Best Practices - Invoices and Payments
Each club / class organization is unique. Best practices for invoices and payments are as follows:
- Adopt a policy of FULL AUDIT TRAIL. If an invoice has been sent and/or payments applied against the invoice, do not edit/change the invoice; if changes are needed, create a new invoice.
- Changing an existing invoice may cause issues with synchronizing with a ledger system
- Changing an existing invoice may cause issues associated with installments
- Changing an existing invoice may make it harder for an accountant and/or auditor to manage their responsibilities
- Limit the number of admins that can create/edit/delete invoices and/or payments
- Set up Nominal (ledger account) codes for each invoice line item
- When setting up a new installation of SailingClubManager (SCM), if the old system(s) have significant invoicing/payment issues you may want to consider:
- Setting up brand new Nominal (ledger account) codes; creates a firewall between the old platform(s) and SCM
- Giving enough room between Nominal code numbering to allow for future growth in financial reporting needs
Your club / class organization may have different policies/practices. The above are recommended best practices.
Last updated 16:52 on 14 November 2022