This article describes the functions and capabilities of Accounting Seed's Cash In features. Please visit the Cash In section of this knowledge base or Accounting Seed University for more comprehensive training.
A Billing is a Customer Invoice for goods or services sold by the organization. It is used to record revenue from a sale and to track money owed to the business. A negative Billing is used as a Credit Memo for returns, refunds, or discounts.
- A user can create a Billing in Accounting Seed from the following objects:
- Quote (Salesforce Opportunity)
- Work Order (Salesforce Field Service)
- Recurring Billing
- Time Card
- Expense Report
- Custom Object
- Billing PDF Formats support the ability to customize the way an individual Billing looks when emailed to the customer.
- Recurring Billing functionality supports the creation of a Billing on a weekly, bi-weekly, monthly, quarterly, semi-annual, and annual basis.
- A Recurring Billing record can be created directly from the Opportunity object by clicking the Create Billing/Recurring Billing button. Any Opportunity Product records on the Opportunity will be created into Billing Lines or Recurring Billing Lines.
- Batch Billings can be created from the Opportunity List View by selecting multiple opportunities and clicking the Create Billing button, with the option to automatically create cash receipts, associate them to a bank deposit and have those cash receipts applied to the Billings.
A Cash Receipt records the collection of money, either by cash, check, or electronic payment. When a Cash Receipt is applied to a Billing it reduces the balance of the Billing by the amount of the Cash Receipt. Cash Receipts can be used for customer payments, prepayments, or vendor refunds.
- A Cash Receipt can be used for customers who make a down payment, deposit, or to pay a retainer. In this case, the Cash Receipt would not be immediately applied to the Billing and would continue to show a balance until it was fully applied to one or many Billings.
- A Cash Receipt can be applied to Billings from other accounts (Alternate Payor).
- In the Cash Receipt application screen, the columns can be adjusted with standard or custom fields through the field set on the Billing, and filters can be set to easily find the Billings for application.
- Receiving Credit Card Payments for multiple Billings at one time from the Billings List View.
Accounts Receivable Management
Accounts Receivable (A/R) is a term used to reference the amount of money still owed to a business from their customers. A business will track this metric on a regular basis (usually monthly) to understand what collection activities they need to do. The longer the customer goes without paying, the older a receivable will become (increase in their age).
- Accounting Seed has out-of-the-box Salesforce reporting for Aged Receivables, which shows the the age of outstanding customer invoices (Billings) and helps with prioritizing collection activities.
- Accounts Receivable Aging reports can be run as of the current moment for collection activities and as of the end of an Accounting Period for reconciliation to the Balance Sheet.
- A user can send customers an Outstanding and/or an Activity Customer Statements to assist with collection activity directly from the customer Account record.
Amortization of revenue allows you to recognize revenue in for services independently of when you bill the customer.
- Accounting Seed has a revenue amortization tool that allows you to set up an automatic schedule of entries to spread revenue across a specified timeframe or in a time frame different than the Billing date. This assists customers in adhering to the GAAP matching principle.
Credit Card Payment
Accounting Seed is integrated to Stripe for payment processing as part of the core subscription. The following features are supported out of the box.
- Ability to store customer’s payment methods in Salesforce
- Batch charge customer Billings
- Automatically notify customers of upcoming expiring credit cards
- Email a Payment link to a customer so they can pay their Billing online from their computer