NOTE: this article is for users who are not integrated with any accounting software, OR are integrated with QuickBooks Online. If you are fully integrated with QuickBooks Desktop, GP Dynamics, or Intacct, you must use the desktop application to post transactions. Click here for desktop instructions.
Posting transactions is an important step in managing revenue in MC Trade. It has two functions:
- To secure invoices, payments and adjustments so that they cannot be edited or deleted after they've been reconciled
- To roll your transactions up into summary Journal Entries for financial reporting, and to sync to your accounting software (QuickBooks Online is the only integration option in the browser at this time).
Posting Transactions should be completed as often as your internal financial processes recommend. Many associations Post Transactions every time they do a deposit to the bank, as this is a good opportunity to see the cash, checks and credit card payments that should make up this post and correct any information as necessary.
From the main menu, select Revenue > Post Transactions.
- Search for the transactions you want to post.
- Select the date range of unposted transactions you want to post, or check the Show all Unposted Transactions box to bring up all unposted transactions in the data grid below.
- Select the Accounting Package you want to pull transactions from, if you have multiple Accounting Packages configured.
- Transaction Type allows you to filter down to only Line Items, Payments, Adjustments, or Unapplied Payments. You can leave this dropdown blank to search for all Transaction Types.
- Transaction Code allows you to filter to only certain Revenue Items, Payment Types, and/or Adjustment Types. Start typing the name of any Revenue Item (for line item transactions), Payment Type (for payment transactions), or Adjustment Type (for adjustment transactions). The search will return only line items, payments, or adjustments for the codes you enter here. You can enter as many as you want to include in your posting batch, or you can just leave this blank to find all the transactions for the date range and/or type selected.
- Click the Preview Transactions button to display the unposted transactions. The grid displays a proposed Journal entry for each account tied to the transactions from your search, with a total amount to debit and credit for each day.
- If you use classes and/or sub-classes, you will see a separate entry for each class as well as each account.
- If you use Intacct (not integrated) and use Departments and/or Locations, you will see a separate entry for each of these, as well as each account.
- If you use QuickBooks Online, you will see separate balancing entries for each account combination.
- To review the details of these Journal entries, click the View Details link.
- Each line item, payment, and adjustment found from your search will be displayed, and all will be selected by default to be included in the posting batch. You can review these entries, and uncheck any that you do NOT want to post in the batch.
- There may be times when you may need to change the default Debit Account or Credit Account values prior to posting, so these columns can be adjusted.
- When you click Update Journal Entries, you'll be returned to the summarized Journal entries grid, refreshed to only include the selected transactions in the totals.
- Prior to posting, you can export either the proposed Journal entries or the full details using the Export buttons - a CSV file with the unposted transactions will be generated. Note that we do not recommend using these exports for reconciliation - until you have clicked Post Transactions, these transactions can be changed/removed from the batch and may not always match your export. Instead, you can search for and export the journal or detail transactions after posting in the Posted Batches screen.
- Click the Post Transactions button, and confirm that you would like to post the batch. The selected transactions will be flagged as posted in your system, and this also locks the transactions so that any further changes will require adjustments.
If you have configured your Accounting Package to connect directly with QuickBooks Online and enabled Sync to Accounting Package to push those journal entries to your accounting software, the system will send each journal entry in the batch to your accounting software automatically with a description of "Export Batch 2023-xxx" indicating the Batch number.
- After the posting batch has been started, you'll see a button labeled "Posting Batch Report." As soon as the transactions are all posted, this will populate with the full posting batch. Note that you may need to wait a minute or two for that report to be complete, as the process runs in the background.
- To view more details and reporting options of the journal entries made, go to Revenue > Posted Batches. You can search for the batch number just completed, or search for all Journal entries or Transactions in a certain date range. Click here to learn more about reporting on Posted transactions.
Note on Reconciliation:
Whether creating journal entries manually from the posting report or automatically through a direct interface to your accounting package, regular reconciliation of the general ledger to the source transactions in MC Trade is essential.
Journal entries from MC Trade are driven by the debit and credit accounts (and potentially classes for QuickBooks users) that are stored in the various Revenue Code tables. Responsibility for proper setup and maintenance of the code tables rests with the client. Personify assumes no responsibility for the setup of your code tables or for keeping your general ledger reconciled to your transactions.