Understanding the Cause Of Blank Payee On Detailed Expenses Report in Strata Master
Summary
Learn about the causes of a blank payee on the Detailed Expenses report. This is most commonly found on Detailed Expenses Reports for 1/7/xx to 30/6/x+1.
Background to the Detailed Expenses Report
The detailed expenses report is a financial year report from 1/7/xx to 30/6/x+1. It shows only transactions through a specific period and only lists those transactions that have involved an expense account. There is similarly a Detailed Revenue report listing transactions involving income accounts..
In Accounting the I&E figures are 'cumulative' totals of Revenue (Income) and Expense accounts for that specific selected period only, exclusive of any gst. These cumulative figures are pushed into the Balance Sheet as at 30/6 each year and the Revenue and Expense balances reduced to nil. The cumulation begins again in the next period, starting from nil.
This is because, for the purposes of financial management and taxation, it can be seen whether there is a profit or loss for the year.
The Impact of Dates on the Payee Recorded
- If a creditor invoice is processed prior to 30 June, but unpaid as at 30 June, the Detailed Expenses report for 'year to date' only picks up information as at 30 June, primarily being the expense account impacted and the date of the invoice entry. The report does not look at transaction changes in July, which is the future as at 30 June. The transaction changes being the payment having been made and the creditor the payment is made to.
- If a creditor invoice is processed in July and paid in that financial year, it will show the payee if you run a 'year to date' report. This looks at the current year, which in July is one month duration and the payee is known.
- If a Detailed expenses report is run in July or August for 'last 6 months', the report may show the payee. This is because Strata master is looking at records for the last 6 months, which may include the invoice and the payment, hence the payee.
Payees showing when invoices are entered and paid during the period of the report.
Other Reasons For a Blank Payee
The method of processing a transaction will impact whether a payee shows on the Detailed Expenses report. The payee column lists the supplier of the goods or services for which each expense was incurred. Below are examples of transactions where a payee is not recorded.
1. The payee would be blank for payments processed as journal entries as no payee is entered into journals.
2. Owners Corporation receipts, where an expense account is selected, will also show on the Detailed Expenses report without a payee.
