Tag Archives: Monthly Journals

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 >

Lesson #47

Manage accounts receivable

Receivables is another large module in RB with functions for accepting and crediting payments, assessing additional charges, correct invoices, monitor accounts receivable, and perform collections. In this module, you can:

• Credit and track client payments. Apply a payment to multiple invoices at once. Apply retainers and payments via checks, PayPal or credit cards.
• Keep track of retainers. If a client has a retainer, it automatically appears when crediting payments from that client so you can apply it.
• Enter credits, discounts, overpayments, and other adjustments.
• Balance transactions and post payments.
• Enter non-cash transactions, such as credit and debit memos, duplicate payments, refunds, miscellaneous income, voids, and write-offs.
• Acknowledge client payments with emailed receipts.
• Provide resources with billing reports instead of invoices to see what they can expect to be paid for work they have done.
• Assess finance charges.
• Include PayPal and credit card processing fees.
• Run daily register reports.
• Print or email monthly journal reports to your accountant. Get an instant snapshot of accounts receivable for any date.
• Send clients monthly statements via email or regular mail.
• View monthly client activity reports. View all paid or voided invoices for a set time period.
• Find overdue invoices.
• Send clients detailed collection letters.
• Monitor collection efforts using reports, follow-up alerts, collections notes log, and copies of disputed or unpaid bills you can pull up from the central repository and email to clients from within RB.

Receivables functions by name

• Receive Payments
• Enter Other Transactions
• Send Payment Receipts – RB9-only function
• Resource Billings Report – RB9-only function
• Daily Register
• Daily Balance Log – RB9-only function
• Finance Charges
• Monthly Journals
• Aged A/R
• Send Statements
• Client Account Activity – RB9-only function
• Paid Invoices – RB9-only function
• Voided Invoices – RB9-only function
• Collection Letters – RB9-only function
• Collection Follow-up – RB9-only function
• Collection Forecast – RB9-only function

TL;DR: Apply payments and perform other accounts receivable tasks, including collections.

RB concepts in this lesson

Notes Logs: Un-editable internal-use only notes entered either by a user or automatically by RB appear in chronological logs in the database record where they occurred.