Hey All

I hope you are doing good and keeping safe.

Firstly Apologies for the delay.

Please refer to my comments and the reports for your understanding.

According to the conversation, we finished Elite Vacations' accounting backlog services starting March 22
to July 2023.

Please refer to my working notes:

Firstly, After the full observation with regards to the backlog ( starting April 2022 - December 2022) The
Quick Book approach of bookkeeping considered the whole amount of incoming as sales which is to be
taken as client deposit. Only the 15% management fee is to booked as revenue due to which our
Revenue is high as compared to xero. Rental income is only taken into account as operating revenue in
Xero.

Underneath is an examples for your understanding.

Description Amount

Rental 12000

Tourist fee 300

Holiday Home fee 1050

Security Deposit 3000

Total 16350

As per quick-books (as per Finance Monkey)

Where as

The actual entry should be

Description Amount Account

Rental 12000 Client deposit

15% Management Fee -1800 Rental Income

Tourist fee 300 Rental Income

Holiday Home fee 1050 Rental Income

 Security Deposit 3000 Client deposit

Total 14550 Client deposit

This will give us the amount of actual sales made by Elite Vacation.

During the visit, some of the Rental amounts are were not enter in the cash flow but found from
pipeline, but now already added.

For some of the properties VAT is being charged which is an extra profit for the company.

The gross income for the year 2022 is AED ,106467

As per pipeline :

Rental 77421

Extra 19332

AIRBNB Cancellation fee 1684

908 - furniture Margin 2800

other income 5230

The gross income for 2023 is AED, 111,841.78

Amounts related to the client deposit are being expenses out due to which the difference of

With regards to Expenses.

The expenses are not categorized as per the approach

We have only included the actual operating expenses:

1. Property Finder

2. Bayut

3. Internal broker commission.

4. Legal expenses ( Trade licence renewal- main expenses)

5. Software Subscription.