The End of Day Wizard - what to expect

It is important to close out the daily transactions and balance Theatre Manager on a frequent basis. If this occurs 365 days each year and the GL entry created by Theatre Manager is posted to your accounting system, you should have no problems with your annual audit... if you make the GL entries in your accounting exactly the same as TM creates them.

Note that Theatre Manager is an accrual accounting system. The Accounts Receivable account (A/R) is a revolving account to manage sales and payments. Each sale (ticket, donation or pass) increases the sales account for that item AND increases the A/R account. When the payment is received, the asset account for that payment is increased while A/R is decreased. If everything is paid for, then the net change to A/R on a daily basis will be zero. If an item is not paid for (eg pledge, group ticket sale, or reservation), you will see an increase in A/R on that day. At some subsequent day, once the order is paid for, you will see a decrease in A/R.

Typical GL entries seen at end of day

Sales of Items
	Debit	Credit	GL entry Type
Ticket Sale	A/R	Deferred Revenue for Event	Sales Posting (SP-xxxxxx)
Donation	A/R	Earned Income for Donation Campaign	Sales Posting (SP-xxxxxx)
Pass or Gift Certificate Sale	A/R	Liability for unused Passes	Sales Posting (SP-xxxxxx)
Membership Sale	A/R	Earned Income for Membership	Sales Posting (SP-xxxxxx)
Payments
Credit Card, Check or Cash Payment	Visa, MCard or Bank account	A/R	Deposit (DP-xxxxxx)
Redemption of Pass	Liability for unused Passes	A/R	Deposit (DP-xxxxxx)
Automatically Generated Postings
On day after event, transfer from deferred to earned revenue	Deferred Revenue for Event	Earned Income for Event	Sales Posting (SP-xxxxxx)
On year end Rollover	Deferred income for donations dated in a future fiscal year	Earned Income for the campaign	Sales Posting (SP-xxxxxx)
Manual Gl Adustments
Adjustments to GL	Any Account, usually not A/R	Any Account, usually not A/R	GL-xxxxxx