Accounting
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      1. Best Practices & Standard Operating Procedures
      2. Accounting

      Revenue Commissions Posting Process

      How ACME reviews revenue posting for commissions; creates a bill in Track and posts a journal entry in Sage

      📝 Process Owner: 

      Seat responsible for maintaining/updating this process moving forward:

      • Accounting

      ▶️ Process Diagram

      🏁 Start Event:

      This process starts when:
      • Owner statements have been published and distributed to owners

      ✅ End Result:

      The end result of this process will be:
      • Journal Entry Posted in Sage and funds have been transferred

      🔑 Seats Involved:

      The key internal/external seats involved in this process:

      Internal:

      • Accounting

      External:

       📈 Process Measurables:

      How we measure the success of this process:

      📚 Supporting Materials:

      Materials utilized to complete this process:
      •  Track Journal Entry Spreadsheet

      💻 Supporting Software:

      Software utilized to complete this process:
      • Track
      • Sage

      ➡️ 1. Run Report

       

      Accounting - Run Trial Balance Report in Track

      🎥 Video: How to run the trial balance report in Track

       

       

      Accounting - Review Report

      • Accounting will review and sort the trial balance report for the following:
        • Identify income accounts (commissions)
        • liability accounts
        • Misc Fees - review and identify those fees to know where they need to be posted

       

      ➡️ 2. Create Bill

       

      Accounting - Create Bill in Track

      • Accounting team will post the income accounts, liability accounts, and misc. fees to Track.

      🎥 Video: How to create a bill in Track

       

      ➡️ 3. Pay Bill

       

      Accounting - Pay Bill in Track

      🎥 Video: How to pay a bill in Track

       

      ➡️ 4. Create Journal Entry

       

      Accounting - Create Journal in Spreadsheet

      • Accounting will transfer the income accounts, liability accounts and misc. fees from Trial Balance Report to the 2024_Track_JE Spreadsheet.

       

      Accounting - Create Journal Entry in Sage

      • Accounting will access Sage to create a journal entry
      • Access the previous month to copy journal entry format and change dates for current month
        • Copy over numbers from trial balance report

      🎥 Video: How to create journal entry


       

      ➡️ 5. Post Journal Entry

       

      Accounting - Post Journal Entry in Sage

      🎥 Video: How to post a journal entry in Sage

       

      ➡️ 6. Transfer Funds

       

      Accounting - Access Online Banking

      • Accounting will access Chase Banking System to transfer from Short Term Bank Account into ACME General Bank Account.

      🎥 Video: How to transfer funds