Easily Produce Totals in Membee to Enter G/L Entries Into Your Accounting System
Every organization has an accounting software to complete their year-end statements and it’s important that the correct balances get inputted. Instead of entering every transaction into your accounting software to create more work, each transaction is already recorded in Membee to strengthen the financial audit trail and reliability. Membee’s G/L reports allow you to generate and enter a single entry into your accounting system to give you your time back and further protect against fraud.
Membee should never replace your accounting system. Instead, Membee acts as a sub-system that attaches all transactions to your members so that you can have a bullet-proof audit trail with confidence.
While Membee can extract transactions for your accounting system, most of our clients choose not to. With accounting systems, they would require you to enter every transaction into their system. This includes invoices, payments, write-offs, refunds – everything. Tracking it in both Membee and your accounting software would be redundant and create double the work for you.
You can save yourself time by using Membee’s G/L reports to enter a journal entry into your accounting system while relying on the financial history stored in Membee.
A Single Journal Entry Saves You Time
Traditionally, you would’ve been required to enter every invoice, every payment, every refund, every write-off, etc, into your accounting system to produce a single G/L entry for each transaction type.
Depending on the sheer volume of invoices and transactions, this could take days or even weeks to complete.
However, while Membee already tracks this information, you can produce a single journal entry in a single day to get you your time back.
How Do You Generate That Single Amount?
The most common practice is to run reports after a full month is completed.
Let’s use a monthly membership example to illustrate how much time you can save.
- Let’s say that you billed your November renewals for 100 members at a total of $36,000.
- To account for this $36,000 worth of invoices by informing your accountant to make a singular G/L entry for the month of November.
- To account for this $36,000 worth of invoices by informing your accountant to make a singular G/L entry for the month of November.
- By the end of the month of November, you received $23,000 in payments.
- You can run a Cash Receipt report to gather all payments received and inform your accountant to input a singular G/L entry of $23,000 payments for the month of November
- You can run a Cash Receipt report to gather all payments received and inform your accountant to input a singular G/L entry of $23,000 payments for the month of November
- The amount outstanding at the end of November is $13,000
- You can run the Aged Receivables report to gather all unpaid invoices. In this example, your accountant would input a singular G/L entry of $13,000.
- You can run the Aged Receivables report to gather all unpaid invoices. In this example, your accountant would input a singular G/L entry of $13,000.
- The same would apply for write-offs, refunds, and credit memos
In fewer clicks, you have all the amounts you need to enter into your accounting software as a journal entry!
Additional Protection Against Fraud
We can all agree that being audited can be a buzz-kill. This single-entry method can help protect you against potential fraud in numerous ways.
- Once an invoice is posted in Membee, its balance can only be affected by three types of entries: payments, write-offs, or credit memos. The invoice cannot be deleted or destroyed; it can only be affected by additional entries
- The original total for an invoice cannot be adjusted once it has been posted – this prevents any alterations that could cause fraudulent entries
- Usually, there are different volunteers or staff members that produce the amounts in Membee and enter the amount into your accounting system. The separation of duty can create a stronger audit trail to prevent fraud
Membee’s G/L Reports
These are the different reports in Membee that you can use to gather the amount for your G/L entry in Quickbooks:
- Invoice Activity G/L Account: gather the total invoices created for a period of time
- Cash Receipts G/L Account: gather the total payments for a period of time
- Refund G/L Account: gather the total refunds for a period of time
- Writeoff G/L Account: gather the total write-offs for invoices in a period of time
- Credit Memo G/L Account: gather the total credit memos (discounts or promo codes if any) in a period of time
- Aged Receivables: gather a total amount of unpaid invoices in a period of time
- Tax G/L Detail or Tax G/L Summary: Gather the total amount of tax payments received in a period of time
You can then take the amounts you gather for each G/L Account report and enter the amounts into your accounting system as a journal entry. It’s much more sustainable with this process in order to minimize the administrative work for your team.
Questions? Need Help?
At any point, if you need assistance with your billing, you’re welcome to reach out to us! Contact us at support@membee.com!