We have a question from our controller. He would like to post to the accounting general ledger each day so that revenue includes the full value of a subscription, not just the partial value for those subscriptions that receive a partial first payment (with the credit for the full value of the sub going to a deferred revenue account and the debit for the unpaid portion going to accounts receivable). Then as the sub is paid, the accounts receivable value would be decreased accordingly through the posting process.
I’ve looked through the documentation and watched the great webinar on financial reconciliation from 2008. I’m not seeing anything that indicates that the financial posting process is configurable in that way. But it is totally possible that I have missed something.
Has anyone else dealt with posting to the GL the revenue for the full value of partially paid subs? Does anyone have any suggestions for how to handle this?
Thanks in advance for any help that anyone can provide.
Hi Susan,
If you use invoices I think you can get close to what you want, because invoices are essentially receivable GLs and when you pay for a ticket with an invoice the full value of the ticket is recorded to the GL. So if you are taking a down payment and then setting up a payment plan, in the ticket order you would have two payment rows, one for the down payment paid with a real payment method and then a second for the balance paid with an invoice payment method. Then you would go to the constituent record, select View Invoices, and add a payment plan to the invoice. Then you can bill the invoice just like you can bill an order, including processing credit card payments.
Kevin Sheehan
Senior Documentation & Learning Resources Specialist
Tessitura Network
+1 888 643 5778 x 329
ksheehan@tessituranetwork.com
One thing I'd add is that if you use invoices to do this, the tickets are effectively paid, which means they are printable. I don't know if this might be an issue for you, but if you didn't want the tickets to be printed until the full real payment had been received, that is something to keep in mind.