Understanding Account Codes
When reviewing your ledger report you may come across various account codes. If you are an accountant, you will recognize that these follow standard industry classifications.
The first digit of an account code indicates the type of account:
- Codes starting with 1 represent assets
- Codes starting with 2 represent liabilities
- Codes starting with 4 represent revenue
- Codes starting with 5 represent expenses
When looking through the ledger report lines, you will notice different account numbers. A helpful starting point is to check the first digit of the account code, as explained above. There are multiple variations within each category, and below are some common examples to make this clearer.
Sales
Any type of sale, for example a bay booking or a course booking, will typically have a code such as 4001 or 4002. You may also frequently see 4000, which usually represents the primary sale.
Reservation fees
Booking & Payments reservation fees are recorded under code 2004. This can represent the reservation fee that we collect or an added amount related to the processing fee.
Accounts receivable and payments
Accounts receivable is recorded under code 1100.
If you are using Adyen, Adyen payments are recorded under code 1200.
Expenses
Certain transactions will appear as expenses. For example, when a gift card is purchased and the venue pays the 1% fee, this is recorded as an expense under code 5002, shown as a YGB fee.
Processing fees may also appear as expenses, typically under code 5000, especially when they are listed individually before being grouped together.
Summary
These are some of the most common account codes you are likely to see. We use double-entry bookkeeping, so each transaction will always include corresponding entries. We hope this guide gives you a clearer understanding of how the account codes work and what they represent.
List of Account Codes
SALES: 4000
BAY SALES: 4001
COURSE SALES: 4002
PRODUCT SALES: 4003
DISCOUNTS: 4100
EXPENSES: 5000
PROCESSING FEES: 5001
SERVICE FEES: 5002
BONUS BALANCE GIVEN: 5003
CHARGEBACKS: 5004
CHARGEBACK FEES: 5005
CUSTOMER BALANCES: 2000
ACCOUNTS PAYABLE: 2003
COLLECTED FEES: 2004
GIFT CARD BALANCES: 2005
UNISSUED_BALANCES: 2006 (Balance assigned to user)
ACCOUNTS RECEIVABLE: 1100
ADYEN BALANCE ACCOUNT: 1200
TRANSFER INSTRUMENT PAYOUT: 1104
Charge Types
- ADYEN:1200
- ADYEN TOKEN:1200
- ADYEN LINK:1200
- ADYEN TERMINAL:1200
- SQUARE:1001
- STRIPE:1001
- SQUARE TERMINAL:1002
- STRIPE TERMINAL:1002
- SQUARE MOTO EXTERNAL:1002
- CASH:1003
- EXTERNAL:1003
- SQUARE MOTO BALANCE:1004
- BALANCE:2000
- VENUE BANK ACCOUNT:1201
Custom Account Codes
If you would like to use your own account codes in stead of default ones on the ledger report, this is possible. However, you will need to set up the codes for each individual option you wish to sell.
For example, if you sell multiple bay options, you must add the custom code to each one separately. If you only apply it to one option, the override will only appear for that specific option on the ledger.
Creating Custom Account Codes
The setup process is straightforward. You will need to create an extra property in the Admin Panel.
- Navigate to Booking & Payments > "Settings" > "Extra properties"
- Click on “Add property”
- Add a name for the property
- Select the type as “Text”
Applying the Custom Codes
Once the extra property has been created, you will need to add it to every option where you would like to override the original account codes and descriptions.
After this has been completed, the ledger report will reflect the new codes you have set up for those specific options.