Upon completion of this lesson, you will be able to add rental income and receipts to owner statements.
Schedule Master has an automated facility for adding rental income and aircraft receipt charges to owner statements. The rental income for owners is based on the owner income rate as defined in the Resource Rates screen (at the time of the postflight), the price level of the users (e.g. standard, owner), and the time entered by the users.
1. To get started, go to Billing Admin -> Owner Trans -> Rent/Receipts.
2. This will take you to the screen pictured below, where you will set the fields as needed and click the button labeled "Create Batch". The recommended process would be to create a separate batch of rental time only for each resource. This allows you to verify the totals before adding to the owner statement. Then, create a batch of receipts for all aircraft. To double-check that all batches are done, you can try a batch with both types of transactions and all resources.
Additional details on fields...
Accounting Date: This sets the date of the transaction on the owner statement.
Schedule Cutoff Date: Rent or receipt transactions will be selected if the schedule associated with the transaction falls on or before this date.
Note: If additional transactions were created for a past billing cycle, they will be selected in the current batch. If you would like to add those in a separate transaction, you can create an additional batch for the past billing cycle.
3. If there are discrepancies or outstanding approvals related to the batch, you will see a link for viewing those. All discrepancies should be addressed before creating the owner transactions. The discrepancies are for rental time. This link will take you to the Flight Resolution Queue, where these can be resolved. The approvals are sometimes for approval of receipts. In this case since we have only selected "Rental Time," it is suggesting that there are 6 unapproved maintenance flights to be reviewed and approved or rejected. If additional transactions are made in resolving the discrepancies, the batch should be cleared and re-created.
4. Click "Select" on the row of the new batch to see the transaction details and the total quantity and dollars.
5. If the totals/transactions look OK, click the link labeled "Create Owner Trx". This will add a summary record to each aircraft statement for total rental hours and dollars and a summary record for each type of receipt (e.g. fuel, oil, maint). It will also lock the batch so that it is ready for download to Quickbooks. Batches created in this screen will have a one-to-one correspondence with Quickbooks general journal entries. If multiple aircraft are in a batch, there will be separate line items in the journal for each aircraft.