iMIS Billing terminology

The following terms are frequently used in the Billing module:

Accrual Accounting

Accounting method that recognizes income when income is earned, regardless of when or whether the payment is received. Accounts Receivable open items are created when bills and invoices are generated.

Anniversary Billing

Used when the membership terms fluctuate; usually corresponds to each customer's Join Month or subscription Begin Month.

Annual Billing

Used when all renewing customers have the same Begin and End dates. The Begin Date could vary for new customers who join later in the year, and their dues can be prorated for a partial term.

Batch

A group of transactions identified by a unique name or number.

Bill Begin

Projected Begin Date for an individual dues or subscription product. Refers to the first date of a term through which the item has been billed, whether or not payment has been received.

Billed Thru

Refers to the projected Paid Thru date (expiration date) for an individual dues or subscription product. It is the term ending date through which the item has been billed, whether or not payment has been received.

Billing Category

Optional subcategories of the customer type which define dues amounts when the customer type is not specific enough for an association's needs.

Billing Cycle

A defined billing run set up to bill a particular group of people for a particular set of products.

Billing Interval

Indicates how frequently customers are billed (The interval can be annual, semi-annual, quarterly, monthly, and so forth.)

Billing Term

The period of time between the beginning and ending dates for the services or products that are being billed.

Cash Accounting

The accounting method that recognizes income when payment is received, regardless of when bills or invoices were generated.

Credit

An amount used for accounting purposes that is represented on the right side of the accounting journal (or T) entries. Liabilities, equity, and income accounts carry credit balances in the General Ledger, so credit transaction amounts posted to them increase balances, while credits to asset and expense accounts decrease them.

Customer

A person who has met the membership criteria set up by the association.

Customer Type

Categories of membership that define the membership levels and amount charged for membership, or dues and subscriptions.

Debit

A positive amount used for accounting purposes that is represented on the left side of the accounting journal (or T) entries. Assets and expenses carry debit balances, so debit transaction amounts posted to these accounts increase their balances.

Effective Date

The date used to determine which customers will be billed. Normally, a customer or subscriber will be billed if they have met the billing selection criteria, their Paid Thru date is before the Effective Date, and if a renewal has not already been generated.

If you want to override the Effective Date, make the change after selecting a billing cycle. If you change the Effective Date and then select a billing cycle, the Effective Date reverts to the default.

List Billing

The generation of a single renewal notice to a Bill To third party, such as a company who will be responsible for paying the fees for multiple customers or subscribers.

Paid Thru

Refers to the expiration date of the membership or subscription, or the period through which the customer has paid. It is always the last day of the month.

Prorating

Allocating or assigning an amount to an activity or product that is proportional to some base (determined by a formula or procedure).

Renewal Notice

Refers to the request for renewal or continuation of a membership or subscription beyond the current expiration (Paid Thru) date.

Renewed Thru

Refers to the projected Paid Thru date for an overall membership. It is the term ending date through which the customer has been billed, whether or not payment has been received.

Subscriber

Individual, either customer or non-customer, who has purchased a product of a cyclical nature having a fixed term which can be renewed or repurchased upon term expiration.