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Establish Starting Balances

This Help File Page was last Modified on 02/20/2016

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Establish Starting Balances

This Help File Page was last Modified on 02/20/2016

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Establish Starting Balances

This Help File Page was last Modified on 02/20/2016

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Keep in Mind:

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

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

But, for the purpose of starting the Accounts Receivable System, these instructions will only concentrate on what you need to understand, and complete, to use this Accounts Receivable module.

 

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 with 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 the Billing Address for a Subscriber

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 service will be provided.

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

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

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

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 their current Subscriber Statement balance.

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

 

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

Define their Recurring Revenue Billing requirements for each Subscriber, as needed.

Assign a Bill Payer for each Subscriber who is billed at a different address that where they are being serviced, as needed.

Set up Auto Draft payments each Subscriber, if they have agreed to making their payments in this manner.

Then, the next step is to Establish each Subscriber's Starting Balance (as outlined immediately below).

 

After entering a new Subscriber - once you have completed the steps outlined above, establish their Starting Balance:

See the Outstanding Invoices & Partial Payments chapter for detailed information about these steps.

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.

 

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

See the Outstanding Invoices & Partial Payments chapter for detailed information about these steps.

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.

Specifically:

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

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

c)Then, you must Allocate the Deposits 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.