Revenue Module Overview

MC Trade is built to be a complete accounts receivable system that integrates with an existing third-party accounting software. Once configured, MC Trade will mirror the accounting structure and seamlessly use the two systems side by side, without having to do duplicate data entry, by pushing Journal Entries into the accounting software. 

MC Trade dynamically integrates with the following third-party accounting software:

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

The integration between MC Trade and these other accounting software systems minimizes the amount of manual data entry required to keep the two systems in sync. If an accounting software that is not integrated with MC Trade is used, the third-party accounting software must be updated manually (either by export/import of a CSV file or by manual data entry).

Organization of Revenue Module

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

Definitions

• Accounting Package: The Company File in your accounting software. MC Trade can support multiple Accounting Packages if there are multiple Company Files (e.g., one each for the association, PAC, Foundation, etc.).
  If MC Trade is not integrated with an Accounting Package, click here for a list of steps to take during the initial configuration.
• Account Codes: The Credit and Debit account numbers that should be attached to every invoice and payment.
• Revenue Items: The product sold, which becomes the line item in an invoice. A Revenue Item gets assigned credit and debit Account Codes to track revenue appropriately within the 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 accepted. Typical examples are Cash, Check, Credit Card. But non-traditional Payment Types are also acceptable, such as In-Kind Trade, Sponsor Package, etc.
• Adjustment Types: Used when changing the amount of a Revenue Item or a Payment.
  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: Used 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 for a P.A.C. or Foundation in addition to your association, can be done easily. For that process, the structure would be repeated for each Accounting Package managed in MC Trade:

Transaction Progression

Once the items listed above have been configured, the financial transactions can be managed in MC Trade, and the third-party software will be updated accurately. Below is a visual representation of how transactions occur in MC Trade:

1. Create Invoices individually or in bulk, as a one-time occurrence or from scheduled Billing Records, with one or multiple line items.
2. Take Payments online or manually, individually or in bulk, as complete or partial payments.
3. Make Adjustments to line items or payments, individually or in bulk.
4. Post Transactions to update the third-party accounting software with Journal Entries and/or to lock down transactions so they can’t be edited later.