A clear understanding of how to record revenue is critical for your business. Before you can verify your revenue reports are accurate, you should make sure you are comfortable with Jackrabbit concepts. These are the foundation to understanding and maintaining accurate revenue records in your database.
Revenue reporting should be a priority to ensure all of your family accounts are accurate. You can complete revenue checks and balances daily, weekly, or monthly - there is no rule! However, you should add this task to your regular routine. Check out some methods our customers have found helpful in keeping current revenue records.
Find Unlinked Transactions
For consistency, choose a day of the week or month and add a recurring reminder to your calendar. On this day, run a Search Transactions report to check for transactions that need to be linked. The report allows you to find payments that have not been linked (applied to a fee), keeping the revenue from being placed in the wrong revenue bucket. When you find these, link them so your revenue reports are accurate.
You may find payments that do not have a fee to apply to. Not to worry! This means the family has a credit and you will be able to apply the payment after a fee is posted.
If you have not used this search before, you may have old transactions that require clean up. Try searching with a date range that spans the length of your time with Jackrabbit. Start with the oldest transactions and clean those up first. Once you are current, make sure to do this regularly (daily, weekly, or monthly).
Benefits of Keeping Your Revenue Clean
If you make revenue checks and balances a priority, you can ensure these benefits for your business:
- Reporting is accurate.
- Forecast future income with your revenue reports.
- Analyze revenue reports to show the growth of your organization.
- Collecting unpaid fees will be easier for you when your families can easily see which fees are unpaid through the Parent Portal.
When looking at a family’s page, you don’t want to see transactions that are pink (unpaid fees) AND green (unapplied credits). This means you have some linking to do! Just pink OR just green is fine.
After you become familiar with transaction linking, you will be able to quickly spot transactions that need clean up.