Set Up Revenue Accounts

Introduction

Revenue accounts are used to categorize different types of income in our billing system. They play a role in applying 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.

Contents

• Account Settings

• Creating an account

• Remove an account

Account Settings

The Revenue Accounts settings can be found by navigating to Settings/Billing Settings/Revenue Accounts. The following functionality is available:

1. Add a new Account

2. Remove an Account

3. 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, navigate to Settings/Billing Settings/Revenue Accounts and click on the Add Account button in the top right corner of the screen.

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 on the Add button.

Removing an Account

To remove an account from the Accounts section, click on the cogwheel next to it and choose Delete.

Editing an Account

To modify an account from the Accounts section, click on the cogwheel next to it and choose Edit.