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Cash Receipt Summary vs Revenue by GL Code Reports

Cash Receipt Summary vs Revenue by GL Code Reports

Postby katie042 » Wed Jan 25, 2017 10:15 am

I am reviewing the Cash Summary Report and Revenue by GL Code report weekly. The first two weeks in January 2017, the totals on both reports match. For the 3rd week in January, they differ by $2215.40. The only difference I notice is on the Cash Summary report it shows this amount in the section marked "Total Receipts paid on Deposit: These payments are from our Direct Deposit customers. The GL code used is titled Direct Deposit. Are we doing something incorrect when posting, as I am not sure why it brings the Cash summary report out of balance with the Revenue by GL report. Any help would be appreciated. Thank You
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby Johnny5 » Wed Jan 25, 2017 11:18 am

Hi,

"Deposits" (payments made against an order before it is posted) are not included in the Revenue report. The theory is a deposit is not earned revenue until the invoice including the deposit is posted.

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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby katie042 » Thu Jan 26, 2017 11:49 am

On the GL/or payment section, we have it labeled as Direct Deposit and GE Fleet discounts. Can someone explain how I should set up this payment type so that it falls correctly on the Revenue by GL Account Report. Also what is correct way when using "Receipts paid on Account"? These also do not seem to fall on the GL Account Report. Thank you
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby PDickson » Tue May 30, 2017 10:37 am

Is there a way to find all the records on the WIP that have a payment or deposit and have not been posted?
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby ricmorin » Tue May 30, 2017 10:57 am

PDickson wrote:Is there a way to find all the records on the WIP that have a payment or deposit and have not been posted?

I don't think there is a way to find ALL the records. Do you have many?

The easiest is to just open the record and look at the bottom.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby VirginiaO » Tue May 30, 2017 10:59 am

katie042 wrote:On the GL/or payment section, we have it labeled as Direct Deposit and GE Fleet discounts. Can someone explain how I should set up this payment type so that it falls correctly on the Revenue by GL Account Report. Also what is correct way when using "Receipts paid on Account"? These also do not seem to fall on the GL Account Report. Thank you


Hi there. Is someone mixing up the payment types? (Direct deposit and a deposit as advance payment. Easy to confuse the two terms.)
If a direct deposit or fleet payment is coming in later, typically within a few days, I suggest posting that invoice on the day of the repair with a payment from "Charge". So your income will be on the correct day, as an amount receivable. Then once the payment is received, it will not show up again as revenue, but just as a payment received in your cash receipts. Does this make sense? : )
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby VirginiaO » Tue May 30, 2017 11:04 am

PDickson wrote:Is there a way to find all the records on the WIP that have a payment or deposit and have not been posted?


Under Reports, Accounting, "Customers with credit on account" should help you.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby PDickson » Wed May 31, 2017 7:09 am

VirginiaO wrote:
katie042 wrote:On the GL/or payment section, we have it labeled as Direct Deposit and GE Fleet discounts. Can someone explain how I should set up this payment type so that it falls correctly on the Revenue by GL Account Report. Also what is correct way when using "Receipts paid on Account"? These also do not seem to fall on the GL Account Report. Thank you


Hi there. Is someone mixing up the payment types? (Direct deposit and a deposit as advance payment. Easy to confuse the two terms.)
If a direct deposit or fleet payment is coming in later, typically within a few days, I suggest posting that invoice on the day of the repair with a payment from "Charge". So your income will be on the correct day, as an amount receivable. Then once the payment is received, it will not show up again as revenue, but just as a payment received in your cash receipts. Does this make sense? : )
Not ACH Electronic Direct Deposit payments. Been using a different "cc" type for those for years and treat them as ROA.

I'm talking about "pre-payment" on NON-posted invoices/repairs orders on the WIP ... We do get a lot of them, as partial payment or a Lay away plan.

We post about 150 invoices a day. Not even sure how many repair orders/ estimates each day. I try to keep track, but would like to know if there is a report or something we could run on the WIP that would show "deposit on non posted" Daily I will compare the Cash Receipts Report to the Posted Total by Invoice number to find any deposits invoices posted or new deposits on the WIP. But because of the volume there have been times when I have missed some. Just wondering if there was a quick way to see if there are any out on the WIP without scrolling thru each one.

Was interested in the Accounting Link. Anyone have any experience with that add on?


The "customer with cash only shows a customer that has credit "On Account" or credit on a posted invoice. It doesn't show any unposted invoices that had a payment posted to them.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby Silky7 » Wed May 31, 2017 7:17 am

Just curious, have you looked at the Cash Receipts Deposit report? It will include open WIP items that have made deposit payments.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby Johnny5 » Wed May 31, 2017 8:18 am

I think what we need to do is include in the various WIP reports the balance due for each item. I have requested this enhancement from development.

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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby PDickson » Thu Jun 01, 2017 8:02 am

Thanks! Been using Mitchell for 20 years and have always struggled with prepayments!! That would be a great enhancement.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby 5504SPenn » Thu Jun 22, 2017 6:13 am

VirginiaO wrote:
PDickson wrote:Is there a way to find all the records on the WIP that have a payment or deposit and have not been posted?


Under Reports, Accounting, "Customers with credit on account" should help you.


I look at this report and there is nothing there. I too am trying to find a report that lists all the pre-payments on a Repair Order.
Last edited by 5504SPenn on Thu Jun 22, 2017 9:36 am, edited 1 time in total.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby 5504SPenn » Thu Jun 22, 2017 6:18 am

Silky7 wrote:Just curious, have you looked at the Cash Receipts Deposit report? It will include open WIP items that have made deposit payments.


The problem with the Cash Receipts Deposit Report is that it does not tell you if a payment has been made towards a Posted Invoice, or a Repair Order still in WIP.
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Re: Cash Receipt Summary vs Revenue by GL Code Reports

Postby 5504SPenn » Thu Jun 22, 2017 6:21 am

Johnny5 wrote:I think what we need to do is include in the various WIP reports the balance due for each item. I have requested this enhancement from development.

JD


On most systems I have worked with, a Pre-Payment towards a Repair Order shows up on the Accounts Receivable Aging as a credit. Mitchell does not seem to work this way. This causes a reconciliation issue when trying to balance the Accounts Receivable Aging in Mitchell with the Accounts Receivable Aging in our Accounting System.
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