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The normal flow of activity in the Receivables module consists of creating miscellaneous unit billings (non percentage-of-completion) and Time & Material billings, posting payments received and printing the various accounts receivable reports.
| 1. | Creating Miscellaneous Billings and Time & Material Billings - Miscellaneous unit billings may be entered with multiple lines of description along with a percentage for overhead and profit. If linked to a job, these billings may be optionally added to the contract status totals. This billing format is not suitable for progress billings. |
| T&M billings are automatically created by pulling job transactions based on specific cost phases from the job along with pre-defined billable rates. This type of invoice is always linked to the job and will be used in the calculations for the various contract status reports. |
| Although contract billings (percentage-of-completion) are actually created in the Job Cost module, the Receivables system contains the historical file for all invoices. |
| 2. | Posting Receipts - All payments received, including joint checks, are then posted against the applicable invoice(s). Payments that are received that are not applicable to any receivable invoice, such as a refund, may also be processed through this module and applied to any general ledger account and/or job with a 'non invoiced' cash receipt. A backcharge may also be applied against any invoice and charged back to the job as an expense or coded to any other account of your choosing. All receipts types may be voided and if the receipt is linked to an invoice, the amount of the voided receipt will be reinstated in the unpaid receivable table (and unpaid payables table if the receipt is a joint check.) |
| 3. | Printing Receivable Reports - There are currently six reports available in the Receivables module. Detailed reports of sales and cash receipts may be printed at any time for any period and with a variety of options. The accounts receivable aging schedule may also be printed for any period and may include an option to 'reconstruct' the balances of those invoices that have already been paid. |
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