Accounting codes are a helpful tool to categorize and track financial transactions, such as membership fees, event bookings, and one-time charges. These unique identifiers streamline the accounting process by ensuring that each transaction is recorded and organized by type, facilitating accurate financial reporting, budgeting, and auditing.
Enabling Accounting Codes
The accounting code section will only appear in your menu bar if you enable it within your Invoice Settings. Head over to Setup » Invoice Settings » scroll to the bottom of the page » check 'Enable accounting codes' » Save.
You can now add accounting codes by clicking on 'Manage accounting codes' under the box you just checked, or via the new subcategory in your secondary menu called 'Accounting Codes'.
Whenever you want to set up a new code, go directly to Setup » Accounting Codes » Enter the name of the code » click on Add Accounting Code.
Once activated, an accounting code shortcut will appear on all forms related to charges that show up on invoices, like plans, extras, bookings, and one-time charges.
Enabling Custom Tax Rates
Adding custom tax rates to your accounting codes will ensure that any revenue source with that accounting code has that tax rate applied automatically.
Go to Setup » Basic » Payments » Check 'Custom Tax Rates' » Update Payment Settings.
A new 'Tax Rate' field is now visible on your Accounting Code dashboard.
Naming Accounting Codes
A uniform accounting code of letters and/or numbers will help you with data organization and accounting error inquiries. A unique series of numbers or letters is typical and should be assigned in a way that you want your revenue grouped.
Check out this article to learn more about standard ways to label accounting codes. The most important thing is to make your labelling uniform and easy for your accounting department to track.
💡PRO TIP💡
You can search by accounting code in the member overview. This is useful if you have too many similarly named plans or multiple plans with different names that you still want to group.
Editing and Deleting Accounting Codes
It is important to figure out how you want to format and track your codes/revenue before you start creating them, as it is NOT possible to edit existing codes.
You will need to create a new one and assign it to all corresponding billable objects if you wish to change an accounting code.
Deleting a code is easy. Go to Setup » Accounting Codes » Remove. This will automatically remove the code from any objects it has been assigned to.
IMPORTANT NOTES
Deleting codes that are populated on existing objects (plans, resources, etc.) will NOT remove them from existing invoices.
Once an invoice is created, it is considered a fixed object. Updating settings never retroactively changes existing invoices. To learn how to edit invoices, click here.
Accounting Codes on Invoices
Accounting codes are visible to your members and anyone else who receives an invoice, such as Event or External Booking guests.
When a charge with an accounting code is added to an invoice (either manually or automatically), the code appears on the invoice's line item.
To hide accounting codes on PDF invoices, contact support .
Accounting Codes in Analytics
Under Analyze » Revenue you will see your revenue broken down by accounting code.
Exporting Data
Easily export your accounting code data along with the rest of your invoicing data under Manage » Invoices. Select the month you want to export and then the kind of export you want.
Next Step
Have you completed your Invoice Settings and Space Settings? Then the next step is to set up your Membership plans.
⚙️
Want to make the most of what’s under the hood?
Discover and optimize Cobot with expert setup help.