Cashed-based accounting with Uplifter assumes that you will only be recording revenue when your club receives money in-hand for the various elements that you have for sale. You will hold no receivables and your main concern is when your payments are deposited into your bank account. This method provides no member account visibility in your accounting package and you will manage all of these details within Uplifter.
To use this method, you will need to ensure that in your accounting package you have identified:
- a revenue account that you will use to record all revenues received from Uplifter transactions
- an account that represents your bank account(s) into which you enter bank deposits
- optionally additional revenue accounts that you may use to define revenue categories for your club
Reconciling the payments and recording revenues into your accounting software would be completed at the time that you reconcile bank deposits into your bank account. For further details, please see How to Reconcile Your Bank Deposits.
STEP 1: Record Your Bank Deposits
For each bank deposit that you reconcile, you can record the revenues under a single revenue account in your accounting program such as "Online Revenues" or "Uplifter Revenues" or "Registration Revenues". That is, you will be recording a single journal entry that would debit your bank account to include the deposit and a credit to your assigned revenue account.
STEP 2: Optionally Re-categorize Your Revenues at the end of Reporting Periods
At the end of a season, or at the end of a period that you know that you will no longer be making any additional adjustments to registration invoices for a particular period, you could pull Revenue Summary reports grouped either by category level or SKU and add adjusting journal entries to re-categorize your revenues, but you need to ensure that no additional updates are made to according registration revenues. This would require you to create additional accounts within your accounting program to reflect how your would like to group your revenue. Once you are sure that you have closed an accounting period, you can then use the Revenue Summary report (for the full period) and you would debit your single revenue account above and credit the according categorized revenue accounts you have created.
As long as you ensure that all of your registration invoices are balanced within Uplifter and you do not make any additional changes to previous registration invoices that are part of this previous reporting period, this should be accurately captured.
Tips & Pointers for This Method
- always ensure that all your invoices balance
- stay on top of recording your payments in Uplifter
- store spreadsheets of exported payment reports to track which transactions have been reconciled within your bank deposits