🎯The Financial Tab
Time to get your finances in gear! Setting up your financial info is key for smooth billing and makes life so much easier for your accountant or bookkeeper when it’s time to track and report transactions.
Accounts Setup
To keep your finances organized, your billing items need to be linked to accounts that show up on your organization’s profit and loss statement and balance sheet.
These accounts, called General Ledger (GL) Accounts, help categorize things like line items and taxes on customer invoices, statements, or ledgers.
Income and Other Income accounts track money coming in from services you provide (like room, meal, activity charges, and fees).
Other Current Liabilities accounts handle taxes you collect that will be paid to others (like state and county hotel taxes, or sales tax).
Hold "Ctrl" and click "+" to zoom in, or click on any image below to enlarge it!
💡Tip: If you have an accountant or bookkeeper, be sure to involve them in setting up your accounts. They can provide key details like the account name, description, GL account number, and account type (such as Income, Other Income, or Other Current Liabilities) for each entry.
Note: "Other" account types listed are intended for future use.
Navigate to Setup>Financial>Accounts
Select the 'Add Account' button to create an account, and enter this information.
After entering the details, select the 'Save' button to add the account to your Financials.
Set Up Line Items
Line Items will show up on your invoices and customer ledgers. You have the ability to specify items that cater to your offerings, adding clarity to invoices about specific charges.
Example: 'Activity Charges' is a generic place holder setup in your Gazebo system. You may want to alter this to represent specific choices, such as 'Archery' or 'Horseback Riding'.
Additionally, line items can connect with housing, activities and meals (under those sections). When you add any of these to the booking, it will automatically add the line item to the invoice.
Navigate to Setup>Financial>Line Items.
Select the purple 'Add Line Items' button on the bottom right side.
Enter the line item name and a description that will show by default on invoices.
Enter a default rate (this may be overridden in some circumstances) and select the rate method - is it a percent or a number?
💡Tip: You may also leave this as zero and enter an amount manually when you add your line item to an invoice. This allows you to be more flexible with pricing.
Select the account with which this line item should be associated.
Specify whether the line item is taxable, inactive, a per-day charge, or a per-person charge. If it's per day, per person, or both, the details entered during invoicing will automatically calculate the correct amount for that line item.
Select the purple 'Save' button to enter your changes to the Line Item list.
Set Up Taxes
The next tab in Financials is where you can set up any taxes needed for your bookings. Once added, these tax line items will automatically calculate based on the ones you choose to apply—no extra work needed!
Note: If you created any line items in the previous tab as being 'Taxable', you must then connect this line item to the appropriate rate in the 'Taxes' tab.
At the time of invoicing, you can decide if you want to keep or remove any of the tax line items, depending upon your customer’s tax status.
Navigate to Setup>Financial>Taxes.
Select the purple 'Add Tax' button on the bottom right. Enter the Tax name and a description for reference.
Enter a rate to be used in tax calculations, as well as the rate method (is it a percent or a number?) and select the account with which this line item should be associated.
Indicate if the tax is inactive.
From the list of line items you’ve administered, select the ones to which this tax applies. You may add multiple line items.
Select the purple 'Save' button to add the tax.
Set up Payment Terms
Payment terms let you set how long your customer has to pay what they owe. You can create as many payment options as you like, and easily add them to invoices with a simple dropdown menu. Super flexible and easy to manage!
Navigate to Setup>Financial>Payment Terms
You will notice there are several pre-loaded term options, including 'Due Upon Receipt' and several 'Net' time frame options.
To add a new definition, click the purple 'Add Payment Terms' button and complete the needed fields. In this example, we will be adding a certain day in the month.
When you generate an invoice in a booking, you have the ability to choose from these defined 'Terms' from a dropdown list.
Set up Other Financial Settings
The final tab in Financials is where you set up payment notifications and add processing fees to bookings. It’s the perfect spot to keep everything running smoothly!
Note: a 'Processing Fee' Account (set to Income) should be setup in the first tab of financials should you be proceeding with adding these fees to bookings.
Navigate to Setup>Financial>Other Financial Settings
Enter a 'Notification Email' in the field box. The email(s) entered in this field will receive communication when a payment is made on an invoice through the Organizer Portal.
The next two sections allow you to edit 'Bank Account Settings' and 'Credit Card Settings'. Should you choose to add these fees, you will need to note the rate method (Amount or percentage) and the Account for deposit.
Under 'Credit Card Settings' you have the opportunity to select the types of debit/credit cards your organization accepts.
Once all fields are entered, click the purple 'Save' button.
Congrats, you’ve successfully set up your financials! You're all set to manage payments and bookings with ease. Great job! 🎉
Next up, we’ll dive into setting up attendees and housing options. Let’s keep things rolling!