Bookkeeping Workflow

The MyCorbu Bookkeeping feature in BOOKS does two things simultaneously: PROJECT Bookkeeping and OFFICE Bookkeeping. PROJECT Bookkeeping tracks how each Project is doing, and OFFICE Bookkeeping tracks how you are doing overall.

This is how it all works.

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Time, Mileage, and Reimbursable Expense entries are already part of MyCorbu BOOKS. These three activities are integrated into the Bookkeeping feature and are easier to manage. Income and Expense records are completely new and allow you to do Project-Based Bookkeeping while capturing all the information needed to know your bottom line.

The MyCorbu Bookkeeping feature is part of your MyCorbu BOOKS subscription.

TIME
Several times per day as you switch projects, make a time entry for what you have accomplished on the Timesheet page of MyCorbu. If you come back to the same project, edit the earlier entry by increasing the hours and adding to the description (if needed). This process is much smoother if you have set up a Timesheet Display.

Every time you make a time entry, it immediately shows up in all other PROJECT tables, including the Project-Phase table showing budgeted time and dollars; the Invoice Preview table showing the billable value of completed work; the Payroll Prep table showing the current size of the earned payroll; and Project Status Report showing all income and expense for the Project.

Daily time entries are 'best practice' for accuracy and for immediate feedback.
Time entries do not affect the OFFICE expenses until a payroll entry is made. 

MILEAGE 
As mileage is driven on behalf of a project or the office, make a mileage entry on your Timesheet page of MyCorbu. The value of the mileage entry is calculated for you based on the rates that you have established. At the same time, the value of the mileage is shown as a PROJECT expense when you view the PROJECT records. 

Mileage entries immediately affect the PROJECT and OFFICE expenses and income by creating an unpaid bill and an unpaid invoice, which can be found in separate tables grouped by user and by project respectively to aid in reimbursement to the staff member and invoicing to the client. 

REIMBURSABLE EXPENSE
Reimbursable Expenses work similar to mileage entries. When you incur a reimbursable expense, you make a Reimbursable Expense entry on your Timesheet page of MyCorbu. The value of the reimbursable expense is shown as a PROJECT expense when you view the PROJECT records. It also is entered as an unpaid OFFICE expense. The value that will be invoiced to the client is calculated for you based on the markup factor that you have established, and is entered as un-invoiced income for both PROJECT and OFFICE records.

INCOME 
Income entries are completely new. Income entries are made by a new Level 4 User Role or an Admin. The new User Role accommodates part time bookkeeping help or access by your accountant. 

To make an income entry, go to the new Bookkeeping page and select the “Add Income” menu button. Fill in the form and submit. Most income entries are expected to be invoices. When you submit the form, the invoice amount shows up on the affected PROJECT as income and in the OFFICE records as an unpaid invoice. The invoice is easily found in the Receivables table to mark 'paid' when the income is received.

The income is found in the PROJECT records, and the OFFICE records. These are different views of the same data.

EXPENSE 
Expense entries are also new, and they are similar to income entries.

To make an expense entry, go to the new BOOKS page and select the “Add Expense” menu button. Fill in the form and submit. Most expense entries are expected to be bills rather than actual payments that you are making. When you submit the form, the expense amount shows up on the affected PROJECT account (including your general office account) as an expense. The entry also shows up in the Payables table of the OFFICE records.

When a bill is paid, open the Payables table and mark it Paid. This will remove it from the Payables table.

The expense is now found in the PROJECT records, and the OFFICE records. These are different views of the same data.

When you are paying bills, use the Payables table for reference as you write a check, use your bank’s bill paying system, or PayPal. Mark each entry as Paid as you complete them.

CREDIT / DEBIT CARDS and DIRECT DEBIT 
Expenses paid by DEBIT CARDS and DIRECT DEBIT are similar. Enter them using your banking statement as a checklist. Check the “Yes” radio button of the “Paid?” field so that these records are not treated as Payables.
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Expenses paid by CREDIT CARDS have two workflows. First you can use the same method as DEBIT CARDS and DIRECT DEBIT. This is ideal, but it requires more data entry for the numerous small amounts (usually). The second way is to treat the credit card payment as a single transaction. If you make partial payments, this is approach is helpful. However, you will have to rely on your credit card statement to remind you of your total credit card liability. And at tax time your credit card payments will need to be categorized for your tax return.

PRICING
If you are currently using BOOKS, this new Bookkeeping feature will not change anything for you regarding your cost.

revised: May 7, 2018