Establish Starting Balances

This Help File Page was last Modified on 02/23/2020

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Establish Starting Balances

This Help File Page was last Modified on 02/23/2020

Keep in Mind:

You are currently reading about, and implementing the MKMS Accounts Receivable System

Some other modules (i.e., Prospect Tracking, Inventory Tracking & Job Costing, Service Tracking and Monitoring modules) will also use much of the data that will be entered here.

But, for the purpose of starting the Accounts Receivable System, these instructions will focus on the data needed to specifically use this Accounts Receivable module.


It is assumed that you have completed the General Maintenance entries, User Options, and the Other Maintenance items needed for the Accounts Receivable System


For each Subscriber that is entered in MKMS, you will need to access, when appropriate, one or more these Forms and/or a specific Section within a Form:

Accounts Receivable Information - The Accounting Receivable Section within the Edit View of the Subscribers Form must be completed for each Subscriber record before that Account may be Invoiced.

Bill Payer - This Form provides a shortcut to input any special Billing Address a Subscriber wants to use.

This is required only when a Subscriber is to be billed at an address that is different than the one (or more) of the addresses where their service will be provided.

When applicable, this information should be entered before the Subscriber is billed for the first time.

Recurring Revenue - This Recurring Revenue Form is used to define the Recurring Revenue(s) that should be billed (automatically) to this Subscriber.

Invoices - This Form is used initially to input the unpaid Invoices which will establish the Subscriber's starting balance in MKMS.

Receipts - This Form is used initially to input a Payment History for a new Subscriber (such as partial payments on outstanding Invoices) which could be required to establish the current Subscriber Statement balance.

Allocate - This Form is available as an option on the Receipts Form and as a separate process.  The Allocate Form allows you to apply the Receipts from Subscribers to either the oldest outstanding Invoice(s) or to specifically designated Invoice(s).


So as a review, once you have entered your Company's Subscribers and their Accounts Receivable Information:

1)Define the Recurring Revenue Billing requirements for each Subscriber, as needed.

2)Assign a Bill Payer for each Subscriber whose Invoices must be sent to an address that is different than where they are actually being serviced, when needed.

3)Identify the Bank(s) into which your Company will be Depositing monies received.

4)Identify the Payment Methods for each Subscriber who has agreed to have their payments automatically charged via Bank Draft and/or Credit Card.

5)Then, Establish each Subscriber's Starting Balance (as outlined immediately below).


Establishing each Subscriber's Starting Balance - After entering a new Subscriber - once you have completed the steps outlined above, here's how to establish their Starting Balance:

1.Enter Sale(s) - whether Paid and Unpaid Invoices - for the purpose of establishing an Accounting History record within this Accounts Receivable module.

2.Then, post any Receipt(s) associated with those Invoices.

3.Allocate those Receipts to the appropriate Invoices.


Also, read the Outstanding Invoices & Partial Payments chapter for detailed information about these steps.


Because most of our new Users are upgrading from another (manual or automated ) system:

If you have not had a data conversion performed (which imported your Company's Subscribers and their current balance, including the supporting Invoices and Receipts that make up that balance), you will need to enter those types of transactions to clearly establish why the Subscriber has a starting balance within this MKMS Accounts Receivable module.


1)If they have outstanding Invoices, each of those Invoices should be entered individually.  

2)If one or more of those Invoices have Deposits that should be applied to them, those Receipts must be entered as well.

3)Then, you must Allocate those Receipts to the proper Invoices.


So, What do I do Next?

Read the Outstanding Invoices & Partial Payments chapter for detailed instructions about the steps outlined below.

1)Enter an Invoice for each Sale that is (partially or wholly) Unpaid    

2)Post the Receipts that represent any Partial Payments or Unallocated Payments (any monies that you've received, but have not yet applied to an Invoice).

3)Allocate those Receipt(s) to the appropriate Invoice(s)

4)Print (View) the Ledger Card and/or the Subscriber Statement to check the results for the Subscriber.