This Financials update:
Review Financials FAQ below. Contact us at support@stablesecretary.com or 617.564.1241. Have fun exploring our new update!
Q: Where do I view Account Balances?
A: Account Balance Information is on the main Financials page when you expand the Account Balances section.
It is available as a Report – go to Reports -> Financial -> Account Balances.
And, it is listed under the Financial Tabs on each Contact Profile page.
Q: How do I share an Account Statement with a client?
A: You can choose to include an Account Statement on all Printed and Emailed Invoices by checking the “Include Account Statement with Invoices” setting in Settings -> Your Stable -> Invoice Settings.
You can also choose to include an Account Statement on an Invoice by checking the “Include Account Statement with Invoice” box on the Create Invoice form, Step 1.
You can produce an Account Statement anytime by running an Account Transactions Report. Go to Reports -> Financial – Account Transactions; and then Print to Pdf to save the Statement.
Q: How do I adjust a client’s Account Balance?
A: There are a number of ways to adjust old payments or invoices.
1) If you need to clear out old invoice balances for any reason, you can “mark invoices as void/forgiven/uncollectible” in the following places: a) Invoices List on the Financial Dashboard; b) Invoices Report; c) Invoices tab on a Contact Profile Page. Just click on the “hand” icon and choose the 3rd option. This will take away charges owed that are no longer relevant or collectible.
2) If want to mark any invoice paid in full, you can “record payment in full” in the following places: a) Invoices List on the Financial Dashboard; b) Invoices Report; c) Invoices tab on a Contact Profile Page. Just click on the “hand” icon and choose the 1st option. This will record full payment for that invoice.
3) You can delete or edit Payments, and you can delete sent Invoices or delete or edit unsent Invoices. Those tools are available throughout the online application, and are most conveniently used in the following places: a) Invoices List on Financial Dashboard; b) Invoices Report; c) Invoices and Invoices w/ Payments Tab on Contact Profile page; d) Payments Report; e) Payments Tab on Contact Profile Page.
4) If you recorded Payments that exceeded your Invoice Balance due to the limitations of our old system, you can now convert those overpayments into Credit in our new system. To convert those overpayments into Credit, you can “transfer excess payment into credit” in the following places: Contact Profile Page -> Invoices w/ Payments tab, and Reports -> Financial -> Invoices Report. Transferring the negative balance into Credit will not change the overall Account Balance, but it will change the amounts in the Unpaid Invoice Total and the Account Credits.
Q: Where do I view Invoices?
A: Click on Financials in the top navigation, and open the Invoices section. The Invoices list has filters and pagination.
You can also view Invoices on Financials -> Invoices Report, and on the Contact Profile Page -> Invoices Tab and Invoices with Payments tab.
Q: Is the Create Invoice form different?
A: The Create Invoice form and process is the same except that we replaced the option to “Include Prior Balance” with the option to “Include Account Statement with Invoice”. If you choose to “Include Account Statement with Invoice”, then your client’s history of Invoices, Payments, and Credits will be included below the emailed and printed Invoices. (Related: there is now a setting in Invoice Settings to make that Include Account Setting option default to Yes).
Q: Can I include Prior Balance on an Invoice now?
A: No, but you can include an Account Statement, which serves the same purpose in a less confusing way. See answer above.
Q: Why do some of my invoices have negative balances?
A: Your invoices could have negative balances for 2 reasons: 1) You applied a payment that exceeded the invoice balance, or 2) You included line items/records that had negative costs.
If you would like to remove negative balances, you can convert those overpayments into Credit in our new system. To convert those overpayments into Credit, you can “transfer excess payment into credit” in the following places: Contact Profile Page -> Invoices w/ Payments tab, and Reports -> Financial -> Invoices Report. Transferring the negative balance into Credit will not change the overall Account Balance, but it will change the amounts in the Unpaid Invoice Total and the Account Credits.
Q: Where can I view Payments?
A: Click on Financials in the top navigation, and open the Payments section to see a Payments list.
You can also view Payments on Financials -> Payments Report, and on the Contact Profile Page -> Payments Tab.
Q: How do I record a Payment?
A: You can record a Payment 3 ways.
1. Click the Receive Payment button from the Financial Section; enter in the payment information; choose what Invoices to apply payment to; Save.
2. Click the “hand” icon next to an Invoice. On the popup that appears, choose to Record Payment in Full if it is the exact amount of that Invoice.
3. Click the “hand” icon next to an Invoice. On the popup that appears, choose to Mark Balance as Void/Forgiven/Uncollectible if you’d like to dismiss that Invoice Balance.
Q: My client Paid in Full – is there a shortcut to record that?
A: Yes, please see option 2 of answer just above.
Q: How do I edit or delete a Payment?
A: You can edit or delete a payment wherever the Edit or Delete icon appears for a Payment, which could be on the “View Payment Info” page, the “Manage Payments for an Invoice” page, and the Payments Report.
Q: How do I add a Credit?
A: There are 2 ways for Credits to be added.
1) Click the Create Credit button from the Financial Section; enter in the credit information; Save.
2) Credits will be automatically created in the following situations: a) if a Payment amount exceeds the applied Invoice Balances; and b) if you elect to Transfer a negative invoice balance to Credit.
Q: How do I use a Credit to pay for an Invoice?
A: There are 2 ways to use Credit to pay for an invoice:
1) On the Receive Payment form, choose Account Credit as the payment method in Step 2.
2) While you are Creating an Invoice, you can elect to apply Account Credit to pay the Invoice.
Q: What do the new tabs on the Contact Profile Page mean?
A:The tabs on the Contact Profile Page show Invoices, Payments, Credits, and Invoices with Payments.
The Invoices tab lists Invoices; the Credits tab lists Credits.
The Payments tab lists the Payments made, and each row includes an option to expand the payment to see details of how that money was applied.
The Invoices w/Payments tab also includes the option to expand the invoice to see what payments have (or have not) been applied.
Q: What is the box with Account Info?
A:At the top of the Financial Tabs on the Contact Profile Page, and at the top of the Financial Reports, there is a box to summarize the information for each Account: Account Balance, Unpaid Invoice Total, and Account Credit. Remember that Account Balance = Account Credit minus Unpaid Invoices.
Q: What are the new Reports?
A: This update has improved all of our Reports, and has added some, too. These Reports make it easy to access your stable’s financial information, and they provide tools to take actions. Here is a list of the Reports included:
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