Add accounting codes for a better way to track expenses

Group admins can now add accounting codes to events so they can better track their finances on the reporting side of things!

Group admins have the capability to add accounting codes to events, leagues, memberships, programs, and tournaments providing a comprehensive means to track finances in the reporting framework.

Note: This feature is exclusive to the OpenSports’ Full Time Club Plan.

How to Categorize Your Accounting Codes:

  • By Sport: Useful for multi-sport organizations. For example, soccer could be coded as 101, kickball as 201, volleyball as 301, and so on.

  • By Facility: Track finances based on the location or facility where the event is held.

  • By Program Type: Differentiate between activities, such as figure skating lessons having a unique code, standard skating another, and hockey its own distinct code.

  • By Instructor: Monitor financial transactions based on the instructor managing the event.

Steps to Assign Accounting Codes

  1. When setting up your activity, you should see an Accounting Code section. If you don't see it, contact OpenSports to have it enabled.
  1. Code Input: Click the Add button to create a new accounting code. Remember, all admin levels—including group admins, event admins, and event managers—can input these codes during the event's creation.

    On pressing Add, a modal will appear allowing you to enter the Accounting Code and Name. It's important to recognize that an Accounting Code mirrors a General Ledger Code (GL Code). Essentially, it’s an alphanumeric sequence tagged to every fiscal entry in an organization's books.

In the illustration above, I've generated a code exclusive to soccer. Henceforth, every time a soccer event is organized, I can choose this code to ensure uniform tracking.

Procedure to Export Financial Data Segmented by Accounting Codes:

  1. Accessing Reports: From your group’s landing page, click on the Reports tab.

  2. Transaction Details: Choose the Event Transactions tab. Scrolling to the far right will reveal the Accounting Code column, offering insights into transactions by their codes.

  3. Data Download: This data can be downloaded as a spreadsheet for a more detailed analysis.

  4. Data Integrations: The accounting code data is also sent to Stripe and all other payment integrations.

If you're curious to delve deeper into the intricacies of Accounting Codes or GL Codes, consider taking a look at this guide here.

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