New Batch Data Entry (Finance)

The “New Batch Data Entry” feature in the Finance Management module of Retention CRM is a time-saving tool for efficiently entering multiple payment/incoming fund records at once. It allows Associations, Chambers of Commerce and Nonprofits to create a batch, fill in details for each payment within that batch, and process them altogether.

General Functionality of the ‘New Batch Data Entry’ Feature

• Batch Name (Required): This is a unique identifier for your batch. You can edit the default name generated by Retention CRM (e.g., “Batch N + open date”) to something more descriptive, like “Nurse Conference Registration Fees (May 2024)”.
• Type: This allows you to specify the type of payment being recorded in this batch. It’s optional but helps filter and manage batches. For the nursing association example, you might leave it blank (generic payment) or create a custom type like “Membership Renewal” or “Conference Fees.”
• Description: This is an optional field for adding additional details about the batch. You could use it to explain the purpose of the payments, for example, “Fees collected during the annual nursing conference.”
• Number of Items (Required): Enter the total number of payments included in this batch.
• Total Amount (Required): Enter the combined sum of all payments within this batch. This helps ensure your data is consistent before processing.

Using the ‘New Batch Data Entry’ Feature in Association Management

Scenario

The Happy Nurses Association holds an annual conference with a registration fee. They receive numerous checks and online payments after the event.

Here’s how they can utilize the “New Data Entry Batch”:

1. Create a New Batch: Go to Finance > Batch Data Entry > New Data Entry Batch.
2. Fill in the Details:
   • Batch Name: “Nurse Conference Registration Fees (May 2024)”
   • Type: Leave blank or create a custom type “Conference Fees” (optional).
   • Description: “Collected during the annual nursing conference held in May 2024.”
   • Number of Items: Enter the total number of conference registrants who paid.
   • Total Amount: Enter the combined sum of all registration fees received.
3. Enter Individual Payments: The system will display a grid where you can enter details for each payment, such as:
   • Contact Name: Search for the registered nurse’s name.
   • Amount: Enter the individual registration fee.
   • Payment Method: Select the payment method (check, online payment, etc.).

More Use Cases for Associations

1. Membership Renewal Batch

Associations can use “New Batch Data Entry” feature to process a large batch of membership renewals at once. This can save a significant amount of time compared to entering each renewal individually. For example, an association could create a batch for all memberships expiring in June, then enter the renewal details for each member in the batch.

2. Event Registration Batch

Similar to membership renewals, the “New Batch Data Entry” can be used to efficiently process registrations for an event. This is especially helpful for events with a large number of attendees. For instance, an association hosting a conference can create a batch for all registrants, then enter the registration details (attendee name, fee amount, payment method) for each person in the batch.

3. Grant Application Batch

If an association awards grants to multiple recipients, they can use the “New Batch Data Entry” to process the grant applications. This would involve creating a batch for the grant cycle, then entering the details for each application (applicant name, amount requested, etc.) in the batch.

Using the “New Data Entry Batch” saves Associations, Chambers and Non-profit organizations huge amount of time by processing multiple payments at once. It also helps maintain data accuracy by ensuring the total number of items and the total amount match.