Accounts Receivables Overhaul in Release 30
In order to accomplish the new features we wanted to develop in VenueOps, we've had to make a fundamental change to how we handle AR: payments, credits, and invoices are now based at the account level instead of the event level. This introduces some changes, but we feel the added functionality makes it worth it. What changes will you see, and what added features do you get?
- When creating an invoice, you will need to choose an account first. You will then be able to choose which of those account's events to invoice. And while we say you "need to", we do have lots of auto-filling in the add invoice form to save you clicks. If you're on an account, we pre-select the account. If you're on the event, we pre-select the contracting account (which you can change) and we pre-select the event.
- Did you notice we said events? You may bill for as many of the account's events as you wish on one invoice.
- You will be able to bill multiple accounts for an event. There is still the main account - what we've started calling the contracting account - but you may add a contact to the event who belongs to a different account. Their account can now be billed.
- You will now be able to allocate available payments and credits as you create the invoice.
- Payments and Credits:
- Payments are now added to the account rather than the event - this will be a workflow change for you, as it has to be done on the account financials tab, rather than the event's payments tab. We've added a handy link on the event to help you get there more quickly.
- If payments are for a specific event, a note can be added to the payment.
- If an account has multiple open invoices and they send you one check, you can allocate that single payment to two invoices - even if they are for different events.
- We now have a dedicated payment receipt template, which you can download or email from VenueOps.
- If an account overpays, you can create an account credit from the overpayment and send a credit memo. You can also create an ad-hoc account credit.
Please note that since accounts receivable is now account-based, the activity logs for invoices, payments, and credits will now be on the account rather than the event (even if you send an invoice from the slider on the event, the log will appear on the account).