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A Standard Usage Scenario
Overview
Below is an overview of where a Professional Services Office should look for their Accounting Process using ActionStep. This should facilitate a speedier navigation of the User Guide and enable training.
Where the business Income is derived mostly from people with a portion of recharges rather than complex product sales, the accounting process can be achieved using the simpler components of our system.
This is written with the assumption that your system has been configured correctly.
Billing|Sales|Debtors
Every business uses some form of selling for Income. The ActionStep system carries a vast amount of functionality and options around the sales capability.
Where time is the major billable item we suggest the following:
- Use the “Action Billing” via workflow to Invoice the clients. Where direct recharges to clients for a purchase will occur, they will be available in Action Billing once purchased.
- Ensure the rate sheets are set correctly see Dealing with Rate Sheets
- Billing Preferences should be set for the information you require on output.
- The Docx Invoice Template/s have been tested and checked in line with billing preferences.
When a client pays:
- You will either be receipting this via Trust Accounting and applying.
- Where Trust Accounting is not involved, ee suggest you receipt this via the accounting module where multiple deposits can be receipted in one screen.
Managing Debtors
Once you have completed both your billing and your bank reconciliations, we suggest you send out debtor statements.
Costs|Purchases|Creditors
While staff may be your primary cost, other expenses cannot be avoided. Some of these will come in the form of supplier invoices. While these can be paid using the Banking section, we do not recommend this approach as it can distort Profit.
- Set up Templates for regular suppliers to minimise entry time when invoices arrive.
- Use the Quick Entry method to enter supplier invoices.
- Pay Suppliers using the Batch Export facility where available.
- Reconcile your creditors monthly against their statement prior to paying.
Banking|Bank Reconciliations
For those transactions where the cost may be a regular monthly payment made within the same month (ie Rent, payroll), a onetime payment, or another type of transaction not related to Debtors or Creditors we suggest creating a bank transaction to process this. A bank transaction does not require the participant to be available in your contacts list.
- Create templates for regular payments.
- While the banking side does have the ability to have a transfer between accounts we suggest a template withdrawal or deposit for these too.
- Reconcile the bank accounts on a regular basis – monthly at a minimum,
General Journals
There will be times when a General Journal is required, some examples:
- Error Fixing
- End of Year adjustments from the Accountant (depreciation)
- WIP (to put the value of Work in Progress into your financial accounts)
- Accrual and pre-payment adjustments