Getting Started With Bookkeeping

This article contains all the Tips you need to get started using Bookkeeping without any hiccups. Nothing here is difficult, but it will save you a lot of aggravation if you take these steps first before diving in. 
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These are my recommendations for a smooth introduction to Bookkeeping.  The features are listed in the suggested order in which they should be implemented for the best results. This order is not mandatory.

• Use Of Rates
• Dollar Budgets
• Mileage
• Reimbursable Expenses
• Bookkeeping
• Comp Time
• Contacts Database

Suggestion: If you are upgrading, although new tables and menus appear immediately after subscribing, advise staff that setup is required and that they will be notified when everything is ready for use.


TIME ENTRIES
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. 


USE OF RATES
By adding Rates to each staff member’s profile you are adding financial information to the things you are already tracking. This article answers these three questions.

• What Can Rates Do For You?
• Where Are Rates Used In The App?
• How Do You Set Up Rates?

DOLLAR BUDGETS
Go to the Projects Page and scroll down to the Project-Phase Budgets table. You will see the "Dollars Job-To-Date", "Budget ($$$)" and "Complete" columns.

The Dollars JTD column shows all the hours spent on the Project-Phase multiplied by the Charge Rate that you have entered in the step above.

You can enter the design budget for the Project-Phase in the Budget ($$$) column by clicking in the column and typing in the amount.

Once you have a Dollar Budget for a Project-Phase, the Complete column calculates the percent complete using the Dollars JTD and the Budget.


MILEAGE
This version of MyCorbu provides the tools you need for tracking mileage.  Each member of your organization logs in their mileage as it occurs.  The Bookkeeping view of mileage includes dollar amounts to be reimbursed to the staff member as well as the dollar amount to be invoiced to the client, if appropriate.  All of this is customizable through the use of Mileage Rates. Read the details here before using the Mileage feature.


REIMBURSABLE EXPENSES
This version of MyCorbu provides the tools you need for tracking Reimbursable Expenses.  Each member of your organization logs their Reimbursable Expenses as they occur.  The management tables of Reimbursable Expenses shows the amount to be reimbursed to the staff member and the dollar amount to be invoiced to the client, if appropriate.  Reimbursable Expenses make use of an individualized Markup Factor per Project.  Before using the Reimbursable Expenses feature, check out how to set it up here.


BOOKKEEPING
Using the Bookkeeping feature is pretty straightforward. There are a few things to consider and take care of, then just add transactions. For more in-depth information, review this article. Below are the key issues to get you started.

​​Add the Categories you will use
I strongly suggest that you minimize the Categories that you will use. Take a look at this list and eliminate any that you won't need. Categories. This applies as well to the list of Categories you have been using. Reduce the list if possible. The more Categories there are, the more likely that the wrong one will be chosen.

​Update your Staff to be Payees 
This is quite easy. On the BOOKS page, under the Tools menu, click "Rates and Comp Time". A table appears with all your staff listed. One by one click 'edit' on their row. On the form that comes up, check the 'Yes' checkbox where it says "Make Payee". Then click 'Submit'. That is all that is required.

Update any Contact Organizations
The previous step has made Contact Organizations of each of your staff members. ​If you haven't been using the Contacts feature, you are finished. You will have an opportunity to add a Payor/Payee whenever you enter a transaction. The 'Role' that makes them part of BOOKS is added automatically. You can always go to the table described next to add information.

If you have been using the Contacts feature, you need to add a Role to each Contact Organization that might be part of a money transaction. If you don't, then you are likely to have two records for the same Contact Organization. This will cost you an hour or so of time somewhere down the line to eliminate the duplications.

From the Bookkeeping page, click the Tools button and then the "Manage Contacts" button. Click the "All Contact Organizations" button and you will see a table of all your Contact Organizations. For any Contact Organization that you want to be a part of your bookkeeping (Think Clients and Consultants), click 'Details' on their row; then "Click to Edit Contact Org". When the form appears, add the Role "Z - Books". 

There is more about Contacts and Contact Organizations below.
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COMP TIME
If you make use of Comp Time, MyCorbu has a table to help you track your Comp Time. This article shows how it works.

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CONTACTS DATABASE
Besides the use of Contact Organizations in Bookkeeping, you can manage all your other contacts. This article explains how. As you add information on the people and organizations that you work with, everyone in your firm will always have that information right at their fingertips. Add the organizations first, then add the individual contacts and connect them to the organization. This prevents duplicates and orphans, and it takes the fewest keystrokes to accomplish.

revised: May 23, 2019