This Help File Page was last Modified on 02/23/2020
❑So, how do I actually use this Accounts Receivable module?
•The steps outlined below will provide an overview of how daily Accounts Receivable transactions should be managed (recorded).
•This is a guide and that means you will do what is needed, when its needed, based on your Company's specific business needs and methods.
I.Enter New Sales
1.The Invoices created for Sales are best entered and mailed (or emailed) as they occur.
✓This is not only important for new installations, but also for service calls that were not "paid at the door".
✓The promptness of receiving the Invoice for services provided is important.
▪The Invoice that arrives several days (or weeks) later may come as a "surprise" ... maybe they have given me this service for free???
▪And you know how customers react to surprises!
✓Include as much detail as possible in that Invoice to ensure the Subscriber will clearly understand the reason for the charges.
✓As appropriate, use the Note field on each Detail Line Item for specific explanations, and the Comments field at the bottom of the Invoice Form for a general comment about the Invoice as a whole.
✓By using the Fully Automated Recurring Revenue Billing process, identifying the Payment Methods for each Subscriber who has agreed to have their payments made automatically via Bank Draft and/or Credit Card
▪The Fully Automated Recurring Revenue Billing process will create the required Recurring Revenue Invoices and Email them (and/or make them available daily for printing) on a daily basis.
▪By also using an Automated Payment Gateway (i.e., InnoEPay, Authorize.net, and/or Forte.net), the payments for those Recurring Revenue Invoices will also be Processed, Posted, Allocated, and recorded as Deposited automatically.
2.Once the appropriate Invoice Printing parameters are chosen, request to View these Invoices to ensure that this is the format that you want to be used when the Invoices are actually printed (or emailed).
3.If the Invoices do not appear as desired:
✓Close the View
✓Answer No to the "Did the Invoices Print Correctly?" question if asked.
✓Re-select the Invoice Printing options to correct the formatting problem, then request another Preview.
4.If they are now correctly formatted, go back to the Options tab and Check the Save Settings? box so that future Invoices will always be formatted in a consistent manner from one printing to the next.
6.MKMS keeps track of whether or not each Invoice has previously been printed, so you don't have to.
III. Post Receipts
1.Receipts should be posted daily!
✓There is no sense in "holding checks until we have enough to deposit".
2.Use either the "one at a time" posting method using the Receipts selection (located on the the Subscribers Form's Subscriber Options Menu), or for rapidly entering multiple Receipts, use the Receipt Posting Form available from the Maintenance > Receivables Menu or by choosing the Post Receipts Icon on the Receivables Tab.
IV. Allocate Receipts
1.If using the Subscribers Form Subscriber Options Menu's Receipts Form to post a Receipt, each Receipt entry should also be Allocated, either as a step performed when posting the Receipt, or done later using the Allocate Form which is also available on the Subscriber Options Menu.
V.Deposit all Receipts
1.Receipts should also be Deposited daily!
2.Each day's Receipts will be assigned a unique (User Designated) batch number.
3.Then, in preparation for physically making that deposit,
b.Record the Deposited On Date on the Receipts Form as the Receipt is entered.
✓Refer to the Bank Deposits - Depositing Receipts in the Bank chapter for that procedure.
VI. Contact Past Due Accounts
1.Regularly (at least weekly, but more often if time allows), print an Accounts Receivable Report for Past Due Accounts.
2.Make the necessary Collection Calls (yes, we know it is not everyone's favorite past time) because regular, staged, follow up with those Subscribers who have one or more Past Due Invoices is the most effective method of getting those Invoices Paid.
VII. Perform the appropriate Periodic Procedures when, and as needed.