Expenses and Ledger Topics

Use this feature to reconcile bank account information in Procare with your actual bank statement.

Contents:

• How to reconcile bank accounts
• Instructional videos

View the ‘Bank Statement Reconciliation’ Article

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

View the ‘Credit Cards: Payments & Purchases’ Article

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

View the ‘Make a Journal Entry – General Journals’ Article

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

View the ‘Chart of Accounts’ Article

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

View the ‘Create a Budget’ Article

This article describes the overall financial reports available with the Expenses & Ledger module.

Contents:

• Detail on the various Expense and Ledger reports
• Instructional videos

View the ‘Expense Ledger Reports’ Article

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

View the ‘General Ledger Dates’ Article

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

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

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

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

View the ‘What report shows profit and loss’ Article

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

There is nothing that needs to be officially closed in Procare.

Contents:

• How to close the year

View the ‘How do I close the year’ Article

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

View the ‘How do I set up my Fiscal Year Calendar’ Article