Expenses and Ledger Topics
Getting Started with Expenses and Ledger
Overview: The Expenses & Ledger module is the place to set up vendors, record expenses, reconcile your checkbook and print overall financial reports that include data from Family Accounting and Payroll too.
A journal entry is made to record transactions that are not otherwise being recorded in another module. This might include things like: bank fees, donations & grants, credit cards, fund transfers, depreciation, petty cash and miscellaneous corrections.
Budget revenue and expenses for any time period (month, quarter, year, etc.) then run reports to compare what actually happened with your original budget figures.
How to Run Expense and Ledger Reports
This article describes the overall financial reports available with the Expenses & Ledger module.
There is nothing that needs to be officially closed in Procare.
View FAQ
How to Record Purchases Made With a Debit Card
When you pay by debit card it’s just like you wrote a check, except there is no check number. Follow the steps to Issue a Check to a Vendor, but use a made up check number, like 777 or 888, for all your debit card transactions. Since there is no actual check to print, click the “Post Check” button to record it.
View FAQ
What Report Shows Profit and Loss
The Income Statement shows revenue and expenses for the dates you select. The difference between the two (revenue minus expenses) is your profit (positive number) or loss (negative number) for the period and is known as your Net Income. Net Income appears on the last page of the report in the Report Summary section.
View FAQ
How to Calculate Beginning Balances for the New Year
Although it’s not necessary to formally “close” a year, you will want to calculate beginning balances for the new year, prior to running any overall financial reports for that year. When you calculate beginning balances, revenue and expenses are set back to zero and the difference between them (your profit or loss) is added to the equity account chosen under Account Assignments.
View FAQ
Learn how to set up beginning balances and budgets, track expenses by vendor, record credit card transactions, make journal entries, reconcile to your bank statement, and print financial reports.
How to Reconcile Your Bank Statement
Use this feature to reconcile bank account information in Procare with your actual bank statement.
Contents:
- How to reconcile bank accounts
- Instructional videos
How to Track Credit Card Purchases
This article explains how to track credit card purchases, reconcile your credit card statement, record finance charges, and enter credit card payments.
Contents:
- Credit cards as contra assets
- How to setup credit cards
- Instructional videos
How to Make a Journal Entry
A journal entry is made to record transactions that are not otherwise being recorded in another module. This might include things like: bank fees, donations & grants, credit cards, fund transfers, depreciation, petty cash and miscellaneous corrections.
Contents:
- How to make a journal entry
- Examples of different journal entries
How to Setup the Chart of Accounts
The Chart of Accounts organizes financial information into categories like assets, revenue and expenses. For example your checking account is an asset, tuition charged to a family is revenue and money spent on supplies is an expense.
Contents:
- How to bank account assets
- How to add an account group
- How to add an account name or number
- How to move an account from one group to another
- How to print the Chart of Accounts
- Instructional videos
How to Create a Budget
Budget revenue and expenses for any time period (month, quarter, year, etc.) then run reports to compare what actually happened with your original budget figures.
Contents:
- How to new budget information
- How to import a budget to another time frame
- How to edit an existing budget
- How to print budget reports
- Instructional videos
How to Run Expense and Ledger Reports
This article describes the overall financial reports available with the Expenses & Ledger module.
Contents:
- Detail on the various Expense and Ledger reports
- Instructional videos
How to Setup Your General Ledger Dates
General Ledger Dates act as your calendar throughout the year allowing you to Print Reports for any date range defined here. You may set up dates according to your fiscal year calendar, or any dates you choose, such as month by month, quarter by quarter, etc. You should add new fiscal date ranges to this table as needed each year.
Contents:
- How to setup General Ledger dates
How to Calculate Beginning Balances for the New Year
Although it’s not necessary to formally “close” a year, you will want to calculate beginning balances for the new year, prior to running any overall financial reports for that year. When you calculate beginning balances, revenue and expenses are set back to zero and the difference between them (your profit or loss) is added to the equity account chosen under Account Assignments.
Contents:
- How to calculate balances for the new year
View the ‘Calculate Beginning Balances for New Year’ Article
How to Setup Vendor Tracking for 1099s
If you have vendors for whom you are required to issue form 1099, you’ll want to create tracking items for each 1099 category including: Rent, Other Income, and Non-Employee Compensation. Then, you’ll assign those tracking items to the appropriate vendors.
Contents:
- How to setup and assign vendor tracking
View the ‘How do I set up Vendor Tracking for 1099s’ Article
How to Record Purchases Made With a Debit Card
When you pay by debit card it’s just like you wrote a check, except there is no check number. Follow the steps to Issue a Check to a Vendor, but use a made up check number, like 777 or 888, for all your debit card transactions. Since there is no actual check to print, click the “Post Check” button to record it.
View the ‘How do I record purchases made with my debit card’ Article
What Report Shows Profit and Loss
The Income Statement shows revenue and expenses for the dates you select. The difference between the two (revenue minus expenses) is your profit (positive number) or loss (negative number) for the period and is known as your Net Income. Net Income appears on the last page of the report in the Report Summary section.
Contents:
- How to run an Income Statement
How to Get a List of Unprinted Checks
You may view a list of checks waiting to be printed on the Batch Print Payable Checks screen.
Contents:
- How to print the Vendor Information Check Summary
- Instructional videos
View the ‘Can I get a list of unprinted checks (unpaid invoices)’ Article
How to Close the Year
There is nothing that needs to be officially closed in Procare.
Contents:
- How to close the year
How to Setup the Fiscal Year Calendar
You’ll want to set up dates for the months, quarters, and the year in your calendar.
Contents:
- How to setup the fiscal year calendar