Revenue accounts categorize different types of income in our billing system and apply tax rates to products. Each Billing Plan is associated with a revenue account, and when you set a tax rate for a specific revenue account, it applies to all invoiced products linked to that Billing Plan. This allows us to have different tax rates for various types of products or services, providing flexibility in our tax structure.
Before you start
Before reading this article, we recommend reading our help article on Invoicing to familiarize yourself with how invoicing works in OfficeRnD and how Accounts relate to it.
Please review the following diagram to understand what you need before creating a new Revenue Account and how the different entities relate to each other in the system:
Account Settings
The Revenue Accounts settings can be found at Settings > Billing Settings > Revenue Accounts. The following functionality is available:
Add a new Account
Remove an Account
Modify an existing Account
By default, there are five types of accounts: Booking Fees, Deposits, Membership Fees, One-off fees, and Order Fees. You can also define custom account types. Keep in mind the following:
When a line is manually added to an invoice, it will appear under the One-off fees account by default.
By default, all amounts listed in a Deposit field (available when creating and modifying billing plans, memberships, contracts, and assignable resources) go to the Deposits account and are marked as refundable.
Adding a New Account
To create a new account, go to Settings > Billing Settings > Revenue Accounts and click Add Account.
You can set up the following properties for a new account:
Name - the account name.
Unique code - (Optional) can be used for specific tasks handled by the OfficeRnD development team.
Description - (Optional) the account description.
Default for - this field will appear only for default accounts *. In the field, you'll be able to see the item for which the account is created (bookings, fees, etc.)
* You can distinguish the default accounts by the padlock icon next to their name.Color - this is the color of the tax as it will appear in invoices.
Tax Rate - from the drop-down menu, you can select the tax rate for the new account.
You can create custom tax rates for use with any account - learn how.
To finish the account creation process, click Add.
Remove an Account
To remove an account from the Accounts section, click the cogwheel next to it and choose Delete.
Default accounts cannot be deleted. They can be modified, but we don't recommend it as it may cause mismatches between data. In particular, the Deposits and One-off fees accounts are best kept as they are, even if you never use them.
Edit an Account
To modify an account from the Accounts section, click the cogwheel next to it and select Edit.