To reflect the unique business practices of associations, Novi does not follow the normal QuickBooks convention of applying traditional payment terms like "net 30" to dues invoices to ensure that revenue is booked in the proper period.
There are three different ways to set the payment terms for dues invoices that are generated in Novi: through auto-renewals, new member signups, and manual renewals.
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Membership Auto-Renewals
When it comes to auto-renewals, each member type has settings available that will define a dues invoice's Transaction date and Due date relative to the member's expiration date.
Member type settings on backend for dues invoices' Transaction and Due dates:
How dates display on a renewal dues invoice:
Transaction date (sometimes listed as Invoice date) = # of days before or after member's expiration date as defined in Renewal tab in the member type's settings that is identified as the day the invoice was logged.
The Transaction date will determine when the revenue is booked into QuickBooks Online (deferred revenue accounts can be used which will impact when revenue is booked). This is the date that is shown as the invoice creation date on the invoice.
If members expire on 12/31 and the member type setting says the Transaction date should display 1 day after the expiration date, the Transaction date on renewal invoices will appear as 1/1.
If the Transaction date needs to appear as an earlier date before the expiration date for accounting purposes, use the before condition in the dropdown.
If members expire on 12/31 and the member type setting says the Transaction date should display 30 days before the expiration date, the Transaction date on renewal invoices will appear as 12/1.
Due Date = # of days before or after member's expiration date as defined in Renewal tab in the member type's settings that identifies when payment due by.
This is the Due date on the invoice. The Due date impacts what is shown as current versus outstanding on A/R report.
If members expire on 12/31 and the member type setting says the Due Date should display 1 day after the expiration date, the Due Date on renewal invoices will appear as 1/1.
If members expire on 12/31 and the member type setting says the Due Date should display 30 days before the expiration date, the Due Date on renewal invoices will appear as 12/1.
If invoices are generated with incorrect Transaction and/or Due dates, recalculation can be performed to correct dates on open invoices.
New Member Signups
When new member register for membership from the frontend of the website or admins run new membership on the backend, the Transaction and Due dates are listed on the invoice as the day the membership is processed.
Transaction Date: Today
Due Date: Today
Manual Renewals
When admins processes a manual renewal or a member renews membership from their Member Compass, the dates on the dues invoice are determined as follows:
Transaction Date: Expiration date + the number of days indicated in the member type setting OR today, whichever is greater.
Due Date: Expiration date + the number of days indicated in the member type setting OR today, whichever is greater.
NOTE: When a dues transaction is a sales receipt, the Transaction date is the date of the payment.
Exceptions
Invoices processed in Novi are automated to match the date cadences outlined above. Changing the Transaction or Due dates on a specific dues invoice must be performed directly in QuickBooks Online.
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