Understand the Financial Dashboard

Overview

The Financial Dashboard provides a comprehensive view of your company's financial health, with a specific focus on revenue recognition and transaction details. This tool helps you accurately track project profitability, identify discrepancies in billing, and generate detailed reports for your accounting system. This is to ensure you are recognizing revenue correctly by comparing costs incurred with amounts invoiced.

Things to know

• Only transactions associated with projects are displayed in this dashboard. Standalone jobs or non-project transactions are excluded.

• You must have the Access Financial Dashboard permission enabled to access this dashboard. Please contact the account administrator on your team.

Key benefits

The Financial Dashboard offers several key advantages to help you manage your finances:

• Accurate revenue recognition: The Over/Under Billing report helps you compare your project's completion percentage with the amount you've billed, ensuring revenue is recognized correctly.

• Identify billing discrepancies: Easily spot instances where you have either overbilled or underbilled.

• Data verification: The Ledger Viewer allows you to drill down into the numbers from the Over/Under Billing report, providing a detailed breakdown of transactions that make up key financial metrics.

• Customizable reporting: The Ledger Viewer can be used independently to build custom reports, such as a trial balance or a detailed view of specific accounts like Accounts Receivable.

• Simplified accounting entries: The Over/Under Billing report can be downloaded at month-end to generate a single journal entry for your accounting system, streamlining your bookkeeping process.

Best practices

• Monthly journal entries: At the end of each month, download the Over/Under Billing report to create a single journal entry in your accounting system. This helps to properly recognize revenue for that month.

• Reverse entries: On the first day of the next month, reverse the journal entry you made. This ensures that the new month's over/under billing report captures the correct data for future calculations.

• Filter for accuracy: When building custom reports in the Ledger Viewer, remember to filter for Posting records to exclude non-posting items like estimates, ensuring your data is accurate.

Access the Financial Dashboard

To access the Financial Dashboard:

1. Go to the navigation bar and click Accounting .

2. In the side menu, click Financial Dashboard.

Note: You must have the correct permission enabled to access the Financial Dashboard. Contact your account administrator on your team to enable this permission.

View the Over/Under Billing report

The Over/Under Billing report helps you compare the amount you've invoiced a customer with the percentage of a project’s completion. You can use this report to create a journal entry at month-end to accurately recognize revenue in your accounting system.

Overbilling

Overbilling occurs when you have invoiced a customer for more than the percentage of the project you have completed based on costs.

For example, if you have invoiced a customer for the entire contract value of a project, but have only completed 99% of the work, you have overbilled them.

Underbilling

Underbilling occurs when you have invoiced a customer for less than the percentage of the project's completion.

For example, if your project is 81% complete from a cost perspective, but you have only invoiced the customer for a smaller portion of the contract value, you have underbilled them.

Access the Over/Under Billing report

1. Go to the navigation bar and click Accounting .

2. In the side menu, click Financial Dashboard.

3. Click Over/Under Billing.

4. Select a date from the As of Date dropdown.
   

Over/Under Billing summary bar

The summary bar provides an at-a-glance overview of your projects' financial status and progress.

• Total Number of Projects: Shows the total count of all projects, broken down by status For example,  Completed, On Hold, In Progress.

• Earned Revenue: This is the revenue your business has earned based on the work completed.

• Actual Revenue: This represents the total amount that has actually been invoiced and billed to customers.

• Over Billed Projects: Displays the number of projects where you have invoiced more than the percentage of work completed, along with the total overbilled amount.

• Under Billed Projects: Displays the number of projects where you have invoiced less than the percentage of work completed, along with the total underbilled amount.
  

Edit report columns

To show or hide columns in the report:

1. While on the report, click the Edit Column  icon.
   

2. In the edit column screen: 

   1. Click the Hide column icon to hide the column.

   2. Click the Show column icon to show the column.

3. When finished, click Apply.

Download the report

Click Download to export the report as an .XLSX file.

View the Ledger Viewer

The Ledger Viewer lets you see the details behind the numbers on the Financial Dashboard. You can use it to verify the accuracy of totals like Contract Value, Estimated Cost, and Actual Cost. 

The Ledger Viewer can also be used independently to build custom reports, such as a trial balance or a detailed view of a specific account like Accounts Receivable. It provides a supporting document for your accounting records by showing all the transactions that contribute to a particular value.

Using the Ledger Viewer to drill down into financial data

You can use the Ledger Viewer to review details of the transactions.

Note: You can only drill down financial metrics for Contract Value, Estimated Cost, and Actual Cost. Additional metrics will be available in future updates.

1. From the Over/Under Billing report, click on any of the core financial metrics to drill down.
   

2. The Ledger Viewer automatically opens and filters based on your selection.
   

3. The transactions displayed in this screen are based on the metric you clicked:

   1. Contract Value: Includes all sold estimates tied to the project.

   2. Total Estimated Cost: Includes all sold estimates tied to the project.

   3. Total Actual Cost: Includes all costs associated, including bills and purchase orders. Returns are subtracted out.

Use this view to verify the accuracy of the financial data and see how the totals are calculated.

Build a custom report with the Ledger Viewer

You can use the Ledger Viewer independently to build and customize your own financial reports.

To build a custom report with the Ledger Viewer:

1. Go to the navigation bar and click Accounting .

2. In the side menu, click Financial Dashboard.

3. Click Ledger Viewer.

4. By default, the viewer shows the balance of all GL accounts in your ServiceTitan account.
   

5. Adding filters to the ledger. For example, you can filter by a single Account Name such as Accounts Receivable:

   1. Click Add Filter.

   2. Search for and click the filter name. For example, you can search “Account Name.”

   3. Select how you want the ledger to be filtered. For example, if you want to filter by your AR account, select Contains and enter “Accounts Receivable.”

   4. Click Apply Filter.

6. Repeat steps a - d for additional filters.

7. Use the Group By dropdown to group the transactions.

8. Use the Pivot dropdown to change how the data in the ledger is organized.

9. Show or hide columns:

   1. Use Search Columns to search for columns.

   2. Click the Hide column  icon to hide the column.

   3. Click the Show column icon to show the column.
      

10. Add additional fields by dragging them into the report view.

Want to learn more?

• See Project management

• See Understand Budget vs Actual

• See Manage month-end for work-in-progress projects