Income & Expenses

The Income & Expenses section allows users to keep track of their Income and Expenses for Horse and Non-Horse related items through EquisoftLive. This assists the user in determining the profit or loss of the Farm/Company over a period of time.

The Income and Expense transactions can be recorded in multiple currencies to provide a breakdown, however no currency conversions are carried out.

Transaction Types and Categories Setup

The setup screens for the Transaction Types and Categories can be found in the Billing Lists section of the Main Settings

The Transaction Types can be either Income or Expense. Multiple Transaction Types can be setup for each type to allow for further breakdown and analysis.

Income Transaction Type

The Income Transaction Type allows users to input Income Transactions.

Income Transaction Types can also be flagged as a specific Disposal type, which when entered provides the user with the ability to enter further Disposal details for a Horse.

Expense Transaction Type

The Expense Transaction Type allows users to input Expense Transactions.

Expense Transaction Types can also be flagged as one of several other specific Expense types, including Vet, Farrier, Miscellaneous or Acquisition. Acquisition Types provide the user with the ability to enter further Acquisition details for a Horse.

When an Expense Transaction is flagged as either Vet, Farrier or Misc, the user will be able to record further Activity Input Details when recording the Expense. All of these additional Expense Types are Horse specific and require a Horse selection when recording the expense.

Transaction Category

The Transaction Category provides the user with an extra level of Income / Expense transaction categorisation for reporting and analysis.

Income/Expense Review

The Income / Expenses Review screen provides an overview of all Income and Expense items recorded in EquisoftLive. The initial view displays the last 3 months of transactions The review screen provides filtering based on Date, Transaction Type, Transaction Category, Horse (if horse-related).

Additional advanced filtering allows the review grid to be filtered by currency and/or Horse Farm Location.

The Review Grid displays all Income and Expense transactions for the selected filters in reverse chronological order. Expense transactions are displayed with a Red background while Income transactions are displayed with a Green background.

The Totals section at the bottom of the review screen will update each time the grid is updated (either with new Transactions or by filtering). A separate total section is displayed for each Currency displayed in the Transaction Grid, showing the Currency, Total Income, Total Expense, Profit or Loss and the % Profit/Loss for each Currency.

Transaction Input

Basic Income and/or Expense Transactions can be entered by clicking the Add New button on the Income/Expense Review screen. On the popup input screen the date will be preselected as the current date. The user can then select the Transaction Type. Selecting the basic Income or Expense Type makes no changes to the input screen. The Transaction Category, Horse and Description remain as optional inputs, but can be filled for further detail. The Amount and Currency will always be required.

Acquisition/Disposal

When inputting an Acquisition type Expense, the normal required Expense information is entered, i.e. Date, Type, Amount and Horse.

Clicking the New Acquisition will then display the Acquisition Input to record further information about the Horse's acquisition. Here the detail of the Sale, Lot, Breeder, Vendor, etc. can be entered and saved.

Similarly, when inputting a Disposal type Income transaction, the normal required Income information is entered, i.e. Date, Type, Amount and Horse.

Clicking the New Disposal will then display the Disposal Input to record further information about the Horse's disposal. Here the detail of the Sale, Lot, Breeder, Vendor, etc. can be entered and saved.

Once the Acquisition Expense or Disposal Income transaction has been recorded and saved. The Income/Expense Review screen will be updated with the new record and the relevant Acquisition and/or Disposal information on the Horse's main record will be updated.

Horse Activities

As well as standard Income & Expense Transaction and Acquisition & Disposal Type Transactions, the Income and Expenses can be used for recording expenses associated with normal Horse Activities, i.e. Vet, Farrier, Misc, etc. When saved these expense records provide a link directly to the Horse Activity on the Horse's record.

Following input of the basic Expense Transaction, clicking Add Activity will display the Activity Expense Detail. Here the details of the Activity can be entered, using a screen that replicates the standard Activity Input/Edit.

Once the details of the Activity Expense are completed, clicking Add To Draft List will save the Expense and add the activity for the selected Horse to the Activity Draft list where is can be confirmed and posted to the Horse's main record.

The Activity Expense can then be edited/reviewed from either Income/Expenses Review screen or from the Modify Input for activities.

Linking & Unlinking Activity Expenses

Activity Expenses can be retrospectively linked and unlinked from the Income and Expenses on the Activity Edit screen.

By deselecting the 'Expense' checkbox to the left of the Expense Type, will clear the Expense information and remove the link to the Income and Expenses Review.

Similarly, selecting the 'Expense' checkbox and selecting the Expense Type and Currency will create a link between an existing Activity and the Income and Expenses.

Reports

The Billing Reports in EquisoftLive provide a comprehensive set of detailed and summarised Income & Expense Reports.

The detailed reports include a standard Income and Expenses Report as well as a detailed report grouped by Horse, Transaction Type or Transaction Category. The summary reports include reports summarised by Horse, Transaction Type or Transaction Category.