Bookkeeping Transactions

The ‘Bookkeeping Transactions’ report in Reports module of Retention CRM provides Nonprofits, Associations and Chambers of Commerce a detailed breakdown of all financial transactions associated with payments. This report is essential for maintaining accurate financial records and ensuring proper bookkeeping practices.

General Functionality of ‘Bookkeeping Transactions’ Report

Here’s a breakdown of the report’s common fields and their meaning:

• Contact Name (in sort format): This field displays the name of the contact (donor or member) associated with the transaction, sorted in a specific format (e.g., Last Name, First Name).
• Financial Account Code – Debit/Credit: These fields represent the financial accounts used in the transaction. The “Debit” account reflects where the money came from, and the “Credit” account indicates where it went.
• Financial Type: This field specifies the type of financial transaction (e.g., Payment, Membership Fee).
• Payment Date: This field shows the date the payment was made.
• Cheque # (Cheque Number): This field displays the check number used for the payment, if applicable.
• Payment Method: This field indicates the method used for the payment (e.g., Check, Online Credit Card).
• Transaction Date: This field shows the date the financial transaction was recorded in Retention CRM.
• Trans # (Transaction Number): This field displays a unique identifier assigned to each transaction.
• Payment ID: This field represents a unique identifier assigned to each payment record.

Using ‘Bookkeeping Transactions’ Report in Association Management

For a nursing association, the ‘Bookkeeping Transactions’ report becomes even more valuable. Here’s how each field translates to their operations:

• Contact Name (in sort format): This would typically be the name of the member nurse who made a payment or payment (e.g., membership fee, event registration fee).
• Financial Account Code – Debit/Credit: The “Debit” account could be a bank account where payments are deposited. The “Credit” account might be a revenue account for membership fees or an expense account for event-related costs.
• Financial Type: This would indicate the specific type of transaction, such as “Membership Fee,” “Event Registration Fee,” or “Donation.”
• Payment Date: This shows the date the member nurse made the payment or payment.
• Cheque # (Cheque Number): This field would display the check number if the member used a check for payment.
• Payment Method: This field would indicate how the member paid (e.g., “Check,” “Online Credit Card,” or “Direct Debit”).
• Transaction Date: This shows the date the transaction was recorded in the nursing association’s Retention CRM system.
• Trans # (Transaction Number): This unique identifier helps track each financial transaction within Retention CRM.
• Payment ID: This unique identifier helps link the financial transaction to the specific payment record in Retention CRM.

Additional Filtering Options:

The ‘Bookkeeping Transactions’ report offers various filters to narrow down the results for specific needs. Here are some relevant filters for a nursing association:

• Contact Type: Filter by “Member” to see transactions only from members.
• Financial Account Code: Filter by specific account codes to track transactions for a particular revenue stream or expense category.
• Financial Type: Filter by “Membership Fee” or “Event Fee” to see transactions related to those specific activities.
• Payment Date: Filter by date range to view transactions for a specific period (e.g., monthly membership fees).
• Payment Status: Filter by “Completed” to see only successful payments.
• Amount: Filter by a specific amount or range to identify transactions exceeding a certain threshold.

Hypothetical Scenario:

The nursing association can utilize the ‘Bookkeeping Transactions’ report in numerous ways. Here’s a hypothetical scenario:

The association is planning a fundraising event. They can use the report to:

1. Identify all member payments towards the event: Filter by “Payment Type” (Event Fee) and a specific date range encompassing the event registration period. This helps track total event revenue and reconcile it with event expenses.
2. Track membership fee payments: Filter by “Financial Type” (Membership Fee) for a specific period (e.g., monthly) to see which members have renewed their memberships and identify any outstanding fees.
3. Reconcile bank statements: Export the report data for a specific period matching a bank statement cycle. This allows for easy comparison and verification of transactions recorded in Retention CRM with the bank’s records.

More Use Cases for Associations, Chambers of Commerce and Nonprofits

Tracking conference revenue and expenses (Associations)

Associations often host conferences or events. The ‘Bookkeeping Transactions’ report can be used to identify all member payments towards the event (filter by “Payment Type” (Event Fee) and a specific date range encompassing the event registration period). This helps track total event revenue and reconcile it with event expenses.

Membership fee tracking (Chambers of Commerce)

Chambers of commerce rely on membership fees for revenue. The report can be used to track membership fee payments (filter by “Financial Type” (Membership Fee) for a specific period) to see which members have renewed their memberships and identify any outstanding fees. This ensures the chamber maintains a healthy membership base.

Grant reconciliation (Nonprofits)

Nonprofits often receive grants from donors. The report can be used to reconcile grant funds (filter by “Financial Type” (Payment) and “Grant” in the explanation field) by comparing the transaction amounts in Retention CRM with the grant award letters. This ensures accurate tracking of grant funds and proper financial reporting to donors.

By leveraging these functionalities, Associations, Chambers of Commerce and Nonprofit organizations can maintain accurate financial records, identify trends in member payments, and ensure the smooth operation of their organization.