Accounting Batches

The ‘Accounting Batches’ feature in the Finance Management module of Retention CRM allows Associations, Chambers of Commerce and Nonprofits to manage financial transactions in a streamlined way. They group individual financial transactions, typically related to a specific source or payment/deposit, for easier processing and reconciliation. Here’s a breakdown of all the options/fields available in this feature.

General Functionality of the ‘Accounting Batches’ feature

New Batch

This is where you create a new batch to group financial transactions.

• Batch Name: Give the batch a descriptive name, like “Nurse Membership Dues – May 2024”.
• Description (Optional): Add details about the batch, like “Deposit slip #12345”.
• Payment Instrument (Optional): Select the primary payment method used in this batch, like “Check”.
• Number of Items (Optional): Enter the expected number of transactions in the batch (helpful for verification).
• Total Amount (Optional): Enter the expected total amount of the batch (helps identify discrepancies).
• Save: Once you’ve filled in the details, click “Save” to create the batch.

Open Batches

This section displays all currently unprocessed batches.

• In the context of a nursing association, you’ll see open batches for membership dues payments, event registrations, or other financial activities.
• You can use the filters to narrow down the list by status, name, user, payment method, or expected number/amount.
• For each open batch, you can:
  • Transactions: Add or remove individual transactions from the batch.
  • Edit: Modify the batch name, description, or other details.
  • Close: Once you’ve verified the transactions, mark the batch as “Closed” for further processing.

Closed Batches

This section shows batches that have been reviewed and are ready for export or reconciliation.

• A nursing association might have closed batches for processed membership dues, conference fees, or merchandise sales.
• You can still edit closed batches if necessary, but any changes require reopening the batch.

Exported Batches

This section holds batches that have been exported for integration with your accounting software.

• Exported batches for the nursing association might be sent to their accounting system to record membership dues income, event expenses, or any other financial transactions.
• Once exported, these batches cannot be edited in Retention CRM.

Using the ‘Accounting Batches’ feature in Association Management

The nursing association holds a monthly educational conference with a registration fee. Here’s how they can use Accounting Batches:

1. New Batch: Create a new batch called “Conference Registration Fees – June 2024”.
2. Open Batches: As registrations come in online or via check, add each transaction to the open batch.
3. Open Batches: Once the conference is over, verify the transactions in the batch and ensure the total matches the expected revenue.
4. Closed Batches: Close the batch to mark it as complete.
5. Export: Export the closed batch to their accounting software to record the conference income.

More Use Cases for Associations

Membership Dues Management

• Create a new batch called “Membership Dues – May 2024”
• As members renew their memberships online or via check, add each transaction to the open batch.
• At the end of the month, close the batch and export it to your accounting software to record the membership income.

Event Registration Fees

• Create a new batch called “Conference Registration Fees – June 2024”
• As registrations come in online or via check, add each transaction to the open batch.
• Once the conference is over, verify the transactions in the batch and ensure the total matches the expected revenue. Close the batch and export it to your accounting software to record the conference income.

Event Merchandise Sales

• Create a new batch called “Conference Merchandise Sales – June 2024”
• As merchandise is sold at the conference, add each transaction to the open batch.
• At the end of the conference, close the batch and export it to your accounting software to record the merchandise sales income.

By utilizing Accounting Batches, Associations, Chambers and Not-for-profit organizations can efficiently manages financial transactions, simplifies reconciliation, and maintains accurate financial records.