Tracking Contact Balances: The Basics
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If your group charges dues or sends out statements, it’s helpful to understand how to track contact balances in MoneyMinder.
In this quick overview, we’ll walk through the basic process. For detailed, step-by-step instructions, click here.
Start by making sure all of your contacts are entered into MoneyMinder. If you already have a contact list, you don’t need to enter them one by one—we can import the list for you. Be sure to review the import guidelines for detailed instructions on how to format and submit your contact list.
Activity Accounts
To track balances and send statements, each contact needs an Activity Account. This is where you’ll record charges and payments, and where you can view each contact’s balance history.
You can add Activity Accounts individually.
Or in bulk to multiple contacts at once.
Obligation Templates
Obligation Templates are used to apply specific charges to your contacts.
For example, if you’re collecting HOA dues, you’d create an HOA Dues Obligation Template with the amount owed.
Once the template is created, apply it to your contacts to add that charge to their accounts.
Just like Activity Accounts, Obligation Templates can be applied individually or in bulk.
Statements
After charges are applied, you’re ready to send statements.
MoneyMinder includes a default statement template, or you can create your own and include your logo and a link for online payments. Statements can be emailed or downloaded, and sent individually or to a group.
Payments
When a contact makes a payment—for example, for HOA dues—you’ll record that payment as a deposit in the banking section and apply the payment to the contact.
Once applied, it will appear in their Activity Account.
Let’s recap
To track balances and send statements in MoneyMinder:
- Each contact needs an Activity Account
- Obligation Templates must be created and applied
- Statements can be emailed or downloaded
- And payments should be applied when deposits are recorded
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How do you change the “Paid through” status once the Member Activities have been paid in accordance with the obligations. Need a way to know who has met their obligations. When I run the report to show who has paid, I don’t see any data.
Hi Elayne,
Changing the Paid through” date is done manually in the Membership section of Contacts. You will need to change the View Mode to Membership and then click the Edit button in the contact you want to update. Scroll down to the Membership section, and you can enter the new Paid On and Paid Through dates.
Also, just so you know, we are close to launching a new feature where payments can be applied to specific obligations, and you will be able to run a report that shows who has paid the obligation. It sounds like that new feature may be a help for your group.
Hello,
That would be a huge benefit to my team.
Thank you for the update.
When someone does not pay their invoice (obligation), how do I mark that for the following year. For example, students have production fees but if they do not pay their dues, how should I mark that for the following fiscal year??
Hi Christina,
If a student still has a balance on their account at the end of the year, that balance will be carried forward into the next year. It will show as a beginning balance in the new financial year.
Since it’s an obligation from the previous year, you won’t be able to apply the payment directly to that obligation. You can apply the payment to the student’s Activity Account so that their overall balance is correct.