Chronos provides four methods of creating accounting entries: Usages, Cost Models, Store Orders, and Journal Entries.
Usages are commonly used for transactions that require a timer: aircraft usage, instructor time, simulator time, loaner car fee, landing fee
Cost Models are used to capture expense transactions that are related to a usage event. Examples: lease payments, CFI payroll, monthly hangar fees, hourly engine fund holdback.
Store Orders are commonly used for transactions where a product or service is sold by quantity: book sales, headset rental, pilot services day rate, class fee.
Journal Entries are used for currency only transactions: fuel reimbursements, refunds to client accounts.
Usages are transformed to accounting entries based on the bookable timer configuration. The timer configuration at the Bookable level controls the pricing rate and tax settings for the specific timer. This flexibility allows you to create any mix of revenue or expense models based on
Cost models allow you to create a second layer of automatic accounting rules that occur either monthly or hourly based on a usage event. Cost models can be used to update your Chronos expense accounts to account for hourly engine expenses, lease payments, and instructor payroll payments.
The Store allows you to configure products for sale. Clients may browse and select products in the store, or administrators may use store order transactions to create charges on the client accounts. Alternative uses for store orders are: flat demo flight fees, flat instructor day rate fees, headset rental fees.
Journal entries are used to create a currency level transaction between accounts. Chronos employs a double-entry bookkeeping method of accounting that allows you full customization to suit your business and accounting requriements. Journal entries are commonly used for: cash refunds to clients, maintenance charges to lease accounts, landing fees.