program offers fields for begin/end Transaction Date range and begin/end Item Date range.
Transaction Date
The Transaction Date is the date on which the transaction was processed. For Example: A Facility Reservation made on 02 May for an event that takes place on 18 June will have a Transaction Date of 02 May.
When using a Transaction Date Range, you are preparing a more traditional statement, much like your monthly credit card statement. A RecTrac Statement based on Transaction Dates displays a Previous Balance, separate line items for all new charges and payments within the Transaction Date range, and an Ending Balance. Using the example above:
- A Statement issued on 04 June for Transaction Date Range 01-31 May would include the Facility Reservation made 02 May and a payment for it, if one was received.
- A Statement issued on 05 July for Transaction Date Range 01-30 June would NOT include the Facility Reservation made on 02 May because 02 May is NOT in your Transaction Date Range. The July Statement would include a payment for the 02 May reservation provided one was made during June.
Item Date
The Item Date is the date on which the service was/will be provided. For Example: A Facility Reservation made on 02 May for an event that takes place on 18 June will have an Item Date of 18 June.
When using an Item Date Range, you are preparing a more traditional invoice that displays separate line items for charges and payments based on the Item Date and a Total Amount Due, if any. An invoice prepared using an Item Date range will not have a 'starting balance' because it is designed to show only charges and payments based on the dates you will/you did provide the service, provided the service dates are within your Item Date Range. Using the example above:
- An Invoice issued on 04 June for the Item Date Range 01-31 May would NOT include the Facility Reservation made on 02 May because the service will not be provided until 18 June. Father, the Invoice will NOT include any payments made toward the 18 June reservation because the Item Date remains in the future.
- An Invoice issued on 05 July for the Item Date Range 01 - 31 May would include the Facility Reservation made on 02 May because the event date occurred on 18 June. Payments made toward the reservation, if any, would have a Reservation Date of 18 June regardless of the actual date on which the payment was made.