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. You'll also need to send OpenSports a message to enable the feature.
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
- When setting up your activity, you should see an Accounting Code section. If you don't see it, contact OpenSports to have it enabled.
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:
Accessing Reports: From your group’s landing page, click on the Reports tab.
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.
Data Download: This data can be downloaded as a spreadsheet for a more detailed analysis.
Data Integrations: The accounting code data is also sent to Stripe and all other payment integrations.
How to edit/delete Accounting Codes
- Locate Group Profile > Dashboard
- Select Settings on left side and onto Accounting Codes
- To view all accounting codes, click 'Edit' or 'Delete' next to a code to make changes or remove it.
- To add accounting code simply click Add Accounting Code tab on top right.
If you're curious to delve deeper into the intricacies of Accounting Codes or GL Codes, consider taking a look at this guide here.
Questions? Send them our way: support@opensports.net