Accounting Module Best Practice Question

[hannahpope]

I was looking for a best practice method and wondered if anyone could assist with this accounting module question. I'm trying to develop a good workflow to follow as a newer ServiceTitan user.

I've been told the best practice is to batch daily for invoices and payments. What is everyone's method for "posting" these batches? Do you post at the same time as your batch? We have a small company, so I review everything and it's not assigned to someone else's daily/weekly/monthly workflow for posting. Also, when do you export to your accounting software? Monthly? Weekly?

TIA!

[Tschindler]

We are new to ST, and are struggling with the entire AR workflow. We are a Water Treatment Company that has rentals, delivery and autopay for our customers. Would love to speak to someone who has a great workflow for this process, because right now, it's significantly more cumbersome than our previous software (which we had been using since 1999). So I know there is a better way! We could just use some guidance and best practices from someone who has a great workflow.   Some of the information posted is helpful, but it is only part of the pictures.  Thanks! 

[Jeremy_Wick]

Hi @Tschindler, I have set-up these processes for other Water Treatment companies before.  If you want to get together to go over some workflows let me know!

[JaneanS]

My coworker reviews invoices (and memberships) each morning, then batches and exports. I have her creating separate batches for invoices and payments. Because of issues that have cropped up with things OUTSIDE of ST, I'm about to have her create separate batches for CC payments, checks, ACH, and cash. Since I'm the one that manages QuickBooks, I'm about to take over the exporting. We name the batches with the date of the transactions, and whether it's payments or invoices. I then go into ST and review payments, create deposits that match QB, and I post the deposits. 

[Jeremy_Wick · Accepted solution]

Hey @hannahpope , the best practice is to batch/post/export daily so that your accounting records are as up to date as possible.  The process is you create a batch - I typically use the date followed by the initials of the one who audited the invoice.  Once you have audited the invoice you can put it in the newly created batch.  Once all the previous days invoices have been audited you post the batch, this will lock the invoices for editing to ensure no one goes into the invoice and makes changes after you have audited the invoice.  Then export it to your accounting software.  For payments you want to create a separate batch each day - and do not mix the payments with the invoices.  When you've got all the payments for the prior day into the batch post and export same day - this will make your monthly reconciliation a lot easier.

[hannahpope]

Thank you @Jeremy_Wick for your recommendations. I have implemented these into practice over the last few weeks. Do you do all of your reviewing through the new modules breaking then down into customer payments, invoices, and bank deposits? Using the export/batch page for the export/batching purpose only?

I had been waiting to batch our payments, those of which were checks, until I made a deposit. So those payments were batched named as a "Deposit" with that date. Now that ST has the bank deposits module in accounting that was getting a little confusing, so the batching of payments daily has helped. I have noticed that within the bank deposits module, now that I am doing payments batch daily - the batch# does not show up in the reporting.

[e_dunn]

Hi @hannahpope - great question! Let's ask some of our experts - @Jeremy_Wick or @Previous Contributor - any thoughts to share with @hannahpope?