Overview of Revenue Module

MC Trade is built to be a complete Accounts Receivable System that integrates with your existing 3rd Party Accounting Software. Once configured, MC Trade will mirror your accounting structure and allow you to seamlessly use the two systems side by side, without having to do duplicate data entry, by pushing Journal Entries in to your Accounting Software.

MC Trade dynamically integrates with the following 3rd Party Accounting Software:

  • QuickBooks (desktop and online versions)
  • Microsoft Dynamics / Great Plains
  • Intacct

By using the integration between MC Trade and these other Accounting Software systems, you can minimize the amount of manual data entry required to keep the two systems in sync with each other. If you use an accounting software that is not integrated with MC Trade (or if you choose not to use the integration capabilities), you will need to manually update the 3rd Party accounting software (either by export / import of a CSV file or by manual data entry).

Organization of MC Trade Revenue Module

The MC Trade Revenue Module must be configured by you to match your existing Accounting model. Below is a visual representation  of how the various Admin Codes and Settings work together to manage your revenues.

Accounting Package: The Company File in your Accounting Software. MC Trade can support multiple Accounting Packages if you have multiple Company Files (e.g., one each for your association, PAC, Foundation, etc). Note: if you choose not to integrate MC Trade with an Accounting Package, click here for a list of steps you should take during your initial configuration.

Account Codes: The Credit and Debit account numbers that should be attached to every invoice and payment.

Revenue Items: The things you sell, which will end up as the line items on your invoice. A Revenue Item gets assigned credit and debit Account Codes so that your revenue gets tracked appropriately in your accounting software. Individual Revenue Items can be configured to be on a cash or accrual basis, taxable, and as dues or non-dues.

Payment Types: The different Payment methods you accept. Typical examples are Cash, Check, Credit Card. But non-traditional Payment Types are acceptable, as well, such as In-Kind Trade, Sponsor Package, etc.

Adjustment Types: Used when you are changing the amount of a Revenue Item or a Payment. Note: Revenue Items and Payments can be altered directly before they are Posted. After Posting, only Adjustments can be used to alter a Line Item or Payment.

Related Revenue Items: Allows you to link multiple Revenue Items together, either for the purpose of creating Optional Contributions (e.g., PAC Contribution when paying Dues) or as a method of splitting Revenue across multiple Accounts but only showing the client one Revenue Item (e.g., when Dues are split among local, state and national associations).

Payment Sources: The method of receiving a payment, such as Mail, Walk In, etc.

Managing Multiple Accounting Packages

Managing multiple Accounting Packages, such as a P.A.C. or Foundation in additional to managing the Accounting Package for your association, can be done easily, as well. For that process, the structure would be repeated for each Accounting Package you manage in MC Trade:

MC Trade Transaction Progression

Once you have configured the items a listed above, you are able to create a a manage financial transactions in MC Trade, confident that your 3rd Party Accounting Software can be updated accurately. Below is a visual representation of how transactions occur in MC Trade:

Create Invoices: Individually or in bulk, as a one-time occurrence or from scheduled Billing Records, with one or multiple line items

Take Payments: Online or manually, individually or in bulk, as complete or partial payments

Make Adjustments: to line items or payments, individually or in bulk

Post Transactions: to update the 3rd Party Accounting Software with Journal Entries and/or to lock down Transactions so they can’t be edited later

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