Lesson #54
Receivables – Monthly Journals function
Monthly Journals are static monthly reports that break down all sales and cash receipts posted during the selected month into debits and credits. Your accountant uses these reports to prepare your company’s financials.
The Sales Journal lists all posted daily credit sales totals for the selected month, grouped and subtotaled by business unit (BU). It shows you how much you billed. Each BU has its own page(s), and in addition to listing the BU’s sales as debits in Accounts Receivable and credits in Revenue at the end, it lists the number of jobs and invoices included in that amount.
The Cash Receipts Journal lists all posted daily cash inflows for the selected month, grouped and subtotaled by BU. It shows you how much money you received. Each BU has its own page(s), and includes the total amount for each applicable account per BU, crediting sales and debiting cash and other transactions.
The last page of each journal is a grand totals page for your entire company that includes the totals of all of your BUs.
Report options
The journals default to the current month displaying revenue from all BU accounts and subtotals by date posted for all of your company’s BUs. You can view information from other months, broken down by service item, in summary form, and/or for one or several of your BUs.
Daily financial transactions are temporary until they are posted (i.e., closed out). Once posted, they cannot be modified nor deleted. Monthly Journals use the post date (not the transaction date) to select and group transactions on the report.
Monthly Journals compile posted transactions that meet your criteria as 2 separate reports, which each group their entries under one BU per page, plus a Grand Total page. Each report is shown as a tab above the report pane so you can quickly access either one.
You can search for a word or phrase in the onscreen report. RB will highlight all instances of your searched word/phrase in the report and list them in a scroll box along with the page number where they occur. You can print or export monthly journal reports in a variety of formats — PDF, CSV, Excel, Rich Text, TIFF, or web archive — to email to your accountant.
TL;DR: A summary recap of daily sales and cash receipts registers. Your accountant uses this report to prepare your company’s financials.
RB concepts in this lesson
Business Unit (BU): One of your company’s revenue centers or any entity in your business that you want to track separately.
Job: Usually the reporting of a deposition, but can also be any kind of service you provide. More >
