Financial Best Practices Suggestions
In the MyRec.com System, there are a variety of Reports available to assist you with your department’s Financial Reconciliation. MyRec.com is not a Financial Software, all items are strictly reports that require you to reconcile. The Client Support team is there to provide you with assistance but the team is not responsible for finding the discrepancies in overall report totals. The more frequently you are cross referencing your financial report data the easier it will be to locate any discrepancies.
Budget Groups
The MyRec.com system allows for the creation of budget groups that can be assigned to revenues and expenses. It is advisable to create these based on your agency’s General Ledger account codes if they are established.
Once created these Budget Groups can be assigned to each item (i.e. rental, POS or activity)
This helps your reporting to be more detailed and makes disbursements easier to track.
Financial Reporting
Running reports on a consistent basis is a good practice. For more information on items outlined in the Checklists below, please refer to our Helpful Financial Best Practices Article in our Knowledge Base.
Daily Checklist
- Check for Invoice Issues
- Run an Income Summary Report and balance your cash drawer
- Check the Payment Subscription Report if applicable
- Check credit card gateway settled transactions report
Month End Checklist
- Run an Income Summary Report (compare to bank deposits for cash and checks)
- Run a Disbursement Summary Report to compare to Income Summary Report. Did it balance?
- Run a Monthly Statement from your credit card gateway –compare to fees withdrawn from bank
- Run a Monthly Statement from your credit processor
- Compare to fees withdrawn from bank and deposits an Adjustment History Report if you need to report discounts on a monthly basis
- Run an Income Summary Report daily
- This report can be used to balance your cash till, rectify your daily bank deposit and alert you to potential invoice problems
- Should also be run when registration shifts change within the day to alert to cash drawer imbalances
Do not ignore the Invoice Issues yellow bar on your home screen. This is alerting you to issues that will not rectify themselves without your intervention.
Additional resources on Financial Best Practices in MyRec.com can be found in our Knowledge Base.
